Are you dreaming of starting your own business, following your entrepreneurial dreams, and enjoying increased freedom and work flexibility? It all sounds too good to be true in today’s opportunity-rich workplace environment, but there is a big opportunity you may not be focused on that could give you all that and more: franchising. You can capitalize on the growing popularity of franchising and enjoy all the advantages that this business model offers.
There are no guarantees in life, but every successful business venture requires not only optimism, enthusiasm, and good intentions, but strategic planning and an operational infrastructure that are necessary to get you off to a solid start and help you overcome obstacles along the way. In starting your franchise business, the following tips and resources will enable you to navigate the challenging and promising waters you will face.
Why Invest in a Franchise Business?
From the onset, it is always helpful to remember how the franchising model offers so many advantages over the typical start-up venture. Essentially, franchising allows you to be a business owner and enjoy the advantages of not only a successful brand with instant name recognition, but it also allows you to rely on the many benefits a franchise offers: a proven business model, tried and tested operational and marketing models, and franchise training and support.
How to Become a Successful Franchise Owner
These simple yet critical tips on how to become your own franchise business owner will give you a solid vision for success, a sound foundation from which to operate, and a plan of action to remove any reservations you may have about starting a business.
1. Do Your Research
As much as you want to jump into action, it is first necessary to research what opportunities are available and which are best adapted to your character and skill set. Industry research will ensure you find a franchise that both meets your interests and has promising market potential. It will help you understand the world in which you will be operating.
After that, it’s necessary to create an extensive business plan to guide you along the way. This plan should include everything from marketing to financing to hiring to company goals. Knowing as much as you can before you start your business and preparing a comprehensive plan saves you a world of mistakes and unforeseen mishaps.
Along with the business plan, you should also identify your “why.” Why do you want to start a franchise business? Whether it be to fulfill a life-long dream of owning a business, the opportunity to be your own boss, or even the search for a more flexible schedule, identifying why you want to start your business will help you set your goals for the future.
Unsure about how you’re going to finance your franchise? Start by watching our webinar on financing a franchising 101 to learn how to get started and the options that are available to you.
2. Begin Building Your Franchise Business
Once you reach the stage of opening a franchise, you’ll find that working methodically and steadily are the best ways to operate your venture. Start with the essentials, like determining the best location for your franchise.
Then move on to making sure you have all the necessary permits and licenses before you begin hiring your staff and creating effective partnerships. In the long run, steady and sure wins the day.
3. Adjust Your Plan as Your Franchise Evolves
There is more than one way to success because every industry, business, and owner are different. One fact is certain when learning how to be a successful franchise owner: plan A doesn’t always work. And even if it does, there are many more plans you will need along the way.
That means an owner needs to consistently reassess his business and operational strategy. In fact, according to Forbes, it’s recommended that an owner reviews his business plan every 90 days to ensure you’re continuing on track and accounting for all developments.
4. Stay Connected with Your Franchise Community
Another great truth in business is that the business of business is people and relationships. You can’t perform every task on your own. As the wise franchise motto says, "Be in business for yourself not by yourself.” That means it is necessary to keep the lines of communication open with your franchise system, stay informed about what’s happening within the company, participate in area meetings and conferences, and lean on the wisdom and experience of successful franchisees.
5. Leverage the Franchise System
Along those same lines, it is critical to not only leverage the prominent people available from your franchise but also the many assets that are readily provided. The road to a franchise’s success is likely already paved. You just need to get on it, keep on it, and ask for help along the way.
Resources include operating manuals, technology, marketing templates, branding material, training, and support. You’ll have everything you need to build and grow your business while creating the lifestyle you’ve always dreamed about.
Opening a Franchise with Neighborly
With 19 home services brands and over 5,000 franchises, Neighborly® offers many possibilities to be your own boss, lead a flexible life, and live out your entrepreneurial dreams. Get started today with this Franchise Ownership Guide and find out what business opportunities are best for you.
