Signing your franchise agreement is just the beginning
First, take time to celebrate! You have taken a big step, that most people only dream of. Owning a franchise is the pinnacle of the American dream. Congratulations! The hard work is just beginning and you are ready to take the reigns.
Buying a franchise is an exciting, exhausting, and exhilarating process all at once. You started by researching a variety of franchise opportunities and found a business that seems just right. You attended discovery day, paid your franchise fee, and signed the contract. So far – so good. But what happens next?
Start-up Training
A great franchisor partner is there to help you get your business open as quickly as possible and smoothly as possible. Training usually involves all or a combination of the following: reading manuals , attending training classes at their corporate facility, and taking online classes via the company intranet. Some franchisors provide personnel who will visit your location or territory for on-site training and there are also franchisors that find it to be beneficial for franchisees to get some hands-on experience and will have you work at a company store/location or in the store/location of another franchisee.
The franchisor’s goal is to move you through the learning curve as quickly as possible so expect a large amount of material in a short amount of time. Besides learning how to best provide the product or service you will be offering your customers, your training will cover many other items such as setting up your business, how to market your business, how to hire and train employees, and how to manage the back-office aspects (like accounting and reporting).
Setting Your Schedule
Now that you’re a franchisee, it’s important that you understand and develop a schedule. Because the franchisor has experience developing franchise units, they can identify the items you will need to accomplish before you hang up your open for business sign. They know how long each step is expected to take. They might ask you to begin with the steps that take the longest to avoid delays in the process. These may focus on bureaucratic steps like licensing where timing is in part in the hands of others. Early steps also include finding real estate, hiring employees, and/or locating subcontractors to do build outs.
Early tasks stack on each other. One task may require completion before the next task can be initiated. For example, once you have a location selected and a lease signed, you may need to work on such items as the construction of the unit and perhaps special zoning or permit issues required by the local government.
Follow the Checklist
A key reason you chose to buy a franchise over other self-employment options is that so much of the work has been done for you. This is the beauty of franchising …if you follow the franchisor’s rules, steps, and guidelines, you have a far greater chance of obtaining the financial rewards seen by the most successful franchisees in the system. After all, isn’t that why you decided on this business?
To this end, be cautious in beginning start-up steps prior to becoming a franchisee. You are paying for their support. As eager as you are to get the ball rolling, USE the support! This can save you time and money. Making mistakes in start-up can be costly.
A checklist may seem like a small thing, but it can provide big results in helping you to get your business open. Use your checklist to understand and develop the timing on the sequence of items so that you can be sure you are staying on schedule and will meet your opening goals. For example, the list may have an item which says: “Five weeks prior to opening: Place order for your signage.”
Just like the many people who have gone this road before you, you will probably find that becoming a franchisee can be both exciting and frightening. The days between purchase and opening your business can seem either painfully slow or as if it’s all happening too fast. If you are feeling unsure or uneasy, be sure to reach out to your franchisor. One of the many benefits of being a franchisee is that you can use the franchisor’s experience to make the opening process go relatively smoothly.
Finally, be sure you have set realistic for the process of opening your business. Many items, such as finding real estate, can take months or longer to accomplish. Some steps will always take longer then expected. Especially if the government or lawyers are involved. Expect the longest amount of time in the timeframe provided and the higher of the expenses estimated, you’ll avoid unpleasant surprises. Knowing exactly what you need to accomplish and when will take a great deal of the stress out of the process.
Stephen Covey, in his book The Seven Habits of Highly Effective People, suggests you begin with the end in mind. This way you’ll make all your decisions based on what will bring you to your goal. Here’s wishing you massive success in your new venture!
