How to Succeed When Getting into Franchises
Whether you’re launching your first location or expanding your franchise empire, being a franchise owner is an exciting opportunity to invest wisely in your community. A franchise comes with plenty of resources to help you succeed where other small businesses fail. However, franchises aren’t destined to succeed. Learn how to avoid common pitfalls and create a successful business with these tips.
Related article: 5 Hacks for a First-Time Franchisee
Choose the Right Franchise
The foundation of your franchise small business is the franchise itself. There are dozens of factors that determine the best business to partner with, so carefully consider the pros and cons of each type. If you have a particular industry in mind, such as food service or retail, don’t forget to broaden your search for any excellent franchise outside of that industry.
The best businesses to partner with include low startup fees, low commissions and other hidden fees and plenty of marketing, promotional and training materials to help you succeed. There are some other factors to consider, like current franchises in your area. It’s also a good idea to conduct some market research to determine the needs in your area.
Pick a Perfect Location
Location is another challenge you need to overcome early on. Look at the area thoroughly. This includes population, traffic, nearby stores, competition and any other factors you may want to consider. Check for year-round statistics as well, so you aren’t fooled by a large amount of traffic that are seasonal. Balance low-cost and high-demand areas to find the best location for your new building, or purchase an existing building that you can take over and improve.
Hire Excellent Employees
Regardless of the type of business you choose, you can’t operate a franchise on your own. Your employees are the face of your company, so you need to invest in quality training and quality employees. Look for dedicated, flexible, positive and experienced employees in your area who are willing to join your team and commit to the success of your store location.
Secure the Necessary Funding
Finally, opening any small business comes with significant upfront costs. Franchises in particular can come with franchise fees and other costs that may hold back some small-business owners. Look for a small-business financing option that supports your franchise and offers you the terms you need to succeed. Partner with a lender who understands the unique costs and challenges of a franchise and can help you overcome any financial obstacles that may hold you back. Contact us at Casey Funding if you’re interested in getting the right loan for your Franchise company.
