New Franchise Owners: Setting Yourself Up For Success
You’ve made the decision to look into franchise ownership to go into business for yourself, with the support of a proven brand. Congratulations! Maybe you’ve even decided on the franchise. So what’s next?
Here’s your “must do” checklist to prepare for success in opening your own business:
- Have enough working capital. Plan to have at least three months of working capital when you start your business. Also consider how much to set aside for your personal living expenses.
- Follow the business model. Franchisors are continuously evaluating their model to improve systems and support for their franchisees – let it work for you!
- Build a robust marketing plan. Utilize the franchisor’s marketing specialists. Their expertise will help drive traffic to your door and give you the time to focus on growing your team and your business.
- Be the leader your business (and employees) need. Your franchise isn’t a hobby; prepare to spend significant time getting it up and running.
- Select good real estate. Location, location, location. Location, location, location. The franchisor’s real estate team should be able to guide you in identifying high-volume site options for opening your franchise and should provide a list of attributes to keep in mind when selecting your location.
- Be passionate about providing solutions to your community. Franchise owners need to be dedicated to meeting their customers’ needs.
- Set goals for your business development. A successful business needs to have sales goals and a roadmap to achieve them. Build in time to pursue those initiatives and utilize any coaching available to you.
- Use your resources. Support should be available to you far beyond the initial training. Coaching, training, marketing, system support and more is there to help you at every stage – use it! There’s also a network of other franchisees willing to share their best practices with you.
- Identify your long-term plan. Are you building a legacy for your children? Do you want to own the market, or do you want a single location? Knowing this will help you set up development goals for the store, your locations and yourself.
- Build a personal support network. Who’s in your corner? A spouse, parent, child, sibling or friend can help you through this process. Whether it’s financial, physical or emotional support, it’s nice to know that someone has your back.
While we can’t predict the success of your business, you’ll definitely increase your chances by following these ten steps. This checklist will also help you identify if you have the right support from your franchisor.
Batteries Plus Bulbs knows that our success is dependent on your success, so we make it easy for you to open a store and provide tools and resources to help you reach your goals. For more information on the opportunity we provide franchise owners, please fill out the form or call 866-855-8577.