If you have ever thought of how to start a franchise, you cannot miss this post where we show you the 10 steps you need to follow to succeed and not die trying.
- 1 STEP #1: Analyze your possibilities
- 2 STEP #2: Choose the sector
- 3 STEP #3: Set your investment limit
- 4 STEP #4: Study the market
- 5 STEP #5: Seek advice
- 6 STEP #6: Choose your franchise
- 7 STEP #7: Formalize your new business
- 8 STEP #8: Find the shop and the staff
- 9 STEP #9: Inaugurate extravagantly
- 10 STEP #10: Reap what you sow
STEP #1: Analyze your possibilities
The first thing you have to do is a list of interests. Based on the first brainstorming, you must be reasonable and choose your own interests, the ones you have knowledge and capacities to develop.
STEP #2: Choose the sector
According to your profile and previous experience, it would be ideal if you could select a sector that motivates you and that you feel you perfectly fit in. You can find restaurant, fashion, beauty, real-estate market, fitness and lifestyle franchises, among others.
STEP #3: Set your investment limit
About the costs, every franchise is a different world and you should not overlook your investment capacity and your economic possibilities.
The investment, your field of knowledge and your interests must be the pillars to choose what kind of franchise you want to start
STEP #4: Study the market
Once you are clear about the sector and you know the amount you are willing to invest, start a contact round with the franchises you are interested in and be informed about the conditions to be franchised. Also, it is interesting to speak with others franchisee so they can tell you their own experience.
STEP #5: Seek advice
It is necessary to seek a good tax consultant and financial advisor to explain us the regulations, obligations and specific issues about our case. Receiving an external opinion from a professional never hurts.
STEP #6: Choose your franchise
The most exciting moment arrives: choosing the franchise. With all the information you have got and your knowledge of the subject, you have to choose the franchise that you want. That’s when the heart comes into play, but you never have to lose sight of your more rational side.
STEP #7: Formalize your new business
Once the franchise accepts you like a franchisee, a legal whirlwind starts so it’s essential that your legal adviser is on the ball to not miss anything. The franchises usually are very demanding with their franchisees, as in legal aspects as in economics.
Finding the ideal place that suits the franchisees’ needs and demands is a process in which you must have patience
STEP #8: Find the shop and the staff
Usually, every franchise establishes the conditions for the shops (meters, shop windows, location). Then, you have to be very patient and with the floor plans on the hand, walk the main streets in the city to find the ideal shop. In the same way, your workers must also follow the brand idea and be loyal to the franchise values.
STEP #9: Inaugurate extravagantly
Organize an inauguration party worthy of your franchise. Choose the right day and time, the more people can attend the better. The ideal would be a Thursday or Friday in the late afternoon, so you take advantage of the weekend to boost your first sales.
STEP #10: Reap what you sow
As in every business, do not expect to recover the investment at first, it the franchises usually takes about 3 years to recover the invested capital. At this point, it is essential the motivation and the confidence in yourself.
“The only way to do great work is to love what you do”