Franchising is a great way to break into the world of business ownership while minimizing some of the biggest risks. Is now the time for you to take the plunge and become a franchisee? Read on for five signs that you’re ready for franchising.
You Have Management Experience
Any prior leadership experience is going to come in handy when you open your own branch of a franchise. As a manager, you’ve likely had a hand in things like training, scheduling, and even staffing, which are all skills you’ll need to run your own business. Plus, you’ve probably started to develop your own management style. While opening a franchise will always come with trial and error, spending at least a year in a management position can make the transition a little easier.
You Want to Open New Doors
If you’re thinking about opening a franchise, you probably have big aspirations and goals. There may be a path to upward mobility in your current career, but it doesn’t call to you. Instead, you want to pave your own trail and create opportunities for yourself and others. While it won’t happen overnight, owning a franchise does open new doors, allowing you to work with new levels of freedom that a traditional career path doesn’t allow.
You Know Your Market
One of the great things about buying into a franchise is that you don’t need to create a business from scratch. However, you do need to do a little bit of research, especially when it comes to your local market. What kinds of products or services do your neighbors want access to and don’t already have? When you know what voids there are to fill in your community, you’re well-positioned to pick a franchise that can thrive.
You Have Financial Backing
In order to open your own branch of a franchise, you’ll need to cover a variety of upfront costs. For example, franchises will typically charge a franchise fee as well as royalties on any profits. Depending on the business model, you may also need to secure retail space and put employees on your payroll. It’s important that you have sufficient financial resources before you get started. Small business loans are typically the most reliable source of financing, but many franchisees also use a combination of investments, crowdfunding, and personal savings.
You’re Ready to Commit 110%
It can take a year or longer before your franchise becomes a well-oiled machine. In that time, you’ll need to focus on building up your customer base, creating a competent team, and stabilizing your earnings. That means taking a hands-on approach and working harder than you would as someone else’s employee. If you commit 110% to getting your franchise off the ground, you can earn the freedom you’ve always wanted.
At All Dogs Unleashed, we’re always happy to welcome new franchisees into the family. Find out more about our franchising opportunities and startup requirements today!