So, you want to be a franchisee? If you’ve given it some thought, chances are you’ve also done a little bit of homework as to what kind of franchise you’d like to buy, and why you’re well suited for it. You have a good idea what’s involved, what the upfront costs will be, and have some idea of the kind of business plan to execute.
The question is…when should you become a franchisee?
It’s important to ask for a variety of reasons. Human nature can override our best intentions, forcing us to stay motivated in order to achieve our dreams. For many, this equates to the financial and personal freedom of becoming a franchisee. Only our hesitation holds us back. That being said, here’s a few key moments when you should take the plunge.
#1) When Demand is Present
The worst thing any business owner can do is equate their own feelings to that of their customer base. While it’s good to know your customers, it’s also a slippery slope towards imprinting your own opinions and thoughts on them. Be mindful of this. Owning a franchise means having an established franchisor at your back who is ready to assist with an out-of-the-box setup that eliminates ambiguities and what-ifs from the equation. You’re good to go. All you need are the customers. Provided you’ve done your research and have a solid business plan at your disposal, there’s no reason to wait for someone else to steal your thunder (and your customers) by buying their own franchise!
#2) When It’s Quiet
This one may seem illogical, but it’s actually quite a productive time to get into the franchise game! The off season can be a great time to get your ducks in a row, plan out your growth strategy and get ready for the inevitable flood of customers when peak season kicks in. It goes without saying that there’s some planning involved here, however. Make sure you have the funds to offset the quieter moments, as well as the right location. The quieter season can also allow you to strategically grow your staff in a more precise and fluent manner. By entering the franchise game during the off season, you can take advantage of a little more breathing room to get situated and comfortable, rather than tackling an overwhelming horde of customers (a good problem to have, but a stressful one).
#3) When the Numbers Match Up
If there’s one thing a successful franchisor has, it’s data. Lots of data! Numbers don’t lie, and they could be the extra nudge you need to move forward with your dream of becoming a franchisee. Let the franchisor’s data sell you on the idea. Any business venture comes with a degree of risk, but successful franchisors have learned how to mitigate that risk by continuously tweaking their business strategy to account for modern demographics and marketing trends. You’ll have access to this data when you own a franchisee, which is invaluable. If you’re afraid of wading into the waters without a life jacket, don’t fret!
#4) When You Can’t Take it Anymore
You know it’s time to take that big step forward when you simply can’t abide another day at your job, and you’re looking for something better. It may seem impulsive, but there’s rarely a better time to buy a franchisee than when you’re fixated on the prospect, and all the advantages and freedoms it offers. Of course, a little practicality and planning goes a long way, but they should run parallel with your overall dream. If nothing else, the loss of love for your 9-5 job may be the exact kind of catalyst you need to put things into the planning stage.
#5) When You “Know”
This one is up to you. It can involve one of the topics we’ve discussed above, or it can be an amalgamation of them all, simultaneously. Whatever the case, you’ll have to decide when the time is right to become a franchisee. You already know what’s involved, and the potential for achieving a healthy, fun work/life balance with the financial rewards that go along with it. The hardest door to walk through is your own, which is why it’s necessary to banish self-doubt, fear and hesitation in favour of proactive, determined willpower to succeed. Remember, the franchisor is in your corner and ready to work with you to make your franchise a success. You won’t be going in blind and without support. Rather, you may be surprised by the amount of doors it opens for you. Where you go from there is up to you!
Being a franchise owner is exciting and rewarding, and we want to share that experience with you. If you’re thinking of becoming a franchise owner, now’s the time to contact us and learn more!