Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities
franchisees 2019-04-01

Top 4 Tips For First-Time Franchisee Owners by The Franchisors

Franchising is undoubtedly one of the best ways of starting a business. However, it is advisable to enter the world of franchising, armed with detailed knowledge

By Content Writer
Top 4 Tips For First-Time Franchisee Owners by The Franchisors

Getting into a franchise for the first time can be overwhelming. Franchising is undoubtedly one of the best ways of starting a business. However, it is advisable to enter the world of franchising, armed with detailed knowledge. It is worth conducting an assessment and gather information from fellow franchise owners to know what it takes to get the success in franchising. It can be a tedious task, but we have done the work for you. Below are the top 4 tips from franchisors which the first-time franchisees should consider before signing the agreement and making the initial investment.

Do Your Homework

It’s true that franchisors provide every support in setting up the new franchise business. But, that doesn’t mean that the franchisees will sit back and relax. As a first-time franchise, make sure you understand the nitty-gritty of a franchise business. Making your franchise successful requires a lot of effort and hard-work; make sure you have the zeal and dedication to run all day long.  Also, make sure that your goals and ideologies match with your prospective franchisor.

Scott Thompson, CFE, Senior Vice President of Global Franchise Development, Tutor Doctor, said, “When you are working with a franchisor do your due diligence… make sure they have a strong process, strong support system, tools and planes to be successful and make sure that the culture aligns with your values.”

Location

Location can make or break your business and in almost every case, the franchisees are themselves responsible for selecting the location for their franchise. You should consider a number of things before fixating in a particular location, like competition, traction, budget etc.

Tapas K. Mallick, Group CEO, DIVINITI, “The primary thing that a first-time franchisee should see is Location! So, the first thing to check is whether it will have the desired footfall, and will the selected location caters to the target audience.”

Plan in Advance

Apart from the business plan, make sure you have planned well for the future also. Your business plan will act as a guide to establish your business, but it is also essential to have a detailed plan of how you will act after it gets successful.

Starting a franchise is a long-term commitment, and there is no easy way out if things don’t work out your way or if you find that it’s not for you.

Andrew Walters, Director of International Business Development, Stagecoach, said, “In the start-up phase you may have a little bit more time than when you are in the full mode go. So make sure that you plan and prepare adequately while you have time at the beginning because you won’t have the time when you start running fully.”

Hiring is Fundamental

A franchise is a proven business, which is already successful in other locations. One thing which can doom your franchise is staff. Hiring good staff is necessary. You need to understand this fact that you can’t do everything on your own and need to hire competent staff to bridge that gap.

“There will be things you are good at, the things that you like doing, but make sure that you do not miss out on things that you are not so good at. So, recruit good people to fill those gaps.” stated, Walters.

“Also, look after your staff. They are your best representative so look after them,” added, Walters.

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Gyms And Fitness Centres
    About Us: Vision HRM, is a progressive initiative of dynamic entrepreneurs VishwasKherdikar..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Pune Maharashtra
  • Others Food Service
    ABOUT Us: Chicken Adda is best described as indescribable . Sometimes..
    Locations looking for expansion Madhya Pradesh
    Establishment year 2015
    Franchising Launch Date 2016
    Investment size Rs. 5lac - 10lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Indore Madhya Pradesh
  • Education Supplies
    About Us: Qikme is a 4 in 1 Software as a..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Haveli Maharashtra
  • Grocery Stores
    About Us: Value4u is one of the best grocery suppliers in..
    Locations looking for expansion Maharashtra
    Establishment year 2016
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater pune Maharashtra
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
ads ads ads ads