Small Business Articles
How To Start A Small Business Franchise
November 25, 2008
It seems reasonable, in an article with this title, to expect a detailed sequence of guaranteed hoops to jump through on the way to franchise success, but, unfortunately, I have to burst your bubble. No one can really give that to you, because there are just too many variables in the creation of any business to even pretend that a one-size-fits-all pattern exists and can work. What we can offer is a general overview of some wise decisions you can make to smooth out your initiation of a new small-business franchise.
There are two primary steps in starting up a small-business franchise which I like to call selection and execution. (Though the second step sounds a little more intimidating, it’s actually, in some ways, the easier of the two.) With a few pointers, navigating each effectively can be very helpful in cutting back on headaches in the long run.
Selection
Whether starting a franchise or a brand new business from scratch, selection is always the starting point, and it’s precisely what it sounds like: choosing the right business. Fortunately for the soon-to-be franchisee, this is a good deal easier with franchises than it is with a do-it-yourself, because you don’t have to come with the idea entirely on your own. As you scroll through the lists of franchises already established and offered for purchase, you could very well discover a successful business model that you never would have thought of on your own but is perfectly fit for you.
But that brings up a good question: how do you know what small-business-for-sale would make a good fit? There are a few important factors to consider here: your personality and skills, your financial capabilities, and your market. All of it together is going to determine what you will best be able to work with.
First things first, who are you? What are your likes, and what are your dislikes? What kind of strengths and weaknesses do you naturally display? For instance, if you excel at math and numbers and have always had a knack for doing your own tax forms, you may want to consider a tax preparation franchise but if you are more of a people person, a better fit may be helping the elderly at a Home Care Assistance center. This particular process isn’t hard, as most people find they have a natural interest in the things they’re most suited for, so head toward the businesses you’re interested in.
As you consider all these aspects of "the right franchise for you," your list of options will grow thinner and thinner until you have just one, or maybe a handful of options. Remember too, that there may be more than one good choice, and that’s ok. At some point, you just have to choose one based on the information you’ve got.
Execution
This is the point, after your endless hours of hard searching, that you commit to your business of choice, write out a check, and start your own franchise.
This is not the time to worry. In fact, this is where things, in a way, become easier, because you’re no longer going it alone; the moment you purchase a small-business franchise, you purchase all the resources of the business’ history, including the personal attention and guidance of the franchisor. First you’ll be taken through a training course that can sometimes entail a two-week training seminar in a distant place. After they’ve run you through an intensive review of all the knowledge and contacts you’ll need to run the business in the same successful manner it always has been run, you’ll be sent back to start your business in a location specifically chosen by the franchisor for optimum exposure in your area. And when you run into problems with setting up to open, hiring the right employees, or managing a specific aspect of day-to-day operations, the franchisor, and often a trained staff, is only a phone call away from helping you sort it out and make your small business opportunity as bright as possible. Often these teams even have a marketing plan and/or client base already established when your franchise opens. Unlike every other business venture, franchises are designed to walk you along every step to success.
The most valuable things you can do in both selection and execution of a small-business franchise are be honest and calm. When you’re honest, you’re most likely to find the business that best suits you and your circumstances and you’re far more likely to get the help you need from your franchisor, because you’re actually willing to ask for it. And as most of us know from other areas of life, staying calm when things get rocky and uncertain makes everything a whole lot easier for everyone.
It seems reasonable, in an article with this title, to expect a detailed sequence of guaranteed hoops to jump through on the way to franchise success, but, unfortunately, I have to burst your bubble. No one can really give that to you, because there are just too many variables in the creation of any business to even pretend that a one-size-fits-all pattern exists and can work. What we can offer is a general overview of some wise decisions you can make to smooth out your initiation of a new small-business franchise.
There are two primary steps in starting up a small-business franchise which I like to call selection and execution. (Though the second step sounds a little more intimidating, it’s actually, in some ways, the easier of the two.) With a few pointers, navigating each effectively can be very helpful in cutting back on headaches in the long run.
Selection
Whether starting a franchise or a brand new business from scratch, selection is always the starting point, and it’s precisely what it sounds like: choosing the right business. Fortunately for the soon-to-be franchisee, this is a good deal easier with franchises than it is with a do-it-yourself, because you don’t have to come with the idea entirely on your own. As you scroll through the lists of franchises already established and offered for purchase, you could very well discover a successful business model that you never would have thought of on your own but is perfectly fit for you.
But that brings up a good question: how do you know what small-business-for-sale would make a good fit? There are a few important factors to consider here: your personality and skills, your financial capabilities, and your market. All of it together is going to determine what you will best be able to work with.
First things first, who are you? What are your likes, and what are your dislikes? What kind of strengths and weaknesses do you naturally display? For instance, if you excel at math and numbers and have always had a knack for doing your own tax forms, you may want to consider a tax preparation franchise but if you are more of a people person, a better fit may be helping the elderly at a Home Care Assistance center. This particular process isn’t hard, as most people find they have a natural interest in the things they’re most suited for, so head toward the businesses you’re interested in.
As you consider all these aspects of "the right franchise for you," your list of options will grow thinner and thinner until you have just one, or maybe a handful of options. Remember too, that there may be more than one good choice, and that’s ok. At some point, you just have to choose one based on the information you’ve got.
Execution
This is the point, after your endless hours of hard searching, that you commit to your business of choice, write out a check, and start your own franchise.
This is not the time to worry. In fact, this is where things, in a way, become easier, because you’re no longer going it alone; the moment you purchase a small-business franchise, you purchase all the resources of the business’ history, including the personal attention and guidance of the franchisor. First you’ll be taken through a training course that can sometimes entail a two-week training seminar in a distant place. After they’ve run you through an intensive review of all the knowledge and contacts you’ll need to run the business in the same successful manner it always has been run, you’ll be sent back to start your business in a location specifically chosen by the franchisor for optimum exposure in your area. And when you run into problems with setting up to open, hiring the right employees, or managing a specific aspect of day-to-day operations, the franchisor, and often a trained staff, is only a phone call away from helping you sort it out and make your small business opportunity as bright as possible. Often these teams even have a marketing plan and/or client base already established when your franchise opens. Unlike every other business venture, franchises are designed to walk you along every step to success.
The most valuable things you can do in both selection and execution of a small-business franchise are be honest and calm. When you’re honest, you’re most likely to find the business that best suits you and your circumstances and you’re far more likely to get the help you need from your franchisor, because you’re actually willing to ask for it. And as most of us know from other areas of life, staying calm when things get rocky and uncertain makes everything a whole lot easier for everyone.
