Being your own boss means greater freedom, flexibility and having control over how and when you work, and better work-life balance. It means you run a business for yourself, which means the ultimate success or failure is in your hands.
If you’re new to the realm of entrepreneurship, starting your own business is a risk and demands a lot of hard work.
However, franchising is seen as the common-sense path to business ownership; investing in a franchise allows you to become a business owner without the need for you to create a unique product or build your business venture from scratch. Instead, a franchise offers a functioning operational model, proven customer base and ready to run from the minute you open your doors to the public.
Many franchises, aside from being a revenue source, provide training and support which will ensure you optimise your earning potential and preserve the parent company's hard-earned reputation. So, in many ways, investing in a franchise is an investment in yourself.
Regardless of your reasons for wanting to be your own boss, understanding the steps to take so that running your own business is no longer just a pipe-dream but a reality – is essential.
If you're reading this, the likelihood is you want to be your own boss and we at Franchise Europe are here to help you reach your objective.
In this article, we will walk through 7 steps that can help you on your journey to becoming your own boss.
Identify The Right Franchise
Firstly, you need to find the right franchise for you. There are lots of franchise opportunities out there but it pays to you narrow down your choices. The best way to start the process is to ask yourself some questions.
How much time are you willing to put into the business? Are you seeking a full-time job that offers a great income for you and your family? Or would you something part-time, for extra income? What career experience do I have? Do you want to a franchise linked to your previous career path? or a franchise that does not require prior experience?
Once you have answered these questions, finding a franchise fit for you will be much easier.
Research
Before investing in a franchise, you should research your preferred industry.
Take some time to examine competitors and their business models, look at the rough costs involved running a franchise, success rates, supports, training etc.
If you have a preferred franchise in mind, you can even reach out to them for information via our Franchise A-to-Z section – they’ll be more than happy to talk you through the details of their franchise opportunities.
Get Your Finances in Order
As with any new business venture, it is vital you have sufficient funding to start your franchise and cover costs.
Having enough capital available will enable you to start a high-quality franchise. Furthermore, by maintaining good finances your business risk will be massively lessened.
Selection Process
When you buy a franchise, you can be up-and-running pretty quickly in business terms, usually within months of signing your franchise agreement.
Before that, typically there will a series of interviews with the parent company. This process works both ways. Before becoming a franchisee, the parent company can get to know you, see if you fit the mold to be accepted as a franchisee. You will also gain insights into the company culture et., so you can learn whether you feel a good fit with the franchisor.
Once accepted, you must sign a franchise agreement and pay franchise fees – establishing you as an official franchisee and provide access to a wealth of resources, including; training programs, company branding, marketing, branding, PR, and any other requirements to start your franchise proper.
Set Up Your Franchise Outlet
Things really starts moving in the days after you sign your agreement and pay the initial franchise fee.
You will start investigating potential locations for your new business. A lot of the time, HQ will provide assistance with this process. In addition, specific dates for your formal training will be discussed and scheduled.
In the meantime, you’ll be provided with a list of things you’ll need to do before you can officially open your doors. Think business registration, licensing, insurance etc. And before you know it, you’re in business. You’re a franchise owner.
Cultivate A Positive Franchisee-Franchisor Relationship
The relationship you have with the franchisor is crucial to your success, so a positive relationship is a must! The relationship you foster will determine how confident the franchisor is of you and your skills and determine the likelihood of extending the franchise agreement contract is up for renewal.
Develop A Good Team
If you require staff for the franchise you chose, it is so important that you surround yourself with a great team that you can trust and rely on. This can be alleviated somewhat by availing of the training programs your franchisor will have on offer. Training programs such as these will help you become a better manager, but they will also give your team members a great chance of developing the skills required to perform at their best.
Our Franchise A-to-Z has an option to suit most people, so why not check it out now?