So….You
bought a Franchise.
Now What!?
Many
franchisees wonder what happens after
they “sign on the dotted line”.
There are
so many unknowns, especially for those
who are new to franchising. From wondering
what steps it takes, and the time frame
involved in getting their franchise
open, to concern that an important step
will be missed, and it will be detrimental
to a smooth opening.
Each franchisor will have a different
set of responses to these concerns,
but there are some very basic events
ANY new franchisee can expect once
they have decided to purchase the franchise
of their choice.
System
Documentation. As a new franchisee,
you can expect to receive a large amount
of printed information very quickly.
Most franchisors know that the sooner
they get the information to you, the
sooner you can start learning, gaining
confidence, and taking the necessary
steps toward your business being operational.
Franchisors want the franchisee to
be up and running successfully in as
little time as possible. Most of these
papers will consist of things like
training manuals, marketing and new
business setup. Sometimes the information
will be presented on video, Audio CD’s
and sometimes personal visits from
franchisor employees.
Critical Path Items. Franchisors will
be able to identify and communicate
the necessary steps to take toward
opening your franchise quickly and
with as little mistakes as possible.
Some of these subjects could include
finding an ideal location, and how
to handle the zoning or permit issues
that you could encounter, employee
interviewing and hiring processes,
building/outfitting your franchise
with the necessary equipment and sometimes
even the requirements for any training
which all new franchisees must participate
in. During this part of the process,
the franchisor will communicate which
part of the process takes the longest,
and will help you get started on that
process immediately. This helps to
keep delays at bay.
Checklists. Opening a franchise is
a detailed process, and also a time
of highs tress. One of the best ways
to keep on track is with checklists,
and these are usually provided to you
in great detail in your information
packet. Most franchisors will include
approximate time-spans for each task,
so that franchisees can be sure they
are staying on schedule. This takes
a lot of the stress out of the process.
Each franchisor will have a different
time line recommendation for their
unique franchise, and each checklist
is designed to help new franchisees
stay on track. Sometimes this is done
in weekly checklists, and other times
in a more flexible time schedule.
Every franchisee wants to know how
long it will take to get their franchise
up and running. There are no black
and white answers to this, as every
situation and every franchise opportunity
brings new variables to the table.
Here are a couple of general guidelines.
Finding a location. If a location
is found already mostly built, it will
take between 3 and 6 months to have
it completed. If it needs to be built,
it can take approx. 24 months.
Training. Training generally can take
between 1 and 3 months to complete.
Financing. Again, there are many variables
surrounding this process, but it usually
falls somewhere between 6 weeks and
6 months.
As with any new business venture, or
major life decision, buying a franchise
can be fraught with a lot of anxiety
about unknowns. It is very important
to ask as many questions as you need
to understand and receive the amount
of support you need to be successful.
Best of luck on your franchising adventure!
