You can become a franchisee in a huge number of industries, but if you’re a new franchisee, getting set up can feel overwhelming. You need to consider so many elements if you want to become the best franchise owner around.
We’re here to help. In this guide, we’ve put together a quick franchise checklist that can help you get ready to open. After that, you just need to be a savvy businessperson!
Are you ready to learn more? Then read on!
Pick Your Location
Before you start your new franchise, you need to pick a location for your store. This is key to business ownership and involves knowing your audience. Think about who you’re going to target.
If you sell expensive products, you shouldn’t set up in a low-income neighborhood, for instance. If you’re opening a gas station, don’t set up on a back road.
You should make sure that you have access to both vehicle and foot traffic, and that there’s parking nearby for those that need it. Take the time to pick your location: it might make or break your business.
Follow Franchise Rules
Now that you’ve got a location, you should make sure that you fully understand your franchise’s rules. Breaking them can come with severe penalties, so take time to review your handbook.
Depending on your business, you may need to hire staff to help you out around your store. This is a very important part of the process, so don’t try to speed through it.
Make sure that everyone you hire knows the franchise rules and that they’re motivated. Your staff represent you and the business, so you should only hire the very best candidates.
Now it’s time to get your stock in order. Create an inventory of everything that you need and find vendors who will be able to reliably deliver to you at regular intervals.
You shouldn’t open your doors until you’ve got everything in stock and have a great vendor network set up.
Get Licenses and Insurance
You should never operate without the appropriate business licenses or insurance. It’s asking for trouble. You could get into trouble with your city council, or, if a disaster occurs, be severely out of pocket.
Make sure that your business is licensed and insured before you open your doors.
Market Your Business
Franchise marketing is absolutely essential. If people don’t know anything about your business, who you are, or what you sell, they’re not going to visit your store. Sure, you may get some foot traffic drifting in and out, but that’s not enough.
You need to use an aggressive online marketing campaign including search engine optimization, pay-per-click ads, and more, to build up a customer base.
The End of the Franchise Checklist: Opening Your Doors
You’ve reached the end of the franchise checklist! Now all that you need to do is open your doors and start serving customers. With the right preparation and marketing, you’ll soon have a solid customer base and be making a profit!
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