Eventually, you’re going to want to open your new franchise business. You’ve already invested a couple of months (at least) into choosing the right opportunity; you’ve submitted the proper business plan to your lender, and were able to get your business loan approved. You’ve put some money out, and you’d like an opportunity to start getting it back. basically, you’d like to
And, you’d like to do it in a reasonable amount of time.
Is that too much to ask?
Ask Current Franchisees This Question
“Were you able to open your business in a reasonable amount of time?
Makes sense, right?
If you’ve purchased a franchise like this one, which requires a great location to help insure your success as a franchise owner, it may take longer to secure one than you had previously thought. Remember; both of you, (the franchisor and you) must approve the proposed location.
Some franchise organizations, like Great Clips for example, have their own real estate departments. They probably know more about securing a suitable location than you do. Trust them. After all, part of the reason you were willing to write a check for the up-front franchise fee was to benefit from your franchisor’s expertise and experience.
Don’t Be a Cheapskate
If you’ve invested in a franchise that requires a prime space, you’re going to have to make a commitment to step up and pay what’s required. I know that you want, “a deal.” We all do. But, high-quality–in this case, prime real estate, will cost more money than sub-prime real estate. Don’t say no to a location based on price alone. Saying no to a property that’s $500, or even $1,000 more a month than you originally budgeted for could end up being costly in the long run.
But, you don’t have to believe me; call several franchisees and ask them if they were open for business as quickly as they wanted to be. And, ask them about their location. Find out what they’re paying. Ask them if they paid more than they thought they would when they first started scouting out locations.
If you’re a franchisee, how long did it take you to open your franchise up? Do you have any pearls of wisdom for my readers?
By the way, I’m going through all 40 questions to ask current and former franchise owners that I’ve included in my franchise book.
Important! If You're About To Buy A Franchise, We Need To Talk
(Before You Send In Your Money & Sign Your Contract)
"I was pretty focused on a particular franchise opportunity when I reached out to Joel Libava. In the course of a 1-hour conversation, Joel was able to ask questions and provide direct advice to help clarify the process for me and help guide me through the next steps in my vetting process. He even put me in contact with other professionals who were able to help educate me further in my particular industry. The time and money were well spent."
-Brian Grayson, Cincinnati