The Franchise King®

Being The Owner Of a Franchise For The First Time

new franchise owners

Unless you embrace being uncomfortable, starting something new can be well…uncomfortable.

(This post may contain affiliate links. Please read my disclosure policy).

Being the owner of a franchise for the first time is uncomfortable. I don’t see how it couldn’t be.

Ya dig?

 

Franchise Owner Training

Part of what you’re paying for when you purchase a franchise is training.

Part of your training may be online. Most of will be in person.

I’ve seen some franchisors do pre-training online…I really like that. It’s good to involve new franchisees with a peek inside the organization via the internet before they arrive for a week or more of formal classroom training. They’re not as “green” when they arrive.



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But, it’s the formal, face-to-face training that will end up having the biggest impact on a franchise owner’s everyday business activity.  So, when you’re doing your franchise research, make sure you find out about the training program. Ask the franchisees that you contact how good it was for them.
 

Being The Owner Of a Franchise For The First Time

There’s going to be a lot of excitement leading up to your franchise’s Grand Opening. When the time comes to open your business…to open for business, actually, you’ll be feeling an interesting combination of emotions. You’ll be:

  • Excited
  • Anxious
  • Apprehensive
  • Nervous
  • Happy

(Please feel free to add a few of your own.)

The point is this: opening a business for the 1st time is an experience that you’ll not likely forget. It’s actually a great feeling; you just need to work through all of the other feelings that you’ll be experiencing, first.

 

Suggestions From Franchise Executives

Franchisors know what you’ll be feeling…what you’ll be going through those first days as an Owner. Make sure that you remember that when you open your new franchise business.

Chip Baranowski, Vice-President of Franchise Development, Honest-1 Auto Care has this recommendation:

Once you’re operational, don’t be afraid to call upon the franchisor in time of struggles. The value of buying into a franchise system is that it’s a partnership. As a valued partner, they can offer feedback and insights that can help you turn things around.”

Want more?

Franchise Direct asked several franchise executives for specific advice for 1st-time franchise owners a few weeks ago. There were several great suggestions, and if you’re about to buy a franchise…or open one, read this very useful article on the Franchise Direct website.

 

 

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franchise article written by joel libava
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joel libava

I'm The Franchise King®, Joel Libava. I help prospective franchise owners avoid bank account emptying mistakes.
For 23 years, I’ve been showing people how to make smart, informed decisions on franchises to buy, and I can help you, too!
P.S. I'm not a franchise consultant/broker.

Joel Wrote The Book
Joel literally wrote the book on becoming a franchise owner. He is very knowledgeable (and very forthcoming) about the ins and outs of buying into a franchise system. I recommend Joel for concrete advice on evaluating the business end of franchise opportunities ."
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