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It’s important to know what the total required investment is to get your franchised business up and running. This number will include your franchise fee, your opening inventory, the cost of all your furniture, fixtures, and equipment (FF&E), legal fees, and up to 12 months of working capital. Understanding all the start-up expenses including the amount of working capital needed before you are cash flowing is important.
In the event you need a loan to fund your new business, we have several referral partners that provide a variety of funding options, including SBA financing, ROBS, (Rollover for business start-ups).
You don’t have to love fitness to open your own fitness franchise. Nor do you have to do all the work. Many businesses thrive when they are run by a manager who is responsible for selling your products or services. This will allow you to grow and scale your franchised business. This will allow you to work “on your business not in your business”.
This is an area you’ll want to fully consider as to whether you want a business that is open Monday-Friday (maybe Saturdays) like a home service business, or would you be comfortable with a business that is open 7-days a week, like the food service industry? Knowing whether you want to be a passive, semi-absentee, or do you want to work in your business will help us narrow down the best options to fit your lifestyle and investment goals.
When you invest in a franchise system vs. starting your own independent business, you’re not alone, and that can be a great comfort knowing that you are part of a community of like-minded people. Make sure you know how much support you will get from the franchisor, what other people’s experiences were and how much help the corporate team offered those owners when the going got tough. How much support did those other franchisees receive?
It’s important to learn about the leadership team of the franchisor. Not all franchisors are the same, so you need to do your research and get to know everything you can about them. This includes things such as how long has this company been in business, what is its average success rate and how long do franchisees stay on average. Does the franchisor’s mission, vision and values align with yours? As you start your due diligence and meet the franchisor, it’s a chance to get to know them, ask questions, etc. They will be vetting you just like you are vetting them and the business opportunity.
What does it take to run a successful franchise?
When you start your due diligence and validation, make sure that you speak to as many franchise owners as possible, not just the most successful ones.
- What were the keys to success?
- What were some of the challenges, and how’d they overcome them?
- If they were starting today, knowing what they know now, what would they do differently?
- Does the franchisor provide ongoing support?
- Were there any closures or any transfers?
- In addition to these questions, we will provide more questions for you to ask the franchisor and franchisees.
It’s likely an odd question but it’s important to have an idea of what your exit plan is. Naturally everything is often very fluid, and it can change over time but it should be part of your conversation. Always know your end game.
There are many options:
- Are you establishing a legacy for your family?
- Are you looking to sell it in 5 years, 10 years?
- Do you plan to add to your franchise investment portfolio by adding additional locations or even diversifying into other synergistic brands?