According to the digital resource Chamber of Commerce, a new franchise opens every 8 minutes.* In a given day, that means there are about 180 brand-new franchise locations opening their doors. Many of these openings are overseen by experienced franchise pros, but it’s just as likely that many will also reflect people taking their first steps into the franchise world. And even then, quite a bit is required of franchise owners just to make it to their first grand opening. So, what should these beginners know as they start down the path to their first opening? Here are a few tips:
- Know what you’re getting into. Okay, this is true for nearly any endeavor. But often, franchisees think they are taking the easy route by opening up a business that has already proven to be popular and successful. The truth is much less straightforward: With franchises, you relinquish a good deal of control over the branding, products, and processes of a business in order to capitalize on what’s already been established. Also, make sure you are aware of all the various costs (monthly fees, royalties) in addition to the franchise fee. Low franchise fees may cause prospective owners to believe the business will be more affordable than it actually is.
- Read stuff. Okay, again, this is a solid tip for pretty much anything. But for prospective franchise owners, it’s important to not fall into that trap of thinking you just need to come up with the cash for a fee and everything will click into place afterward. You’ll need to do industry research, competitor research, and location research in order to set yourself up for success. The good news? Your franchisor has likely done this or can help provide access to this information. Plus, you likely won’t need to come up with any marketing ideas or branding.
- Don’t skimp on employee training. Franchisees neglect thorough employee training at their own peril. Franchise customers aren’t like those of an original startup. They have certain expectations and standards, both of products and services, and they will be looking to your franchise to emulate the experience they’ve come to rely on at other locations. In no small part, the success of your business depends on how well you can replicate what customers believe to be the best parts of their experience with your franchisor’s brand. For that reason, it is imperative that you spend the time to get your employees trained in the procedures and processes of the franchisor so you can meet those expectations.
Ready to see if you can run a successful franchise? Consider a Rosati’s pizza franchise. We are proud of our intense collaboration with all of our franchisees as we help them deliver Rosati’s signature quality recipes, day in and day out. Our franchisees are more than business partners; they are family, and with more than 200 locations across the country, our family is growing every day! Stop by our franchise page to see how you can be a part of that growth.