New Year’s Eve is so close, you can almost taste the champagne; but hold the bubbly until you put the following franchise tips into action. Owning a franchise is incredibly rewarding and since someone has already gone to the trouble of laying the groundwork, the hard part is over. With the right franchise and enough determination behind it, you could become a successful franchise owner in 2014. Right now the economy is in a recovery phase, which is a great time to go into business. That’s the good news. The bad news is that it may be difficult to find funding in a depressed economy. With that out of the way, and that knowledge under your belt, here are five tips that will give you a boost as you ring in the New Year.
Track Record for Expanded Growth
The first of six franchise tips refers to the track record of the franchise in question. Just as you would never buy a car without thoroughly researching the deal, you should never buy into a franchise without thoroughly vetting the opportunity to determine its viability.
A franchisor should be able to provide you with a detailed business and marketing plan, as well as a projection of the business’s growth over a span of several years.
Because the economy is in a recovery period, you should only look for franchises that have continued to grow despite the economic climate. This is a good indicator that growth will continue, provided that you can run the franchise properly.
Research Business Structure & Obstacles
When the franchisor provides you with the business information, study the business structure to make sure it’s sustainable over a long period of time. You might want to research competitors at this time, as well, to see what you will be up against as a franchise owner of that business.
In your mind, start coming up with obstacles that you might face as you head into the New Year. In January, business tends to pick up; so you should be in a good position to really excel. If you can predict obstacles early and learn from the mistakes of other franchise owners before you, chances are you’ll have a great year.
Social Media Presence of Business and Partners
Most of these franchise tips have to do with research, and be thankful for the Internet that makes researching franchises so easy. Not only can you look up the type of franchise in question, but you can also look up competitors and much more. The best part is that you can search the social media profiles of other franchise owners, competitors and all of their customers. Without leaving the comfort of your home or office, you can conduct all the studies you want on the type of people who run that business and the people who spend the money to keep the business in operation. Isn’t the Internet great?
Taking the Helm
Once you have a clear picture of the franchise and how it works, picture yourself in the captain’s chair. Can you really see yourself performing the day-to-day operations? If you need people to help you, don’t just take on anyone. Again, use the Internet to its fullest capacity and search the individuals online to determine their skill levels, experience and to make sure their drive falls in line with your success goals. Only with the right people on your team can you hope for a franchise to survive in 2014. That’s not meant to dissuade you. In fact, it’s supposed to motivate you. The most successful businesses have the best of the best behind them. Find others with the same determination as you do and you will be more likely to find success no matter what the state of the economy happens to be.
Funding and Working Capital
The above franchise tips will do you little good without the proper funding. If the business and marketing plans are solid enough, a bank or credit union may give you a loan to help fund your franchise. However, with social media expected to explode even more than it already has in 2014, crowd funding may help you receive the funding and working capital you need to get your franchise started. Use Kickstarter or a similar platform to get the word out about your franchise opportunity so that you can receive the funding you need to make your dreams come true.
You now have all the franchise tips you need to take you through your New Year’s Eve celebrations and beyond. With the right idea, the right people behind you and the proper funding, your franchise is sure to be one of the most talked about success stories of 2014.