Five Signs That You Have Graduated as a Franchise Owner:
May is the time of graduations. Youngsters are moving to the next grade, getting out of school, or celebrating the completion of a degree. But there are many other important graduations that might be occurring in your life right now. Getting a first job, buying a home, and becoming a parent are all important transitions for many people. Leaving the corporate world and starting a business is another kind of graduation—bringing with it a whole new level of responsibility. A more subtle milestone is the transformation from a new franchisee to an experienced business owner. Here are a few ways to distinguish a newbie from an old hand.
You Might Be a Mature Franchisee If…
- You are well past the point where there is more money going out than coming in. Positive revenue is the norm, but you are also seasoned enough to know that you can weather an occasional slow month and be perfectly fine in the long run.
- You still appreciate what your franchisor has to offer, but you are largely independent and need less and less support to keep your business going and growing.
- You are starting to experiment with fresh ideas that are highly localized and targeted for your specific market. This continuous improvement has become second nature.
- You have hired your first manager and can take a step back from your business to spend more time on all those other things you promised you would do once you became “your own boss.”
- You are considering purchasing a second territory or even another franchise in a different sector. Expansion isn’t the growth path for everyone, but it’s not uncommon for success to become habit forming.
How to Increase Your Chances of Graduation
At FranNet DFW, we know that “freshman franchisees” have a lot of learning to do. Those first few years can make or break a new business owner. While franchises offer more support than solo businesses and can increase the survival rate, there are still folks who quit when things get tough. We’re happy to say that our clients are typically made of sterner stuff. We love to watch their progress over the years as they achieve important milestones and graduate into confident, competent business owners.
One of the most important ways we increase their chances of success is by pointing them in the right direction from the start. Just like a career counselor helps students find the right fit for their interests and career aspirations, we help match prospective business owners with suitable opportunities that are a good fit for their personality, capabilities, and goals. We also make sure they know both the cost of buying in and what they might expect to spend on operational costs during the time before the business is profitable. We’re always here for our clients even after they get started and happy to answer questions or offer guidance. And when they are ready to expand, we know they’ll come back to us to find their next exciting opportunity!
If you are considering business ownership, we strongly encourage you to set yourself up for success by starting with a free consultation.