I Bought the Franchise … Now What?

Going through the motions in buying a franchise can be challenging, but soon enough, all soon-to-be franchisees will be asking “I bought the franchise – now what?” These rookie franchisers will want to know how long it will take to open business, how to do it, and be provided a detailed outline in which to get there. Of course, from one franchise to another, the answers to these questions differ. For any solid franchise company, this is the likely course of action you’ll go through after enlisting.

Documentation – Franchisers will send you a load of literature and outlines discussing the new operational system and work needed to open the business. Remember, franchisers are gunning to open the business as soon as possible, so they will pack tons of information into you to help you advance on the learning curve. For starters, training guides, operations manuals and business setup literature will be provided to you. This will help you become acquainted with the wheeling and dealing of the company. In addition, other pieces of media like videos, CD-ROMs, DVD’s, and logins to company databases will be given to you to use. Franchise training programs will be initiated with visits by company employees to your franchise to introduce you to the game as well.

Other franchisers will be able to assist you in opening up your business as quickly as possible. They do this by marking a trail for you to follow – that is, looking into your business and dealing with any issues that arise that might delay your starting date. Franchisers will help you find the right location, advise you on zoning regulations, help you with hiring employees, and more. They’ll also direct you to suppliers and contractors who can work to build your unit

Milestones – many franchisees are given checklists in which to check off things that deal with starting up the unit. This allows you to exercise effective time management, see tasks that need to be done within a given time frame, and establishing priorities. It is an extensive to-do list.

How long will it take before customers enter the doors? To begin, take a look at the real estate. If you’re constructing a new building from the ground up, you can expect to wait up to 2 years. If you’re leasing a location, expect no more than a year for it to open. The training programs also determine this as well. A lengthy training process might be had with inexperienced employees, or this could be expedited with already trained employees. Financing also determines the answer to this question, since big investment businesses take out loans to cover opening expenses. Waiting for a loan to process through can take up to half a year.

Remember, your franchiser is there to assist you and immerse you into training mode after enlisting with them. They’ll provide all the details, checklists, literature, and guides to support you during and after the business launch. Ask questions to trainers and existing franchisees to avoid any surprises after sign up and ease the transition into your newfound calling.

Back to Table of Contents