If you’re interested in opening up your own business, franchises can be a great opportunity. After all, opening a franchise and becoming a franchisee means that you get to set your own hours and be your own boss while working within a structure that’s a proven success. Rather than reinvent the wheel, becoming a franchise owner allows you to get focused on running your business instead of trying to come up with a new product or service to offer the world.
All of that being said, there are still some ways you can go wrong, even when operating off of another franchise’s playbook. While not an exhaustive list, the following three tips are some of the important things to keep in mind when it comes to opening and running a successful franchise.
Pick a franchise that’s resilient:
If the COVID-19 crisis as illustrated anything, it’s that some businesses, industries, and sectors are more resilient than others. As such, if you’re planning on opening a business any time soon, it’s crucial that you find a business that’s considered essential. While restaurants and fast food chains (some of the most common franchises) are certainly options that are still on the table, these sorts of businesses are still facing some hardships because of the virus and differing rules regarding in-person dining.
One essential business franchise opportunity worth considering is opening a UPS Store. The UPS Store is not only an essential business, but it’s one kind of essential business whose use has actually increased because of the pandemic as more and more consumers are using the mail for both personal and business reasons. From selling packing supplies to helping people make shipments, The UPS Store has become integral to many people’s lives at a time when the United States Post Office is facing many challenges.
Train your employees:
Of course, beyond picking a strong franchise that can face adversity, it’s important to find a team of employees with those same traits and characteristics. While some training can be done in-house, there are different certifications and licensures you may be interested in pursuing with your staff that require insight from an outside expert. In these sorts of situations, the professional development opportunities you offer your employees can be even more valuable.
For example, if you want some of your shift leads to be better at managing complex projects, you may be interested in pursuing a certification in project management. While this sort of training and certification exam will need to happen outside of work hours, you offering to pay for a PMP prep course as part of this professional development opportunity can be a major boon to getting staff members trained. The end result is a stronger, more qualified workforce that you can really count on through thick and thin, ultimately strengthening your franchise itself.
Do your research:
One of the things that many franchisees forget to do when they’re researching different franchise opportunities is do some research into different funding options when they request info. Some of the top franchises in the country offer a broad array of financial support for first-time business owners and veterans, making franchise ownership much more accessible to would-be owners and entrepreneurs from all stripes of life. That being said, many franchisees leave this money on the table when they’re going through the initial setup and application process by failing to do their research about different financing options. It never hurts to request info about financing options when you’re evaluating different franchises on your journey to becoming a franchise owner. Even a few thousand dollars saved can help you make your business more financially sustainable by helping your budget stay a bit more stable.