You Bought a Franchise…Now What? Here Are Your Next Steps

After profound research and pooling in enough of your gut feeling with sufficient funds, you have bought a franchise, and have signed the documents which will pave the way for your bright future. A journey which is intriguing, tedious and with dedicated can help you achieve your goals. However, it may be an overwhelming experience and although there are made available many resources at your disposal, it might be a daunting trying to figure out, where to begin from. Here is a guide on how to proceed ahead after taking the big step of being your own:

1. Ponder over the Documents

Once you acquire a franchise, you are liable to find adequate resources, guidelines, documentation and aid to get you started. Here on the process would appear smooth but it is essential to review all the options as the franchise does provide only certain resources. It would be a great idea to make a list of the tools extended by the franchise and the ones which you have secured at the back end and also that you are willing to invest.  This will enable you to make the accurate decisions and avoid errors.

2. Map your Action Steps

Taking over the role of a franchiser also means that you need to brace yourself for taking over additional roles to get the wheels rolling. The first and foremost is to brace yourself as the project manager which will enable you to plan out how you will get your new business up and running as quickly, smoothly, and affordably as possible. Set your priorities and split them, assigning deadlines which will enable you to complete them in stages efficiently.

3. Create a Checklist

It requires considerable amount of efforts to get your business off the ground. You need to establish your set up, make effective advertising strategies in your chosen location and form relations which are relevant in order to accelerate your business. This process requires time and profound thought. Before you kick-start your new venture, it is pivotal to make a checklist for yourself. Make a priority list and allocate the required time to execute it, hence creating a roadmap.

4. Find a Location

This is one of the very pivotal tasks to do in the process of franchising. Many times it is underestimated owing to the existing brand value. However, the importance of a location cannot be discounted as the customer influx is highly dependent on the same. Therefore, it is always suggested to be very careful while choosing a suitable location for your franchise, which has a key role to play in its success.

5. Professional Help

You may indulge in research, take suggestions and ques from friends and read online about what it takes to run a successful franchise. While, it is indeed mindful to do the same, it is not enough to take the big step. There are certain areas where our expertise may not lie and hence, it is advisable to not shy away from seeking professional help. They not only assist in the seamless functioning of the franchise but also help you and your franchise reach desired milestones and goals.

Epilogue: Curated decisions are always better than the unplanned ventures. Exploring new avenues is an indicator or growth and progress, but in order to make it a reality requires some careful planning and a specially devised roadmap. It is essential to evaluate your goals, assets and plan of action once you have taken the decision to invest in a franchise business. It may seem taxing sometimes and confusing to locate the start point. Professional help and thoughtful actions can ensure the success of your franchise.

Karan Makan

Technology Engineer and Entrepreneur. Currently working with International Brands and helping them scale their products Globally through different ventures. He owns Multiple Food Brands and is on a continuous spree to acquire many more businesses in the coming years. With over 10 years of experience and strong background in Brand Acquisition, Karan Makan is soon poised to be a Brand in the coming years.