If you’re interested in owning your own business but want to avoid starting from scratch, franchise ownership may be just the solution you’re looking for. With a franchise, you get a proven business model, in-depth operational training, and ongoing support.
Investing in a franchise allows new entrepreneurs the opportunity to jumpstart their businesses by utilizing the franchisor’s infrastructure and roadmap to hit the ground running to scale quickly. When you purchase a franchise, you pay an initial fee along with ongoing royalties to a franchisor in return for being able to use the trademark to sell its services or products.
If you are considering a franchise purchase, there are a few tips to help you get started. As with most things, the more research you do, the more you’ll set yourself up for success as a franchise owner.
Take time to educate yourself - While it is obviously essential to educate yourself on the specific franchise that you are considering purchasing, you also should take time to learn about what it means to own your own business, in general. Some things to consider:
How can your background experience help you to be successful in running your business? Many people researching franchises for the first time mistakenly lock on to concepts that mirror their previous experience, skills, and career path, but this is not necessarily the best fit. A business coaching franchise like The Growth Coach is ideal for professionals from a wide variety of backgrounds who are ready to take what they’ve learned and build their own business by helping others.
What kind of lifestyle are you looking for as a business owner? Your focus should be on finding a concept that matches up with the entrepreneurial lifestyle you’re seeking. Establishing a successful franchise like The Growth Coach takes time, effort, and critical attention to detail. But once you accomplish a work schedule that allows you to meet your income-producing benchmarks, the balance of your time is something you’ll own—not rent out to someone else.
Conduct market research - Before narrowing down potential franchise opportunities, take the time to investigate your local market to determine where there’s a demand. Consider which franchises have opportunities in your local market, who the competition is, and how they are doing.
Some industries are growing and some are on the decline, and understanding this is important for selecting a franchise with growth potential. For instance, the business coaching industry is worth $11.6 billion in the U.S., proving there is ample need for guidance in the business world. The Growth Coach franchise provides this vital service for the more than 28 million small and medium-sized businesses in the United States who seek the counsel, team-building tools, and leadership skills of experienced executives.
Ask questions - There’s no greater source of information about franchise ownership than a current franchise owner. Spend some time identifying local franchise owners and then ask if they would be willing to share their ownership experience with you. Most people are happy to help, so be prepared with questions and ready to learn.
Although competitive independent business owners don’t readily share information on how they operate, Growth Coach franchise owners are more likely to share with other franchise owners and potential owners since territories are exclusive and, thus, there is no disadvantage for owners to help each other.
Determine your budget - So that you don’t waste your time exploring options that are not feasible, you need to know what you can afford based on your own net worth and budget. You need to consider how much it will cost to get into the franchise, as well as how much you’ll have to pay for the continuing right to operate the business. Other potential costs include any products or services you’ll need to buy from the franchisor.
With The Growth Coach, you can own and operate a thriving Growth Coach franchise without the costs associated with a brick-and-mortar business. The Growth Coach is an ideal home-based business that requires no dedicated office, no employees, and few revolving business coaching franchise startup costs to operate.
Meet with potential franchisors - Take advantage of the franchise’s “Discovery Day” during which prospective franchise owners spend time at the corporate headquarters or in an existing franchise location. This will give you a sense of operations, corporate culture, requirements, and what your day-to-day will be like. This is an important part of the process. If it doesn’t feel like a good fit, it likely isn’t.
When you are ready to join Entrepreneur’s #1 ranked Business Coaching Franchise, check out our 8 Steps to Owning a Growth Coach Franchise, and contact us to get started. Owning a Growth Coach franchise has never been easier and you can be up and running in just a few months.