Learn from Successful Franchisees About Owning a Franchise
If you’re interested in owning your own business but want to avoid starting from scratch, franchise ownership may be the right solution for you. With a franchise, you get a proven business model, in-depth operational training, and ongoing support. And potentially even more valuable is the access you have to an existing network of franchise owners who are operating identical businesses and have learned important lessons along the way.
Even before investing in a franchise, take the time to identify local, regional or national franchise owners and then ask if they would be willing to share their own experiences with you. Most people are happy to help, so be prepared with questions and be ready to learn.
So what are some lessons to be learned from successful franchisees about owning a franchise?
#1 Understand the costs - 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. You can avoid unnecessary stress by preparing to have more money than you think you will need when starting out.
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 space, no employees, and few revolving business coaching franchise startup costs to operate.
#2 Take advantage of hands-on training - A franchisor’s training program is another one of the major benefits of franchising. It allows you to learn new skills rapidly, and after you’re in business, ongoing training is provided to reinforce those skills.
The Growth Coach provides its franchise owners access to a powerful team of culture experts, marketing support staff, and - most importantly - other coaches to help you when you need it. It offers group programs that mirror the coaching programs used for clients, including Coaching Circles, Motivational Mondays, and Marketing Masteries, as well as one-on-one mentoring from experienced franchise owners like Brad Schneider, a Growth Coach business owner for more than six years.
#3 Be patient - Even with the support of the franchisor, a playbook with proven systems, and advice from other franchisees, as a franchise owner, you are responsible for your own success. It will take time, effort, and a lot of hardwood to launch and grow your business. It’s important to be patient and rely on both the proven model you have invested in, as well as your own gut instinct when deciding on what is the best decision to help your business thrive.
#4 Stay engaged - Owning a franchise allows you to go into business for yourself, but not by yourself. One of the most underestimated and under-recognized aspects of franchise ownership is the support that comes from peers within the system. The collective knowledge of this existing network is a powerful resource for new business owners to tap into. While a new franchise owner will often rely on the built-in support of the franchisor, over time it is the support of the peer network that becomes invaluable.
The business coaching industry is worth $11.6 billion in the U.S., and The Growth Coach provides a vital service for the more than 28 million small and medium-sized U.S. businesses seeking the counsel, team-building tools, and leadership skills of experienced executives. 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.