Becoming a franchise owner for the first time is one of the most exciting chapters of your life, full of so many opportunities and new possibilities. While you may feel ready for this next step in your career, it’s perfectly normal to feel unsure of what exactly you should expect and what the franchisee experience will be like.
Although this isn’t the complete list, we’ve broken down just a few tips that we feel may help you during your first time as a franchise owner. Keep reading to learn more!
You will have to do your own research & due diligence.
It’s important to remember that you are seeking to invest your hard earned time, money and energy into a new business that will hopefully bring you a new found idea of financial freedom and overall happiness towards your career. You shouldn’t make this decision lightly and without doing your due diligence.
Whether it is with a business partner that you trust, your support system (friends and family), outside counsel or simply taking it upon yourself, research has to be done. You should feel great about this investment and as though you are making the best decision for you. Is the franchise network you are inquiring about the right fit for you culturally, economically and morally? This is something that only you can determine and we encourage you to take this very seriously.
Your first year may have ups and downs, but it will also be absolutely exhilarating.
Just like anything brand new, you may struggle jumping in head first to franchising. It may feel new and foreign, unlike anything you’ve ever done before. But, isn’t that kind of the point!?
Embrace the change and the uncertainty, knowing that it is making you a stronger entrepreneur and business owner in the long run. This is a new industry for you and although it can be intimidating, it should be embraced! New franchise owners should brace themselves for ups and downs throughout the first little bit of their journey, but understand that they are in for the ride of their lifetime.
Although no one can predict the level of success you may or may not face, it is absolutely thrilling to know that you are setting yourself up with an opportunity where you can quite literally change the trajectory of your life. Will there be hard days where you feel overwhelmed? Sure -- but the important thing is to remember why you got into this franchise network in the first place. Keep your eyes on the prize and your goals in mind. You’ve got this!
Your franchisor is on your side -- seriously!
If you are coming from a previous job where you were constantly being hung out to dry by your superiors, you may find it odd thinking about a support system that is put in place solely to help you succeed. It’s important to remember that your franchisor and the network you are joining are all on your side.
They (hopefully) have carefully crafted a business model that allows you to join their company and jump right into the business side of things. Having said that, it is important for you to lean on your franchisor to provide you with the tools necessary for you to achieve your goals and to become the best franchise owner you can possibly be. It may feel foreign at first, but lean into this support system, it truly is there for a reason!
You will want to have a team surrounding you that you can count on.
One of the most important aspects of being a franchise owner is cultivating an amazing team that will help you achieve your goals. Depending on how active you want to be in the day-to-day tasks of your franchise, you may need to hire a small team or a large team to help ensure everything runs smoothly.
That is entirely up to you, but what is imperative to remember is that you should be hiring based on a few key factors such as their skill levels, whether they fit in culturally to the franchise network, their ability to deliver high quality performances and whether you trust them or not. It is imperative that you remember you are hiring people that will help you make your dreams come true and your staff is a direct reflection of you! Avoid hiring people just because they are friends or family and take the time to find the right people to help you succeed!
Believe in yourself, every step of the way.
It may sound a little cliche, but it’s important to remember to believe in yourself during this next chapter of your life. It may be chaotic at times or challenge you in ways you never saw coming, but you can do this!
You invested in yourself (and this franchise) for a reason. This is a wonderful opportunity to prove to yourself and others that you were made for this! When the going gets tough, try to remember your why and set your sights on the goals you have made for yourself. You have to be your biggest advocate throughout this process and bring the type of energy and passion to your work that makes you, you!
To sum it up…
No one can actually predict what your experience will be like as a first time franchise owner. You can listen to all of the podcasts, study business journals from front to back or read every single piece of literature out there, but in the end your journey will be uniquely yours. All you have control over is the kind of franchisor you choose to go into business with, who you choose to surround yourself with and the type of approach you take towards this next chapter of your life.
If you feel as though you are ready to explore the wonderful world of franchising and are looking for an exciting new opportunity, F45 Training is here for you! We are actively seeking out new individuals to join our network of franchise owners and are prepared to walk you through the process every step of the way.
Whether you are familiar with F45 and an active fan of our workouts, or simply want to get a feel for the fitness franchising industry, reach out to us today!
We are here for you and look forward to the chance to potentially welcome you into the F45 Family.