Tips for First-time Franchise Owners

So, you’re thinking of franchise ownership?

Maybe it’s the ability to lose the 9-5 pm, be your own boss, or have additional time to spend with your family. Whatever your reason might be, it can feel overwhelming to enter a new industry. With so much to be done and so many lessons to be learned, owning your first franchise can set you into a frenzy of epic proportions. Have no fear.

Here is some advice to ease the ailing mind on your first steps to franchise ownership:

Do your research

Knowledge is power. When it comes to franchising, especially when it's your first time, it can go one of two ways: you either think you know better because maybe you've had a business before, and you know what you're doing. Or, you're a complete entrepreneurial newbie just wanting to dip your toes into owning a business. Either way, get your head into the right place by seeking as much information about the business you're buying and the franchise process in general. Who are your major competitors? What is considered "successful" in your industry? How will you get customers? What challenges might you face and how can you beat them? Make sure you're as well-versed in the ins and outs of your business, industry, competitors, and consumers.

Make sure you're the right fit for the business

When you make the decision to open a franchise and work with a business, it’s essential to not try and put a square peg in a round hole. With Snapology, we want to work with you just as much as you want to work with us. Through an eight-step discovery and evaluation process, we're making sure we're handing the keys to the most qualified individuals we possibly can. Sure, we look for those with business or corporate backgrounds who can run a business and are interested in building a portfolio. But we also look for individuals who have education or engineering backgrounds who are passionate about kids and are looking to give back in an environment that they're already comfortable with. Both are passionate about building a business that helps children grow. If you're one of these individuals, let's start a conversation and get you in the driver's seat.

Follow the business model

Part of the beauty of franchising is not having to reinvent the wheel. At Snapology, we understand the unique needs of our franchisees and offer them multiple paths to success with a proven business model. There's no need to feel like you've got to go it alone when we're determined to set you up for success any chance we get.

Talk to fellow franchisees

A fantastic resource to utilize as a first-time franchisee are those who have gone before you. Connecting with fellow franchisees, either within the Snapology family or the even larger Unleashed Brands family, can give you valuable insight into what challenges you might face that are unique to your brand or industry. They can give you the areas you should focus on or the missteps you shouldn't sweat. Like an older sibling, they can share with you their experiences and their business ownership journey.

Owning your first franchise is never easy but it can be fun. Start your journey to franchise ownership by speaking with one of our franchise experts!