What's Next After Buying a Franchise?

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What's Next After Buying a Franchise?
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• It might be a mobile business, a retail store, a
  computer consulting operation, or a daycare
  center. You have been waiting and preparing for
  this very moment and now that you have found the
  right business to own, you are ready to run the
  business.

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Franchise Opening StepsThere are tasks that you
need to complete after you buy your franchise.
These are grouped into five steps.
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1. Set up your franchise location - Most
franchises, particularly the ones focused on
general retail need a location from which they
can effectively operate. This location can be a
single unit in a strip mall or a stand-alone
building. Even mobile franchise businesses such
as home decorating consultant or auto
repair services, require a location for
operations, regardless if it is merely a
sectioned part of your home garage. You may need
to purchase or lease a building if the franchise
you bought requires a storefront. Franchisors can
be very valuable when you are starting off and
establishing your business. Most franchisors have
their own real estate experts to help you get the
best location for your franchise. These experts
can assist in lease negotiations, and help with
remodeling or building the location. Even if you
are running a franchise business from home, the
franchisor can offer suggestions such as the
appropriate square footage you will need for a
management area, as well as the best layout for
inventory and equipment storage.
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2. Attend franchise training programs - Training
may last for weeks or a month, depending on the
nature of your franchise and the complexity of
your business. Almost all training programs are
conducted at the parent company's main
headquarters. In these training sessions, you
will learn a lot from day-to-day operational
methods to various tricks of the trade. These
usually include classroom time to review
merchandising and marketing elements, as well as
basic accounting procedures. Take advantage of
this opportunity to learn more about owning a
franchise and how to operate it successfully.
Further assistance is also provided once your
business location is ready and operational. This
is called onsite training, where staff from the
parent company will work at your store to mentor
employees for the first few months of business.
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3. Implement your spending plan - By the time you
sign the purchase agreement, you have probably
paid the franchise fee already. There are other
financial responsibilities you need to fulfill
before you can start operating. While you have
listed your financial obligations in advance, the
time between your actual purchasing and opening
day is the period when you'll be spending a lot
of money. There is equipment to
purchase, advertising and marketing methods to
arrange, as well as supplies to stock up. Even if
the franchisor shoulders some of these expenses
as part of the franchise agreement, everything is
expected to cost more and take longer than
expected. Be prepared for delays and be sure to
plan efficiently, for the pre-opening ritual can
cause stress and anxiety.
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4. Hire your staff - You need to find and hire
employees, unless of course you want to run your
franchise by yourself. Almost all franchisors
have specific hiring processes that franchisees
need to follow. These include standard
help-wanted language and employment forms, which
are designed by the home office. Follow these
steps accordingly to avoid violating employment
laws.
This is very important especially if you have
never owned or run a business before. Determining
what questions you need to ask and what criteria
are appropriate to choose an employee will surely
help you avoid legal issues.
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5. Properly train employees - As a new
franchisee, you need to train workers and pass on
to them all the things you learned from the
training programs you attended at the parent
company's home office. You may assign an employee
as an assistant manager who will take over during
your absence. Make sure all employees know the
business' services and products. Remember that
the more they know about your company, the better
they can serve your customers.
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