Skip to main content

Opening A Franchise: A 3-Step To-Do List

Opening A Franchise: A 3-Step To-Do List

By “good match,”  the fact that the franchise you choose needs to:
A. Be within your budget
B. Be a good match for your top skills
C. Have good profit potential (based on your research)
D. Be available in your geographical area
Additionally, you’ll need to write your business plan, have one or more consultations with your franchise attorney, and sit down with an accountant who’s familiar with small business taxation and the like. All of which take time.
Here are 3 steps you’ll need to take before you open your franchise.

Step 1: Finding A Location

It’s important to know that if you purchased a franchise that requires a physical location, it may take longer to secure a location that you and your franchiser approves of.
The good news is that more and more franchisers have dedicated real estate departments whose focus is on locating and securing great locations for franchisees. As a result, the entire process of securing a location is streamlined.
Tip: When you’re doing your franchise research, ask your franchise development representative if they have a real estate department.
And while we’re on the topic location, there’s something critically important you need to know, especially if your franchise business requires a prime location. It’s this: You need to step up and pay the market price.
In other words, the commercial real estate market conditions in your geographical area have everything to do with the price you’ll be paying to rent your space. So don’t pass up a great location because of the price (unless you can’t get the numbers to work out for your budget).
Time wise, it can take 3-6 months (sometimes more) to secure a suitable location and sign your lease.

Step 2: Permits And Taxation

Before you can open your franchise business, you need to make sure you apply for your business permits and licence. Your franchiser probably has a list of things, paperwork-wise you need to complete before you can legally open for business.
In addition, plan on sitting down with an accountant who’s familiar with franchising and/or small business. She or he will help determine your tax obligations, set up accounting procedures, and provide advice on how to track your sales and expenses.
Plan on spending a month or so on this part of the opening process.

Step 3: Training

One of the things that makes franchising attractive is the fact that you’ll be trained on every aspect of the business you just invested in.
And because of technology, in some cases you’ll be able to participate in some of the training online, before you travel to franchise headquarters for several days of formal training.
Here are some of things you’ll learn:
  • Operations
  • How to use their technology
  • Marketing/Advertising
  • Hiring
  • Employee training
  • Bookkeeping requirements
And more.
By the time you’re ready to open your doors, you’ll know exactly what to do. Some franchises even offer opening assistance to guide franchisees through the first days of their business operations.
Finally, there are always a few last-minute (unexpected) things that will need your attention in the days and weeks before you open your doors. They’re not listed here because they’re pretty random in nature.
But when unexpected issues do arise, call headquarters first. In most cases, other franchisees have experienced the same things, and your support team may be able to help you tackle the unexpected things you’re dealing with on-the-spot.
So you can open for business as quickly as possible.
If you are looking for opening a food franchise, wants to set up your own restaurant then Selectdine is here to help you. Call us or visit our website to know more.


Popular posts from this blog

Own Chai Sutta Bar in 15 lakhs

Chai Sutta Bar is a premium brand which is currently franchising in India. Chai Sutta Bar headquartered in Indore was established in 2016 and since then operates twenty-six outlets across India.Chai Sutta Bar has various types of outlets that you can open if you choose to invest, which includes both sit-down and quick service models. The brand additionally offers operating manuals, expert guidance from head office, billing systems, and on-field assistance for the franchisee. Offering a high profit margin at a low investment cost along with excellent support, you can own a Chai Sutta Bar in 15 lakhs, should you choose to invest. To know more about this brand’s investment details, visit our website to know more .

10 Fun Facts About Cleaning Franchises

Cleaning services are a dynamic, in-demand service that has grown consistently in the US. It includes commercial and residential cleaning along with specialty services like bio-hazardous materials removal, mobile car detailers, and dry cleaners. Be ready to sell. While many people use cleaning services, client turnover can be high (as high as 55% each year). Since a well-done job gets few kudos, a company is only as good as its last job. Which means the sales job never ends, and good quality counts. Consistently good service combined with diligent sales will contribute to revenue growth. Commercial office cleaning is the largest segment of the cleaning industry, employing 40% of all janitors and cleaners. And because residential cleaning services are more negatively impacted by an economic downturn, the jobs and companies that are focused on commercial work are more stable. People may choose to clean their own homes in tough financial times, but commercial spaces will nearly a

Restaurant Management Software For Your Business

Restaurant owners most of the time, have to contend with the daily grinds of running their businesses. Managing a restaurant is undoubtedly one of the most daunting tasks that an entrepreneur can undertake. Restaurant management involves lot processes that if done right, would ensure the smooth flow of the enterprise and even increased profits. However, doing all the hard work does not cut it when it comes to restaurant management. Many restaurants end up earning pretty much the same despite best efforts on the part of restaurateurs and managers. This is especially true for small restaurants. Many mom-and-pop operations still contend with the hassles of keeping up with the daily requirements of food service such as menu planning, order taking and inventory update. Fortunately, many technologies are being developed to aid restaurant owners in their everyday undertakings. These technologies take the form of devices and solutions designed to make restaurant owners’ lives a li