Franchising: Your first year
Written on the 25 October 2013
Starting out in franchising is generally considered easier than building your own business from the ground up, as most of the hard work has been done for you and youll have the support of a network of advisors and trainers every step of the way.
However, as a franchisee you are ultimately responsible for the success of your unit, and creating a business plan to take you through your first year can be invaluable for helping you achieve your goals.
Before you make the decision to buy into a franchise, you should research all relevant aspects of the business to make sure its a good fit for your personality and lifestyle. This process of familiarisation will be ongoing, particularly in your first year, when you will need to become knowledgeable about all areas of the business you operate.
When you join a franchise youll benefit from regular training to expand your skill set into new avenues and develop existing skills. Training sessions may be related to new products and services too, keeping you informed about the evolving business.
Your franchise company can help you make connections with local businesses, but it will be your responsibility to build strong client relationships and to promote your products and services at the local level. Regular meetings with other franchisees in your region can be valuable opportunities to share ideas and compare the performance of your respective franchises.
Most franchisees will need to hire personnel at some stage, even if its only to provide relief and cover for you during absences. If you have never hired staff before, your franchise field advisor and head office can offer advice on selecting the right applicants for the job, who should demonstrate the capacity for flexibility and on-the-job learning.
Franchises have varying requirements for hands-on management, but as the franchisee you should keep up to date with your franchises profitability, comparing its current performance to your 12-month plan at every stage and identifying areas for improvement. Franchise representatives should conduct performance assessments and offer constructive feedback and support when needed.
Contact Snap to get started with an established Australian franchise specialising in print, design and website services.