5 Tips for Buying (and Running) a Franchise

a laptop and a cup of coffee

Buying and running a franchise can be scary. On the one hand, you have the support and structure of a large company, but on the other hand, you are a new business owner and responsible for the success of your franchise. If you have no prior experience running your own business, you may feel in over your head. However, there are plenty of resources available to help new business owners and specifically franchisees. You don’t need to feel overwhelmed or alone in the business. As a franchise owner, you will have support and connections with other small business owners.
Here are five tips for buying and running a franchise.

1. Choose a franchise that you feel passionate about.


There is a wide array of possibilities when it comes to buying and running a franchise. You will find franchise opportunities in nearly every industry. You want to choose both an industry and a company that you feel passionate about when selecting a franchise opportunity. When you are passionate about what you are doing, you will put significantly more effort and energy into making your franchise a success. You will be more authentic in promoting your business to others because you are fully committed to the company and the product.

2. Work with a lender who understands franchises.


Not all traditional lenders are familiar with franchises and how they work. They may not understand the inherent benefits that are built into franchise opportunities making them substantial business investments. Franchise Lenders, however, works regularly with franchise owners from all different industries, both large and small, to make their dreams of buying and running a franchise a reality. You can meet with a representative from Franchise Lenders to learn about their programs and opportunities and to decide the best next move towards your goals.

3. Network with other franchise owners.


Buying and running a franchise is a unique business opportunity that comes with advantages and disadvantages that are unique to other businesses. For that reason, it is vital to network with other franchise owners to get a better understanding of the ins and outs of the business. You can learn what has helped others as they pursue their dreams and what things you can avoid to make your business thrive.

4. Invest in software that will allow you to streamline your goals.


There are a lot of software options that market themselves to new business owners. However, it can be overwhelming finding the right one. Workboard.com is an excellent resource for business software that will help you streamline your business and focus on achievable goals. It will also allow you to monitor the progress of other people’s work across multiple goals. It is ideal for both starting a business and the longterm running of a business, as you can easily keep track of your team and what is happening remotely. Utilizing goal tracking software will help you with creating and realizing accountability.

5. Hire a team that you can rely on.


With any business, you will need a team you can rely on. Your team will include staff, business associates, contractors, financial experts, and more. While you may be tempted to rely on friends and family, make sure you hire people based on their experience and knowledge, which you will need in order to support your goals. Surround yourself with people who are strong in the areas in which you are weak. For example, you may have a great business mind, but do not excel indirect management of people. Acknowledging your weakness makes it easier for you to find the people you need to make your business thrive.

Ahmed Guillen leads OI's editorial staff. He is passionate about professional development and helping our readers navigate starting and enhancing their businesses and investments.

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