This is it. You’ve decided that buying a franchise is right for you and you set your New Year’s resolution to make your dreams of business ownership a reality. Now, you’re just about ready to turn your ideas into the real thing, but with such a big new journey ahead of you, where do you start?
Here are three goals you should set today, so that you can make your franchise ownership a success by the end of 2018.
1. Make a Financial Plan
Buying a franchise requires more than just the minimum investment. There’s capital to acquire, marketing to begin, and paychecks to sign. Before you get started, you’ll need to create your financial plan for how you’ll pay for all of the expenses that will come your way as soon as the so-called keys are in your hand.
In many cases, you will need to get a small business loan to cover the initial costs. To do this, you’ll need to determine what the bank needs to see in order to grant you this loan. By having your estimated costs laid out and a business plan in hand, you’ll increase your chances of being approved, which is the first step on your journey to franchise ownership.
2. Conduct a Competitive Analysis
Do you know which franchise you’ll buy yet? Do you know which franchise your market wants you to buy? Do you know what’s needed in your geographic area?
Before you make an investment, you’ll want to do a deep competitive analysis. Look around your area to determine what needs aren’t being met. Talk to your neighbors. Talk to friends. Attend local networking events. Entrench yourself in your industry to find the most promising niche. Do this before committing yourself to a specific franchise.
3. Plan Your Professional Life
Buying a franchise doesn’t always entail uprooting your entire professional existence. In fact, many franchises, such as a vending franchise, may let you continue to work at your current job while making money on the side. Still others, such as a fitness franchise, require you to put in a full work week and then some. You’ll have to analyze your current situation and goals before deciding what makes the most sense for you.
If you will need to quit your job, now is the time to plan your exit strategy. You don’t want to create any enemies during the process, so letting people know about your plans in advance might help. Give your boss adequate notice that you’re leaving, so she has plenty of time to find a replacement. You might also want to offer to train the person who will take over your role.
Start Now
Buying a new franchise is a lofty endeavor. To start off on the right foot, you must get your plans together now. Make it your goal to solidify your finances, get to know the market you’re about to enter, and to let others in on your plans. By checking these items off your to do list now, you’ll set yourself up for greater success by the end of the year.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.