You bought a franchise; now what? You have much to look forward to.
Congratulations! You are now the official owner of the franchise of your choice! It is an exciting time to be alive. After all the preparation for and processing of a franchise deal, you might wonder, “Now what?” You are not alone, and there is abundant advice on what you can expect next. It is not as daunting as you might think; below are the steps you may take after the franchise purchase is complete.
Training with Your Franchisor
You will typically work with your franchisor on how to open and run your new franchise. It could be an existing franchise location, but in some cases, it is an opportunity to build a new one from the ground up. Your franchisor wants your franchise to succeed just as much as you do, so you will receive plenty of information, assets, marketing collateral, and training upfront.
Planning Your Goals
It is also time to make a checklist of your tasks, prioritize them, and map out your franchise business ownership duties over the coming months. A franchise owner oversees all aspects of the store, such as maintenance, budgeting, hiring, marketing, and project managing. While franchises have set standards you will need to follow, you are still the captain in charge.
Hiring Your Team
If you are starting from scratch, you also have the opportunity to build your own team of managers and employees. You will screen and interview potential employees and essentially build a franchise family. You will also train your team on how to be their best in the business.
Setting Up a Location
The franchisor can help you choose strategic real estate and help you design your store. Not all franchise locations have the same cookie-cutter interior or exterior. You get to have some say in this process. You will also receive training on how to open and close the business. If you are buying an existing location, you naturally won’t need to worry about this step.
Setting Your Hours
If you bought a franchise, be prepared to put in the effort, but also get ready to set your own hours and enjoy your new position. As the owner, you have a little more flexibility to take time off or adjust your working hours according to your preference. If you need guidance, the franchisor is there to help!
Buy With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match. Contact us to discuss your business buying and selling goals today at 410-561-9800 or Toll-Free at 800-279-7569. Email us at [email protected], and follow us online on Facebook and LinkedIn.