A NEW FRANCHISE BUSINESS: How To Get Started

When “getting started” in a new franchise business, be it a start up or the acquisition of an ongoing enterprise, there are several important considerations to keep in mind.

The first is to be sure you have “the passion”.  That is, the passion for the focus of the business, and the passion for being in business.  Having the passion will ensure that you will be able to persevere during the “tough times”, and there will be “tough times”. 

It is important to create a clear, concise mission statement related to your franchise business.  This carefully, and thoughtfully, crafted document will be invaluable to you as the framework for every important decision you will make in the business.  It will serve as your compass throughout the life of the business.

Based on your desired outcomes for the business franchise, compose a “destination” statement, a statement that defines the picture in your mind of the business when it is mature.  As with building anything important, i.e. a house, ship, bridge, etc., it is important to have the end product in mind when you start.  In other words, start with the end in mind. Remember, a good business plan can go bad, but a bad business plan never goes good. Just because it is written down, doesn’t mean it will work.

Be unique, develop your own brand within the franchise framework.  Determine what will set you and your franchise business apart in the marketplace.  You want your customers and potential customers to be able to immediately identify you and what you do by your unique brand and approach to business.

Research and define your target market(s).  Know who, what, and where your customers, clients are. This is important so that you can maximize the value from your marketing dollars. Use your franchisor resources. 

Based on your brand and target market(s), determine where you want to be (positioned) in your market place.  If you can determine the niche(s) you want to target, you are well on the way to success.

Write down and prioritize your major objectives with timelines.  It is not enough to just write down your objectives, they must have timelines associated with them.  This will serve to keep you motivated to moving forward, and it provides milestones as to your progress. Be aware, that often it takes twice as long to make half of what you expected/predicted.

Develop and implement a creative marketing plan.  Remember that marketing encompasses all forms of advertising, sales, and feedback (tracking).

Supplement your marketing plan with tools that set you apart in the market place.  Be unique.  Unless you have an unlimited marketing budget, it is important to be creative, and unique in your marketing efforts.  This takes much thought, and brainstorming, but pays great dividends when executed successfully. 

Use your talent, gifts, and abilities to serve others.  When we are dedicated to the true service of others, it is ironic how we become happy AND successful.

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I provide no-cost assistance to entrepreneurs nationwide, helping them identify franchise business opportunities that match their interests, backgrounds and financial means. I offer hundreds of business opportunities in a multitude of categories.

I am an affiliate of the world’s largest franchise network with more than 25 years experience helping entrepreneurs like you find and own their own businesses.

Contact us at 888 701-6413 or lee@myfpts.com
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Best Regards,
Lee Thomas
Franchise Paths To Success

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