2015 Franchising Opportunities
5 Reasons to Initiate Your Franchise Plans Today
We know, we know. The calendar just flipped to 2014. So why are we bringing up franchising opportunities in 2015? Because we just can’t help ourselves! As the economy continues to grow, the potential return for franchise investors in 2015 looks very promising. If you’re considering becoming a franchisee next year, it’s advantageous to get the process started right now. Here are 5 reasons why:
1) Get your ducks in a row: Becoming a franchisee doesn’t happen overnight. It requires heaps of paperwork, careful financial self-analysis, and a thorough vetting of your financial (and legal) history conducted by the franchise you’re looking to join. This process can be quite lengthy, so it’s important to set the wheels in motion as soon as possible.
2) Finding business partners: If you’re going to be flying solo on this endeavor, more power to you. If not, give yourself time to find business partner(s) and negotiate a partnership agreement. The value of having the right business partner(s) can’t be understated, so don’t rush through this process. Find candidates, vet them thoroughly, and make an informed decision.
3) Finding a location: Anyone who has ever dabbled in real estate, commercial or otherwise, can relate to the trials and tribulations of procuring property. Finding the right location is essential to the success of your business, so you don’t want to settle for just any old spot. Give yourself time to find that dream location and negotiate a price that fits your budget.
4) Training and support: Even if you have a strong business and managerial background, don’t take for granted that you have the requisite skills to thrive as a franchisee. From hiring staff to establishing financial goals to working with the parent franchise, give yourself time to seek advice and learn all the nuances of operating a franchise.
5) Economic growth: As mentioned earlier, the economy is in a state of steady growth. As unemployment rates decline and gross incomes rise, families will have more disposable income in the years ahead and are therefore poised to dine out more often. This could widen your customer base and make your franchise even more lucrative than you imagined!