8 Good Times to Start a Franchise
A common question of new franchisees is when is a good or better time of year to open your franchise business. From holidays, to boosts within various industries, to yearly changes, and more, new business owners are unsure of when the best time of the year might be to branch out and take root. And while some of those changes might be prevalent, depending on your industry, others will remain moot.
Take a look at these common times wherein it's best to open your franchise, based on market, industry, and more.
1. When You're Ready
Believe it or not, regardless of the time of year, it can be a great idea to start your franchise business just as soon as you're ready. Why? It's when your momentum is the strongest. If you stop to wait for a "better" timeline, all of that same momentum will have been lost. Why wait and push back your opening date when you can grind forward and start looking ahead?
It's true that it not be the "best" or a highly recommended time of year, but who cares? That simply gives you more time to get your feet wet, to get all your ducks in a row, and for you and employees to master your jobs in the next few months. Before the big crowds ever hit!
2. As the Schedule Allows
Sometimes starting a franchise comes with delays and setbacks. These, of course, aren't welcome changes in dates, but they happen all the same. Usually not at the fault of the franchisee or franchising brand, but outside sources, for instance obtaining local permits, finding a building that will work, getting said building ready, and so forth.
While you might be tied to others' schedules on some fronts, make the most use of your time and launch as you can. It's best to move forward with the time you're allotted.
3. When the Market Demands Your Industry
You might not feel ready, but when customers are raring for a service or product, it's good to strike while the iron is hot! That means you'll have plenty of customers willing and ready to stop in once you're open for business. After all, if you don't take advantage of a growing opportunity, someone else will! Don't let them steal your idea when you could be the one profiting instead.
4. When Data Reflects the Brand
More often than not, when you sign up with a franchising brand, they'll have data that backs your demographic. Who will be shopping, what for, when, and so forth. This data is invaluable in that it lets you know just how much business is available, and on what schedule. Follow it closely to make the most out of your franchising abilities, especially when you're first opening your doors.
5. When Your Industry is Thriving
Another good time of year to open your franchise is during an industry hot spot. If your brand is seasonal and said season is just around the corner, it's in your best interest to be up and ready in time for the start of it all. The sooner you're able to open and offer goods and/or services to your market of choice, the sooner you can become practiced at offering them what they need most. Don't miss out on a profitable season due to simply not being open.
6. In the Off Season
Then again, you might want to get a slow start at it all. By opening during the exact opposite of your industry's busy season, you'll have more time to practice and become ready for the months ahead. This will allow you and employees alike to become well versed in your jobs before the busiest days come around. You can also be sure to have plenty of items in stock so you don't leave customers waiting when they need their gear the most.
Much of this is comfort level (how prepped do you want to be), availability of the area, when you find a location, and more.
7. As Workers are Looking for Jobs
Can you think of a worse scenario than trying to get your franchise location open and not having anyone to help man your operation? Good workers can be hard to come by, and you'll need to think about how many employees you want/need, and when you can hire them on. Waiting until the last minute can leave you short-handed and in a huge pickle.
8. When it's Your Calling
When you've always wanted to become a franchisee, there's little argument to not go after your dreams. Why put off the job you want, the career you're after, and the professional track that sits in front of you? There's no down side to moving forward, which is why you simply should do it. Go after your franchising dream and open your own business. Sure you can follow tips from above and find a great time of year, or you can realize that this is something you've always wanted and who cares about timing? It'll be successful because you're behind it, and you're full of passion!
Meaning the brand will thrive all on its own, with you there as a driving force.
By Bethaney Wallace | Jun 28, 2019 | General Franchise Information