Start Getting Yourself in the Business Mindset, Long Before You Open
Just because you have yet to open your franchise location, doesn't mean you can't be readying yourself in the right mindset. By getting business ready sooner rather than later, you can better set your future brand up for success, and prep your personal mindset for business success. There's a lot to consider when running a business, and the sooner you get yourself ready for forward movement, the easier it will be to put it all into motion once your location is open for business.
Ideas are just that until they become an action. But even considering how your franchise will run, or how you will operate your brand, and more, can prime the mind for business ownership. Just like taking business classes preps you for your future as a franchisee, so does considering various scenarios and how you might combat each brand-related issue as it might arise.
How to Prep Yourself for Franchise Ownership
Long before you ever actually open a franchise, you can lead yourself to becoming a better, more informed owner. Read, listen, and learn all that interests you within the business world. The more you learn, the better you can run and manage your future brand with whatever scenario that might arise. You can have answers in your back pocket that will help earn you future success.
Even if you are just reading about theories or far-off scenarios, understanding various brand or business logistics leads you to be a more prepared business owner … and better equipped to take on each problem. Or, even if you do become stumped, you'll likely have more contacts, more resources to which you can reach out to and find answers that will help your franchise overcome and thrive.
Listen to podcasts or radio shows about business ownership. Whether they are talking specific scenarios or interviewing successful owners, you can learn from the best and understand what got them to where they are today. The same goes for certain TV shows, movies, or documentaries. Follow your favorite business owners and see if they appear in any productions (whether on screen or in the credits).
The more you are able to immerse yourself in the business world, the more qualified of an owner you can become.
Next, look to educational scenarios that are located in real life. Attend networking events, hear local owners speak about their time in office and what they learned about your market (including your town), and more. Introduce yourself to others and schedule coffee dates wherein you can pick one another's brains. You never know who might have some grade A information that you couldn't have gotten elsewhere. Learn from others as you go and you can become an extremely qualified business owner, even years before you actually earn that title.
Franchising as a Way of Life
Even if, for whatever reason, you aren't quite ready to open up your location, there is plenty you can soak in. Look at business models and study what works and what has caused big names to fail. Even brands who have seen huge success must adapt to each financial climate, or they, too, could fall to changing spending trends in each market.
Read magazines, follow news themes, and immerse yourself in whatever business news is available to the public. Some brands are more open with their insight than others. For whatever is free to be read, take it in and understand just how important available lessons can be – and that was so hard-pressed for others to live (via their business).
Owning a successful company isn't just a one-day event, it's a lifestyle wherein you learn and adapt to the best practices available. You adjust for the market, you make yourself better. You follow the competition, see what they're doing wrong, and find a way to make it better.
As an upcoming franchisee (or an aspiring franchisee), there is no better way to prepare yourself than by being immersed in the culture. Do and learn all things business so that when your brand is up and running, you can draw in on this knowledge and allow your brand to thrive.
By Bethaney Wallace | Mar 20, 2020 | General Franchise Information