About to get started on your first year running a new franchise business? It’s an exciting time, but there’s definitely a lot to handle. Expect to tackle a lengthy list of tasks, including many things that will need to be ticked off in the months before your new business even launches. The good news is that in franchising, you’re not going it alone. By leveraging the expertise of your franchisor and the collective experience of fellow franchisees, you can better navigate common challenges and avoid many of the pitfalls typically encountered by new business owners.
Managing expectations
Depending on your career experience and background, you may be caught off guard by the size of the time commitment required to be a hands-on franchise owner during the early stages of ownership. As you work to get things off the ground, expect a busy schedule that may go beyond a regular eight-hour workday, especially at the beginning.
Setting up support and getting ready to ride the learning curve
Having an experienced franchisor behind you is a massive benefit, but there’s no denying that there will likely be a few bumps in the road as you launch your new franchise business. An important aspect of dealing with those challenges is maintaining a positive outlook and a sense of humour. Don’t let a few early failures or missteps drag you down and believe in the power of your own strength and resilience. Your emotions will be put to the test in the first year as a franchisee, so make sure you have a good support network in place, both personally and professionally (hint: your franchisor and fellow franchisees!).
Ensure you are financially fluent
It’s always important to keep a close eye on your financial situation as a business owner in the early days, and every day. You’ll need a solid financial plan or budget, and probably the guidance of a professional accountant, to make sure the numbers all add up. Even with an accountant, you might benefit from brushing up on your financial literacy. Besides helping you manage your cash flow and understand your situation better; you may be able to identify issues before they become big problems.
Building your team
Good staff are an essential ingredient at almost every kind of franchise business, and finding the right people isn’t always easy. If you don’t have much experience hiring and managing people, find out what resources your franchisor offers to support your new hires. Even after you’ve filled out your team, it’s wise to keep an eye out for new team members. Certain industries, particularly retail locations or QSR, face higher levels of staff turnover.
Nurturing customer relationships
Providing excellent customer service is essential at every stage of your franchise journey, but it’s especially important in the first year of operations, when you are establishing your reputation in your local community. Strive for excellent in-person interactions, as well as positive online reviews and social media engagements.
Franchising with The UPS Store
Looking to join a franchise network that will help you in your first year and beyond? With our robust, world-class training that includes virtual learning, in-store shadowing, The UPS Store University, and regular webinars, area meetings and conferences, our franchisees feel confident and supported. Visit our FAQ page or fill out our online inquiry form to request more information about joining our network.
