Owning a franchise is an exciting experience, but the first year of business is known to be challenging for new franchisees. As it is with any new business, hard work and dedication are at the forefront, and, although the foundation for a successful business is provided by the franchisor in the form of a basic business model, marketing and training and support, your strength as an individual franchisee is what will make your new business shine.
Here is what you can expect in your first year of owning a franchise – and how to set yourself up for just about any situation that may head your way.
You Will Need To Put In The Work
Rome wasn’t built in a day, nor does any business flourish overnight. While the groundwork of the franchise is set for you – that is, you are partnering with a known, established brand – there is still a bit of work involved in your first year of business. You’ll have to learn how the system works, which involves ongoing learning and training and, you’ll likely also need to be present at the business for some time. This is to ensure the business is operating as it should.
Thankfully, your efforts in the first year will pay off over time. As you develop and nurture your new business, you’ll find your hard work will lead to success – provided you are open to mentoring and help from others in the franchise.
You Will Be Busy
Unlike a traditional 9-5 job, as a franchisee you will likely face long days and nights as you establish your new business. This is because you’ll be taking in a lot of information while running a franchise at the same time. You may find that your personal time is impacted by your new business, however this is not always the case. As you become more accustomed to the routine it’s also important to give yourself a balance between working and your personal time. You will need to be committed – but, as we’ve mentioned above, your reward will be a flourishing new business.
Expect The Unexpected
There is a lot to take in when owning a franchise: not only are you managing costs, implementing tools and learning new systems, but you’re doing it all while navigating new surroundings, overseeing new experiences and developing a new team. While the adversities of a new franchise business are less than that of a business started from scratch, you should still expect problems to arise, and learn how to be proactive in avoiding them.
It May Be An Emotional Time
Adjusting to “the new” may be an emotional time as you navigate the problems in business and, all the training and preparation available to you still may not be enough. This is where we urge you to stay positive, and to talk to your franchisor if you require further training and support.
Not Everybody Finds Success
It would be unethical of us to suggest that every franchisee finds success as there are so many factors that contribute to a successful business. These can include the time you choose to launch a business, its location, your employees, your response to adversity, capital, and your own skills and experience. Some challenges and setbacks will be completely out of your control but, in the end, one of the best ways to find success is to persevere through challenges.
There May Be Surprise Expenses
When it comes to owning a franchise, managing costs is one of the initial challenges, and it may be something that continues to pop up during your journey. When you are in charge of a franchise, you should expect unexpected expenses along the way, and it’s important have the appropriate emergency cash reserves for when this happens. You may also need to adjust to a change in your regular income.
While your first year of business may be tough, know that most problems in business – especially in the case of franchised businesses – can often be solved by accepting the support of your franchisor. Ongoing training and support will set you up to be a confident business owner and, at Sleepy’s, we support you in every way we can. We’ll help you maximise your results by providing you with management, marketing and administration expertise and experience.
To find out more about franchising opportunities, visit our franchise information page or call 07 3895 4100.