Once you’ve decided you want to look into becoming a franchise owner, you’ll surely want to know how long it will take before you’re able to open your doors for business.
Well, there are more than 3,000 franchise businesses available for consideration, all with different systems built for different candidates. So the answer is:
As a franchise consultant, I’ve helped thousands of people on their journey to franchise business ownership over the last two decades. In my experience, here are some of the major factors.
How diligent are you about getting things done? We’ve got a lot to cover on your franchising journey, and I’m going to do my part to keep things moving. However, the pace we work at really depends on how quickly you want things to move. The faster you handle your end of the process, the faster things happen.
What is your financial situation? As you can imagine, someone able to write a check for a franchise business is going to move more quickly than someone who has to secure financing. Since most people will need to secure a loan, how quickly you get a sense of your financial situation, put together your business plan, and start applying for loans makes a difference.
How big is the business footprint? A home-based business is likely to open faster than a mobile business that requires a vehicle. A mobile business that requires a vehicle should open faster than a business that requires real estate, location searching and build-outs.
How much overhead is required? If you’re opening a franchise where you’re the sole operator, that’s going to launch quicker than a business that requires you to search for, interview, hire and train employees. A service-based business requiring little to no equipment will launch faster than a business selling goods or services that require loads of equipment and inventory.
So does that mean you should only focus on low-cost, home-based, service franchises that can ramp-up quickly? Certainly not! You’re making a decision about a franchise business that will impact you and your family for decades, if not generations to come. Worrying about whether or not it takes a few weeks vs. several months to launch should not be a primary driver.
What should be a primary driver is clearly determining how a franchise business can fuel the lifestyle design you’ve always wanted. You should also have a clear understanding of your skill set so you know what you have to offer a franchisor and how those skills will help you succeed.
Luckily for you, I can help you figure those things out. If you’d like to explore whether or not franchise ownership is right for you, give me a call at 919.846.7111, email me at firstname.lastname@example.org or click the button below to schedule an appointment.