Wise Time Strategies for Getting Your Franchise Business Off the Ground
by Franchiseco, Performer
- Created: August 27, 2010, 11:44 am
Some statistics say that 50% of new businesses fail within the first year.1 Buying a franchise may give you an edge due to the base of support, proven operations and marketing systems. However, some franchisees still fail. Usually the downfall has to do with either time or money. Previously we looked at how money issues get in the way. This week w;ll consider time.
In general, franchises fare better due to their base of support, proven operations and marketing systems. However, some franchisees still fail. Usually the downfall has to do with either time or money. Last week we looked at how money issues get in the way. This week w-ll consider time.
The future is something which everyone reaches at the rate of sixty minutes an hour, whatever he does, whoever he is. ~C.S. Lewis
Time is Money. Ben Franklin
Franchisees have failed because they did not plan to invest adequate time in the business. Today w-ll help you develop a realistic look at the amount of time this new business of yours will take to get up and running, and how much time you can expect to spend working in and on the business as you get started.
Franchise Start Up; Ramp Up Time
Franchisors generally know how long it will take from the time you sign the Franchise Agreement to the time you open. It can be anywhere from 60 days to almost a year. When interviewing the franchisor and its franchisees, ask specific questions about how much time successful franchisees put in for start-up and maintenance and what you can do to keep your opening on schedule.
Some delays you should be prepared to encounter include:
- Time to find and hire the right staff
- Site selection
- Issues with build-out
- Funding (See Money in previous section)
Time at Work
If your reason for becoming a franchisee is to increase the family income, it is seductive to think you can keep a current job and run your franchise business with managers.
To succeed, a franchise -- similar to any new business -- takes time and attention from the boss. It takes time to incorporate the operational standards and marketing strategies in the franchise model. Your time will be taken up with many activities:
- Construction (maybe)
- More training
- More marketing
- More networking
It goes on for a while as you build a customer base.
The bos' passion, drive and example of implementation set the work standards and attitudes of the employees. It is this standard that determines the locatio's success. Plan for and devote time to building the business and creating a culture of excellence!
After you get going, you may be able to be more flexible in choosing your hours. But plan to spend 60+ hours a week for at least a year. Yo'll know if you can back off sooner.
In the meantime, be prepared and time will be on your side.
1'Frequently Asked Questions' Small Business Administration Office of Advocacy, http://www.sba.gov/advo/stats/sbfaq.pdf, accessed 8/23/10.
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