When you decide to step into the business space, you plan many things, conduct research, get inputs and advice from those experienced in the field.
However, no matter how much preparation and planning you put into it, your first year as a franchisee will not be a breeze. Even when you take every step cautiously and follow all set processes as required, you might still be fearful of slipping up.
If you can get through your first year as a franchisee, you are resilient. Many first-time franchisees also have personal milestones to balance while managing their new venture. For instance, some might be starting families or selling their first home and moving to a new one. Sometimes, managing all these things perfectly alongside dealing with issues that crop up at work can be tricky.
Here are some pointers that will help you make it through your first year as a franchisee:
Each person’s story and experience will be different, and you will have to deal with various unexpected events along the way. If you become fazed by these events, you will find it far more challenging to manage your business. Life can sometimes throw curveballs at us, and we need to take all of them in our stride. Whether you work out or meditate, find some way to maintain perspective while prioritizing the things you value.
Like any other business venture, your franchise will demand hard work. Sometimes it might also seem like you are working round the clock. Always keep in mind that you are part of a time-tested business model and that others have trodden this path and succeeded. When you decide to buy a franchise, the risks are lower and the chances of succeeding higher. The franchisor will have the resources and training processes in place to ensure you have a solid footing. If you persist, you will be successful even if you sometimes find yourself on shaky ground.
During your first year as a franchisee, there will be times when you will question your decision to start the venture. Even with the best laid out plans, you will have sleepless nights. Long working days are a given during this phase, but as you get into the groove and become more efficient, you will find things easing up a bit, and you will have some non-work hours for yourself. Like every responsible business person, you will, of course, continue to stress about supplies, maintaining quality and keeping employees in line. Stressing over any new business venture (even a franchise) is a standard response in your fight for survival. Stealing rest out of a super hectic day month after month can be exhausting. Ultimately, you will find your rhythm and get more comfortable with your schedule and routine business operations.
If you are serious about what you are doing, you will put your whole and soul into the venture. You will find yourself constantly thinking about what you can do to make a difference in your business outcome. When you have excellent revenue on a particular day, you will feel more hopeful and excited, and when you have to deal with mishaps, you will question your decisions. Every business owner deals with struggles like these in the first year of their venture. Consult with experts in the field, bounce ideas off trusted advisors and find the right balance to keep things on track.
In your first year as a franchisee, be ready to have an almost vertical learning curve. From retaining customers, finding effective ways to improve operations and dealing with hiring regulations, you will have a lot on your plate. As a result, your grey cells will fill with different types of information, and your knowledge and capabilities will grow.
Be persistent, do not lose hope and forge through to build resilience. Once you survive the first year of your new franchising venture, you will transition to thrive mode. Don’t expect what follows to be a bed of roses, but if you move forth confidently, you will enjoy long-term success.
For more information, feel free to call the experts at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact form, and one of our experts will contact you as soon as possible.
For more information, feel free to call the experts at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact form, and one of our experts will contact you as soon as possible.
Thanks for reading,
The Franchise Institute Team
1300 855 435
