When you assume ownership of a franchise, you can expect to receive some level of support from your franchisor. However, you cannot lean on your franchisor's assistance forever. After all, they also have to support other franchisees and deal with other business matters. It’s your job as franchise owners to tap into other resources that can set you up for success.
What are those available resources? Continue below to learn more about them and the benefits they can offer your franchise!
If you’re new to the world of franchising, you may have a hard time simply figuring out where to get started. Even identifying the right franchise to purchase may be giving you a headache. Don’t worry if you are plagued with those concerns because they are normal for a new franchisee. You can also partner with franchising experts in search of answers to your many questions.
Franchising consultants don’t come up with your answers on your behalf. Instead, they provide you with the necessary resources so you can make an informed decision regarding franchising. They also tailor their advice based on your preferences and assets to ensure the solutions they present make sense for your situation.
A franchise consulting company may not be the only expert resource you’ll need to approach. At some point, you may also need advice from a business attorney.
According to FindLaw, many of the common legal issues franchisees face also involve their franchisors. Some franchisors show little regard for their franchisees and the agreements they sign, believing that they can walk all over their partners. They may deprive you of the support you’re entitled to and even flood your area with competitors even though those actions are against the franchise agreement.
Mounting a legal challenge against your franchisor won’t be easy, but it is possible. Working with an attorney can help you put forth solid claims that establish clear fault on the part of your franchisor.
Financial problems are far from uncommon for many franchise owners. Because many franchisees underestimate how much running their daily operations will cost over an extended period, they fail to prepare sufficient capital beforehand. By the time they realize that their money is running out, it may already be too late.
Avoid putting yourself in that position by working with the Small Business Administration. More specifically, you can ask the Small Business Administration about their loans. Small Business Administration loans can help out many franchisees because they come with competitive interest rates and small down payment requirements. Borrowers are not even required to offer collateral for certain loans.
Eligibility requirements for Small Business Administration loans are also not that difficult to meet. Note that having bad credit does not automatically disqualify you from getting a loan. Remember that this loan option is available because it can help you out of a difficult spot.
Succeeding as a franchise owner doesn’t have to be a solo endeavor. You can give yourself a better shot at success by utilizing the resources highlighted in this article. Use those resources and marvel at the difference they make for your franchise!