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Steps to Take After You Sign the Franchise Agreement

Written on July 24th, 2008 by Joseph in Franchising Developments.

The due diligence is over and you have selected a franchise concept that is perfect for you. You have visited the franchisor on the Discovery Day and after being satisfied in every way, you have signed the franchise agreement. So, what will you do know, sit back and relax? No, as now the real challenges of starting a franchise will begin and you will have to perhaps work the hardest at this point. The first step will be to make sure that you have the required finance in hand for the starting process. You have just paid the franchise fee, and now various sundry costs will have to be taken care of.

The next step will be to start looking for a location, if your franchise is not a home-based franchise opportunity. If your franchisor is providing real estate selection and lease negotiation help (which top franchises generally do), then you may take it easy. But still you have to visit each site and check out the viability of the location. It should also fit your pocket! If you are going for a home office, you need to make sure that it doesn’t violate any local zoning laws. The next step is designing the place. You will have to get in touch with the plumbers, contractors, electricians and IT people to start the place. Many franchise opportunities provide these supports, so choose one that does.

Even for home-based franchises, it’s better to go for a separate phone and computer line. Buying the equipments is the next step of starting a franchise. Again, it will be of immense help, if your franchisor provides assistance in this regard. For example, Bear Creek Coffee provides discounted equipments from leading coffee machine making companies. Once the location is nearly done, go for your initial training. If you are going for part-time franchise ownership, don’t forget to recruit and take a competent manager with you. The announcement of your location is something generally done by the franchisor. Recruiting employees and training them is perhaps the last step before actually throwing the doors of your franchise open.