As you look into owning a franchise, you are sure to have many questions. While we address a lot of the questions and concerns about franchising on our website and through our blog posts, there is one segment of owning a franchise that isn’t always discussed up front – time. Researching and contacting a franchise is one thing, but the amount of time between purchase and opening the doors is another. That being said, on average it takes between eight and twelve months for the process of ownership to be completed. This could seem like a lot of time, so let us explain some of the things franchisees go through before they can officially open up shop.
Time: The Forgotten Element of Franchising
When a franchisee has decided on the opportunity they want to purse, they must sign a contract with the company. This paperwork protects both parties and outlines all of the financial and business responsibilities. Negotiations and reviews could turn this seemingly quick process into a few weeks of work. Along with that, franchisees will also have to decide on a territory and either purchase or rent a location for their new business. Finding the right place and moving in could take anywhere from a few weeks to a few months depending on the real estate market and the city.
After that, new franchisees will most likely participate in training held by the company. For example, Dr.PhoneFix offers a week or more of training so owners can learn everything about the electronic device repair industry as well as the day-to-day operations of the business. Franchisees spend this time learning about all the different devices they might see and how to repair them all in a timely and cost effective manner. Depending on how versed and experienced owners want to be, the training process could take a few months.
The next step in the process is marketing and networking before doors open
As an expanding brand, Dr.PhoneFix franchisees are provided marketing help so they can make the public aware that their services are now available locally and affordably. Posters, advertisements and other marketing tactics can be implemented to get the word out and stir up business in whichever area a franchisee choses to own and run their brick and mortar storefront. Depending on the extent of the marketing or marketing campaigns, this could tack on another few months before doors can open.
When you add up all of these elements and the time it takes for each to happen, owning a franchise just doesn’t happen overnight. However, the time invested into a franchise will directly impact the success that an owner experiences both financially and throughout their career with the company. Remember though that the sooner you get started, the sooner you can open your doors and begin to meet a market demand providing a product or service to the residents and visitors in your local area.