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First-Time Franchise Owner? 7 Tips For Success

Category: Franchising Resources

Thinking of becoming a first-time franchise owner in the coming year, but wondering what it takes to succeed? Opening any new business can be nerve wracking but it’s also an exciting time where you’ve decided to take control of your work life and your financial future.

Still, you wouldn’t step into the boxing ring without training, and you don’t want to jump into a new business venture without first doing some homework. Here are seven tips to guide you on your path to being The Boss.

7 Tips for Winning at the Game of Franchise Ownership

Set yourself up for success as a new franchise owner by considering these seven tips:

  1. Determine if franchise ownership is really right for you. Or are you better suited to owning an independent business? A successful franchise owner shares certain qualities like the ability to follow an established business plan, responds well to feedback, is a people person who works well with others, and is focused on meeting goals. If you know you want to run a business but aren’t sure what direction to take, a franchise just might be the way to go.
  2. Know what skills you bring to the table. You may think you don’t know a lot about owning a franchise, but you may know more than you think. You learned a lot in your past career that can be usefully applied in a new franchise business. Be realistic about and proud of what you have to offer.
  3. Decide how much time you want to spend running your new franchise. Some franchises allow for part time participation, but many do not. You may want to own one unit of a franchise or grow a business empire with multi-unit ownership. You’ll want to invest in a franchise that suits your vision of the life you want to lead.
  4. Choose a franchise brand that suits you. Find a franchise industry you can be passionate about. You also want a brand that reflects your values and allows you to fulfill your goals.
  5. Be realistic about your finances. Every franchisor will have financial requirements you must meet. Make sure you qualify and don’t get in over your head. One of the benefits of purchasing a franchise is the numbers have been worked out and you don’t have to guess what’s needed.
  6. Learn about the support a franchisor offers. Each franchisor is different, but most offer some level of support to new franchisees, as well as ongoing support once your business is up and running. Support is one of the perks you pay for as a franchisee so make sure your ideas about the help you’ll need as a first-time franchise owner align with what the franchisor offers. A franchise like RockBox Fitness offers unbeatable franchisee support*.
  7. Talk to current and past franchisees. Learn from their experience about what it’s like to work with the franchisor, and tips they have about what you need to succeed. Nobody knows better than the people who’ve already been in the ring.

RockBox Fitness: All the Support You Need to Succeed

At RockBox Fitness, we know our brand’s success is reliant on the success of each of our franchisees. That’s why we make sure you’re prepared to knock out the competition when you open your doors for business. We’ve developed a comprehensive online training portal, RockBox University, so you can learn all about our studio franchise operations and experience.

We’ve got your back. We support new franchisees with site selection, operations, training, and marketing. Our current franchisees will tell you being a part of the RockBox family has been challenging, life altering, motivating, and inspiring. If you’re excited to learn more about joining our tribe of like-minded fitness entrepreneurs, then we can’t wait to hear from you. Fill out a submission form and we’ll be in touch about how to own a RockBox Fitness franchise.