Posted on Oct 13th 2016
Franchising is a path to business ownership for many aspiring entrepreneurs. By providing a system that has been proven across geographies and over time, franchise opportunities enable people from a variety of backgrounds to create a business that often has built-in brand awareness and consumer demand.
At the same time, you’re able to establish a business that meets a specific need in your community. Romp n’ Roll franchisees understand this aspect very well, with many owners coming to the opportunity understanding there’s a deficit of early childhood development and enrichment programs in their local area. By filling the gap, they’re able to achieve business growth and become an indispensable part of the community.
Although franchisees are joining a system of other like-minded owners with support from the corporate office, it’s important to understand that you’re responsible for the success of your business. You can’t expect everything to fall into place without significant effort on your part.
Here are a few do’s and don’ts for those who are new to franchising:
Follow franchise system protocols – A big reason for becoming a franchisee is being able to access proven systems, products and policies that were designed to be successfully replicated. With an entrepreneurial spirit, it’s easy to diverge from standard practices, but those procedures will facilitate your overall success.
Forget to attend workshops and training – Keeping up to date on any changes and updates to the franchise system and model is critical to ensure you’ve got the most effective operations possible. Conventions are also important to understand the future of the brand and your role within it.
Hire top talent for your business – Most franchise opportunities are built on the premise of solving a customer needs, regardless of concept. If you don’t hire the right people to fit the roles needed for your business, you’ll never achieve the sort of success you envisioned when you first became a franchisee. It’s for this reason that Romp n’ Roll assists new franchisees in hiring, human resources and training.
Expect a light work week – Many people make the decision to become a business owner assuming they can hire a manager and staff, and everything will take care of itself. In reality, becoming a franchisee will likely require extended hours that go well beyond the standard 9 – 5 workweek. Once you have established your business and it has been operating at a profit for more than a year, then you will likely have the option to create a more flexible schedule and take one hand off the steering wheel.
Keep operating costs in mind – As a new franchisee, you’re likely focused on the initial franchise fee and real estate costs. However, there will be other operational costs that you need to consider when you’re thinking about financing. When you appeal to lending institutions for funding or dip into your own resources, always be bullish with your cash flow.
Forget to reach out for help – A huge benefit of being part of a franchise system is the support you receive from the central corporate office. From marketing and advertising to initial setup, the franchisor is there for franchisees when they have any questions or need help with operating your location.
As a franchisor, Romp n’ Roll is dedicated to our franchisees’ ongoing success. We provide unmatched support from the moment you decide to become part of our system.
Michael Barnett is the Co-Founder and CEO of Romp n' Roll. In addition to leading the Romp n' Roll management team, Michael is an active member of the International Franchise Association, the National Association for the Education of Young Children, and serves on the Board of Directors for Connor's Heroes and Juniata College Center for Entrepreneurial Leadership. He and his wife, Babz, were featured on the first season of ABC-TV's Shark Tank.