Ten Important Steps to Opening a Franchise

10 Steps to Opening a Franchise | Mathnasium

Many of us are looking for a fulfilling job to call our career, but at the same time we want to be in control of our own future. Working for yourself while having the support of a larger infrastructure could be the opportunity you are searching for. Mathnasium is a one-of-a-kind opportunity to make a living by making a difference. We are a franchise opportunity with unique prospects you simply will not find with just any company. Though our math teaching franchise provides a distinct experience, there some steps you will want to consider while exploring your math franchise opportunities. These are ten important steps you will want to review before opening a franchise of your own.

  1. Take a Look in the Mirror with Self-Evaluation

During this stage of the process, you need to determine what is appealing to you about opening your own business. Have you mentally prepared to work more hours than any of your employees? You’ll likely be working holidays, 9-to-5 may not be a possibility, and you will need to be ready to work weekends. Do you have the resources needed to secure a loan to start a franchise? In particular, is a starting and maintaining a teaching franchise what you want your goal to be?

  1. Pursue Guidance from a Franchise Consultant

Like many other aspects of life, it is always nice to have a second opinion and some insight from someone who is more enlightened than you are on certain issues. Just like a financial consultant, a franchise consultant will be your assistant through the entire franchise process. Seek their industry-centric knowledge about math franchise opportunities before you plunge blindly into a situation you do not completely understand. Their expertise can translate information about the franchising process into an easier to understand style.

  1. Research, Research, Research

Before you can help students with their math homework, you have to do your own homework with opening a franchise. The more you know about the area you want to open your franchise in the better. What are the demographics of the region? Do you have competing tutoring franchises? Is there potential to expand the business? These are just a few of the questions you will want to research before committing fully to a math tutoring center.

  1. Seek Advice from Other Franchisees

What better person to speak to about opening a franchise than someone who has done it? Mathnasium has over 700 centers. Find one close to you and visit it. Ask the proprietor some of the questions you have about franchising with the company. Are they getting enough support? What has their overall experience been like?

  1. Meet the Franchisor’s Team at Discovery Day

These events are designed to offer in-depth information between the franchisor and the franchisees. It will give you an opportunity to see the corporate office or one of the local outlets of Mathnasium. This is a good place to discover the support system you will be entering into when you come under the umbrella of the Mathnasium franchise.

  1. Find a Location that Will Enable Your Business to Succeed

If you’ve done adequate research on where a math tutoring franchise is needed as well as determined what your budget is, that process should have narrowed the search for you. Working in tandem with your franchisor will also help pinpoint a suitable location for your next tutoring center. It is wise to note that some franchises will begin this process after you sign the lease agreement.

  1. Acquire the Funds You Need

Now that you’ve locked down a location to accompany all the other research you have compiled, it is time to fund your venture. Self-funding is always an option, but unless you are independently wealthy, you will most likely need to take out a business loan. Be ready to present your business plan to a lender; they will want to make sure that your company succeeds. The three crucial components you want to be able to define to your lender are your total initial set-up investment, your business working capital, and your personal working capital. The lender will be as vested in your success as you are, so offer as much information as possible to them.

  1. Perform a Professional Review to Double-Check Your Work

Now that you have everything you need on your end, you will want to have one more set of eyes on your proposal. The role of this person is to help you understand your rights and obligations as well as what the franchisor is responsible for. A franchise lawyer or someone who has experience in the franchise industry would be an appropriate choice to help with a review.

  1. Sign the Franchise Agreement

At this stage of the process you will want to negotiate terms for your agreement. Certain franchisors have strict franchise agreements, while others offer more lenient terms. Sometimes lease parameters and other aspects of the lease agreement can be negotiated. It is smart to pursue counsel from a lawyer before signing any agreement in order to garner the best outcome for your franchise process. Just remember that a franchise is born from a proven system that works, so trying to make it too much of your own could hinder your success.

  1. Follow the Franchise System for Success

Oftentimes a franchisor will have a defined system or process for the start-up and continual operations of your business–advertising materials, marketing strategies, training workshops, etc. Follow these steps; they are what you have invested so much time and money to obtain in order to see your business grow. Once you have adhered to everything on their plan, it is time to open the doors to your business.

If you have any questions about whether or not Mathnasium is the right opportunity for you, visit us at https://www.mathnasium.com/franchise/ for more information.

Image Credit – Copyright: convisum / 123RF.com

Leave a Reply

Your email address will not be published.

REQUEST FRANCHISE INFORMATION

terms-of-policy
By clicking the “Submit” button, you agree to receive recurring advertising emails, text messages and telephone calls from Mathnasium about franchising opportunities to the telephone number/email provided above, including calls and texts placed using an automatic telephone dialing system. Consent to calls and text messages is not required to purchase goods or services. By clicking “Submit”, you also consent to Mathnasium’s Terms of Use and Privacy Policy.
This field is for validation purposes and should be left unchanged.

REQUEST FRANCHISE INFORMATION

terms-of-policy
By clicking the “Submit” button, you agree to receive recurring advertising emails, text messages and telephone calls from Mathnasium about franchising opportunities to the telephone number/email provided above, including calls and texts placed using an automatic telephone dialing system. Consent to calls and text messages is not required to purchase goods or services. By clicking “Submit”, you also consent to Mathnasium’s Terms of Use and Privacy Policy.
This field is for validation purposes and should be left unchanged.