So You Want to Own a Franchise?
This story appeared in print alongside “A Franchise Enterprise.”
As the owner of the old Captain D’s building on Paris Road, Mike Monahan gets frequent inquiries from people looking to lease the space to open a restaurant. It usually doesn’t take long for Monahan to give his decision.
“I’ve turned down at least 20 people who want to open a restaurant there just after talking to them for 15 minutes,” Monahan says. “I tell them, ‘You won’t make it. You’re not ready.’”
So what does it take? If you’re feeling the lure to start a franchise, how do you get ready? What can you expect?
Here, four franchisees from Columbia serve up their best advice:
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Ask questions.
– Mike Monahan, 23-year franchisee of Jimmy John’s
Monahan suggests doing your homework. Start by interviewing a lot of franchises. Get a feel for where the company is going and see if the brand is strong. But don’t stop there. When Monahan prepared to franchise the Jimmy John’s in downtown Columbia, he walked to nearby businesses and asked owners their impressions about Jimmy John’s. You can’t sign on before doing your research.
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Get involved.
– Lauren Matteson, 3-year franchisee of Pure Barre
When people ask Matteson about opening a Pure Barre, she always gives the same tip: “Be a client for three months and take as many classes as you can.” This first-hand experience is invaluable in helping you learn about the business, particularly the quality of the product and the customer service. To be the brand’s salesperson, you’ve got to put yourself in the customer’s shoes.
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Invest time.
– Anup Thakkar, 1-year franchisee of Dunkin’ Donuts
Thakkar says there is a temptation to think owning a franchise is as simple as investing some money and then walking away. But it’s not that easy. Owning and operating a business is hard work. From day one, you have to be willing to spend as much time as possible, and this means you have to be willing to clean a few toilets or sweep the floors. You do whatever it takes.
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Be organized.
– Jackie Floyd, 1 1/2-year franchisee of Smoothie King
Like many new franchisees, Floyd liked the opportunity to assume a leadership role and set her own schedule. That position comes with plenty of day-to-day demands that always need your attention. By staying organized, you’re able to stay on top of your goals and ensure you’re on track to achieve them. You can’t lose sight of the bigger vision.