How to Succeed as a Franchise Owner: 4 Resources for First-Time Entrepreneurs
Daniel Hayes
Many aspiring business owners are drawn to franchise ownership for its higher success rates, thanks to specialized support, a recognizable brand, and an established business system. However, understanding how to succeed as a franchise owner takes more than just signing with a strong brand.
Running a franchise still presents challenges. Many new franchisees are unaware of additional resources available for support, such as financing options, educational opportunities, or a consultation with a franchise expert.
Franchising offers many tools for success. Identify which resources align with your goals. Whether you've started your franchise or are choosing a brand, here are four essential franchising resources to help you succeed.
1. Franchise Financing Options: Loans and Grants
Franchise establishments are expected to grow to about 851,000 units, with total output exceeding $936.4 billion in 2025, and many of their franchisees use SBA loans for financing. Franchisees can utilize SBA loans to start their franchising journey or expand operations. Additionally, SBA loans can be used to pay franchise fees, address low cash flow, or cover commercial real estate expenses.
SBA loans are generally more accessible than other forms of financing, making them suitable for franchisees with lower credit scores, uncertain cash flow projections, or limited working capital. SBA’s Economic Bulletin notes that loan demands are rising despite tighter lending standards. Franchisees should prepare well to improve their chances of approval. However, if SBA loans do not meet your requirements, various other financing options are also available for franchise owners.
2. Learning Resources for Franchisees
While franchisors offer training, consider taking additional business classes. Franchisor training covers business-specific information, but general business classes enhance your overall knowledge and apply to any venture.
This education boosts your success chances and enables confident franchise management. Some examples of this include online certificate programs in business management, finance workshops, courses in marketing or human resources, etc..
3. Franchise Consultants Offering Expert Support
Consider working with a franchise consultant to find the right opportunity. They can assess market conditions, identify growth ventures, and help you make industry connections.
The right expert provides advice and vital support, helping franchisees avoid costly mistakes, especially when
interpreting FDDs, negotiating, or planning
multi-unit ownership. A skilled consultant can also match your strengths, interests, and skills with the ideal brand for your success. With their expertise, finding a suitable franchise becomes easier and more efficient.
4) Associations and Networking
Networking and industry associations are often underused but powerful resources for franchisees. Here are some examples of associations and networking avenues to check out.
- The International Franchise Association (IFA) offers advocacy, certifications, research reports, and studies to help franchisees stay informed
- Local chambers of commerce and small business development centers provide peer-to-peer connections and mentoring
- Conferences and expos provide avenues of learning, sharing, and forming strategic partnerships and mentorship
Taking the time to invest in these networking opportunities can open doors to valuable partnerships that can strengthen your franchise and help it thrive.
Striving for Best Results: Common Franchising Pitfalls to Avoid
As you’re preparing to enter the franchising world, it’s essential to be aware of some common pitfalls to avoid that may hinder your success:
Underestimating the Time and Capital Required to Reach Profitability
It’s easy for up-and-coming franchisees to focus on the initial investment fee without considering the total cost. Also, undeUnderestimating the Time and Capital Required to Reach Profitabilityrestimating how long it takes for a business to be profitable can be a downfall. Even with proven models, it takes time to build a solid customer base.
Relying Solely on the Franchisor for Guidance
While business goals of the franchisor and franchisee often overlap, franchisors are still business partners that have their own interests to grow their brand. Utilizing additional expert support like that found from a franchise consultant, is paramount to succeed.
Treating Franchises as a Completely “Turnkey” Solution
Although a franchise follows a proven model with an established brand, the idea that a business will be successful (and profitable) on day one can lead a franchisee to be passive, which can set them up for failure. Staying focused on the long haul with the help of one’s resources (franchisors, consultants, associations, etc.) can set a new entrepreneur on a good path for success.
With due diligence and a proper support network, you’ll be able to avoid these common pitfalls and look forward to long-term growth as a franchisee.
Succeed as a Franchise Owner with Hundred Acre Consulting
Looking for expert franchise consultants? Hundred Acre Consulting offers experienced guidance to help you choose the right franchise to build a profitable business, and helps you with those little details that make the difference.
If you’re ready to build your dream franchise, just contact Hundred Acre today to get started.
Book a consultation today.
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