I want to have my business up and running as soon as possible – how soon can I get going?
The simple answer is – as quickly as 30 days or as long as a year. Obviously, every franchise business will have slightly different requirements, but here are a few considerations that will help you get a sense of timing possibilities:
- If your business is RETAIL, you will, of course, need to find a site, unless you already own a building or have space that meets the franchisor company’s requirements. This process can take you, on the average, 1-6 months. The Franchise Agreement will generally include specific requirements regarding site selection and many franchise companies even can provide you with assistance in this process.
- You need to know when your franchisor conducts their initial training program. If you have missed the enrollment deadline for the nearest date, you will have to wait until the next available class. It always pays to have a conversation about this with your franchisor as you are investigating the opportunity.
- Your financing can take anywhere from 30 days to 6 months, depending upon complexity. The rule-of-thumb, however, is 30-60 days. Again, the sooner you begin this process, the better – particularly if you desire to take advantage of peak seasons and have a strong need to open “on time.”
- You may have hiring requirements – or family commitments – that can affect your ability to open. Be sure to “clean your slate” of family needs – and focus on networking within your community early, so that you can get a jump on hiring.