With the number of thrift store franchises opportunity in boulder, it would be wise to latch onto one and become a business owner yourself. Before doing so though, here are some tips to ensure that you only get in business with a franchisor that is tailored to meet your needs and with whom success in business is almost guaranteed.
Firstly, you must carefully study yourself and determine if owning a thrift store franchise is the best way to go right now. To be absolutely sure, you might want to develop a personal questionnaire like the one below.
Are the daily business activities of running a thrift store really in tune with how I want to spend my day?
Does my management skills and talents match those needed to run a thrift store?
Can I raise enough money to pay the franchise fees and keep paying subsequent fees for at least one and a half years?
Do I find the structure of the franchisor organization and that of my own outlet acceptable?
Would I be comfortable working with the team put in place by the franchisor?
Based on the franchisor’s business model, does the future hold continuous growth for both the parent company and my outlet?
Does my own values and style agree with that of the franchisor?
Having considered all these, you might also want to draw up a checklist for the prospective thrift store franchisor(s).
The franchisor is very financially grounded
Management is always open to new ideas
There is high interest in ensuring the growth of the franchises
Their legal history has been well explained and is satisfactory
Royalties expected (if any) are clearly stated and reasonable.
Franchise owners are allowed to have more than one unit, and if not, is there enough proof to make you rest assured that your future growth plans will be accommodated.
There are other things you might like to include in the list, but these just about covers some of the most important stuffs. This isn’t all however, to make sure your research is thorough, you should also have meetings with several entrepreneurs that have taken advantage of thrift store franchises opportunity in Boulder. Hearing their experiences firsthand on how they are being treated by their franchisors and how the legacy of their franchisors has or has not influenced their business should be a big determinant on your own choice of a franchisor.
Above all, even after checking off every item on your list and concluding your research, you must do a soul search and know for sure that the franchisor you are going with is really the best for you. In your interview with the franchisor, you should feel comfortable working with them. Only when this happens will you be sure that the organization is one you could consider to be family and that you can grow with.
Above all, even after checking off every item on your list and concluding your research, you must do a soul search and know for sure that the franchisor you are going with is really the best for you. In your interview with the franchisor, you should feel comfortable working with them. Only when this happens will you be sure that the organization is one you could consider to be family and that you can grow with.
Johnny Thompson is a senior reporter for Generator Research in Los Angeles, reporting on technology, business, finances, and more. He previously worked as a reporter for the Wall Street Journal and got his start at newspapers in New York, Connecticut, and Massachusetts.
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