Becoming a franchisee of a great brand doesn’t automatically mean success. To be a successful franchisee, you need to be passionate about the brand, understand your community’s needs, and much more.
1. Find your drive
Owning any business has to be a passion. It can’t run on money and marketing alone. You are what makes your franchise business stand out. A successful franchisee will turn their passion and drive into a money-making operation. Your drive can be helping people, connecting with customers, the brand or product you’re selling.
If you’re a little lost on finding your drive, take some time to write a personal mission statement. This statement should contain your aim in life and business, what your overall goal is, and why you want to do these things. This can help you focus each day to achieve your goals.
2. Know your strengths and weaknesses
Any successful business owner or successful franchisee will know what they’re good at and what could use some improvement. You may be a great networker, but the financial books aren’t your vibe. Or, maybe figuring out franchise financing is your biggest strength, but hiring people is harder for you. That’s okay. No one can do everything, and that’s the beauty of a franchise — you don’t have to. There’s a whole team and franchisor behind you ready to help. The success of each franchisee is the success of the franchisor. It’s a partnership!
While you’re taking the time to think about your personal mission statement, list your strengths and weaknesses. Reflect on what you think you’re best at, and ask former colleagues, friends, and family what they think you excel at. Sometimes friends really do know you better than you know yourself.
Different franchises will play to your strengths or weaknesses. A MY SALON Suite franchise is great for people who thrive on their own. Most franchise owners work 10 hours a week or less. A franchise like Chick-fil-A requires more hands-on work and typically is the only business venture franchisees focus on.
3. Choose a franchise with great training
Regardless of where you are in your professional life, training is essential. Find a franchisor that provides startup training and provides support throughout your ownership. These programs help you learn the ropes and can teach you to overcome your weaknesses in business. MY SALON Suite franchisees get several days of training at the MY SALON Suite Franchise University. MY SALON Suite also has teams of franchise leaders in every region who are ready to help franchise owners at any time.
4. Start a turnkey franchise
These franchises have proven models, and established guidelines, and are ready for you to walk in and start making money. The customization may be limited, but you know you’re buying a business that has worked time and time again. A turnkey franchise requires less groundwork up front, setting you up for quicker success.
Why choose a MY SALON Suite
The salon industry is like the hair it treats — it just keeps growing. According to research, the salon and spa industry could be worth more than $217 billion in just a few short years. The MY SALON Suite franchise model allows the franchisee and each stylist to run their own ships. Stylists rent a space from the franchisee, allowing more people freedom over their lives.
Franchise candidates need a minimum net worth of $1 million, $200,000 in liquid assets, a credit score of at least 700, and the ability to maintain their lifestyle for up to a year during the start of the franchise. Startup costs range from $686,171 to $1,809,913 and include architectural fees, furniture, signs, and all the other things you need to get our franchise up and running.
Our team wants to see our franchisees succeed. To learn more about our franchise opportunities, request franchise information.