Are you dreaming of becoming a franchisee and wondering how to get started? Opening a franchise requires a great deal of personal involvement, but also investments and the right tools. In addition, you will need to follow a series of specific steps to make your business creation project a success: discover them in this small practical guide.
Step 1: Define the contours of your project
Begin by taking stock of the status of your project: is it sufficiently precise for you to be able to begin your approach to the franchisors and administrations concerned? In order to get started, you will first need to find out about the specificities and the way franchises work. You will also have to choose a specific sector of activity to carry out your market study, then your financing plan and your provisional budget. Don’t hesitate to think about your communication plan at this stage: it could be an important part of your business plan. Finally, you will need to find the right business partner to open a franchise with the help of a specialized directory, for example.
Step 2: Make the right strategic decisions to become a franchisee
Have you defined the outlines of your project and found the right partner brand in a franchise directory? You will now have to make strategic decisions before you can start the administrative procedures. Ask yourself about the legal status of your future business, but also about the tax and social security system you will be using as a manager. Identify interesting opportunities on the professional real estate market in your region to find the right premises. Finally, list potential investors to finance your project: the Chamber of Commerce and Industry (CCI) in your town or region will be able to help you every step of the way. Do not hesitate to contact them for more information on the support they can offer you.
Step 3: Carry out the mandatory administrative procedures
You have found the right franchisor and your project seems solid enough to get started? You will now have to get down to the obligatory administrative procedures. First of all, remember to ask your franchisor about the franchise contract that will bind you: don’t hesitate to have your legal advisor or accountant read it over. Next, you will have to declare the creation of your business to the relevant business formalities centre. This centre will forward your file to all the relevant authorities, from the tax department for professionals to your pension fund. However, the procedures for setting up a business will vary according to the legal status you have chosen: remember to find out about each status and compare them to choose your own.