Signarama outlines four steps to consider when opening your own franchise store, including financial preparation, location research, staff reliability and sound marketing.
Investing in your own franchise is an exciting business prospect, but it may also be overwhelming at first. To make the entire process of acquiring and opening your own store more manageable, it should be divided into steps.
1. Make sure you’re financially prepared for the investment
Just as with any other financial investment, you need to be financially prepared when opening your own store. Signarama requires franchisees to demonstrate that they do have access to sufficient capital to open their own store – to open a new store, you should budget around R1,195,000. This includes your franchising fee (R285,000), training costs (R55,000) and equipment expenses (R805,000).
2. Choose the right location
Before deciding on real estate options, you need to conduct research to ensure that you choose the perfect location for your store.
3. Employ experienced and reliable staff
When managing your own store, you want to be 100% sure that you can always rely on your staff. When employing candidates, take time to ensure that you choose individuals that are experienced, reliable, hard-working and dedicated, as they will play an enormous role in your store’s success.
4. Develop a marketing strategy
Having a tactical marketing strategy in place is vital to your store’s success. If people do not know about you and your services, they will not come to you for business. Your marketing efforts can start before the opening of your store – getting the local business community excited about your opening, for example, will ensure that you have feet entering your store from day one.
SIGNARAMA (+27 12) 285 0412 www.signarama.co.za