It is never too early or too late to start thinking about investing in a franchise. But it is also good to know when the best time to do it is. So the question has to be asked- when exactly is the right time to invest? To know that there are a few questions you have to ask- both about yourself, and the time you are looking to start. Answering these few questions can really help you understand if and when you should make your investment.
What Are My Goals?
What exactly your goals are when you open up your business is something very important in considering when you open it up. For example, if you want to jump straight into business, you can look to start during seasonal holidays later in the year, when people will be utilizing your business more often. You will find that on days like Valentine's Day, Thanksgiving, and even New Year’s people will want to come in by the bundles for their hair and makeup to be done, and this can be amazing timing for hyping up your business quickly by doing a good job and getting recommendations. But if you would prefer to wait, take it slow, and smooth down the rough edges before you jump into heavy working days, perhaps choose a time to open that isn’t quite as hectic. Timing your opening days alongside the holidays can make a big impact on your first few weeks of business, and even if you prefer to start during a slower period, those holidays will be around sooner than you know.
What Is The Competition Like?
The timing around your competing businesses can make or break, so check around the local area and see what businesses you will have direct competition with. What days are they open? What days are they closed? What are their business hours? Ask around the neighborhood and get an idea of the kind of service they provide and how well their business is doing. You also want to ensure that no other areas around your local area will be opening a similar business, as that can take away from profit and may indicate that it is not quite the ideal time to open (unless you are willing to compete).
Is A Franchise Right For You?
This is an important thing to consider as well- because franchising is not for everyone. There are some factors you will need to be okay with, or even be aspiring to achieve, to be comfortable with investing in a franchise. For example, you need to be okay with following the system in place to help you succeed. You should also have some experience in management and sales ideally, as this is a big portion of the job. Do you understand in full how the franchise you are looking into operates? And most importantly- affordability is a huge factor. Make sure you are financially comfortable enough that you will not be struggling after your initial investment. Remember we all want you to succeed, and that can be difficult if you find yourself stressed over finances before it begins.
Overall the exact time that is best to open up a new franchise is up to what your goals are, where you stand, and where your priorities lie with your business. So choose the time that is right for you and your area!
If you are looking to open a new Cherry Dry Bar Franchise soon, Contact Us and a representative will be in contact with you. If you would like to see the minimum requirements to open a franchise with us, or if you have any other questions, you can visit our FAQ page for a quick answer.