Even though investing in a bakery franchise may be less of a risk than trying to start your own bakery business, it requires just as much hard work. Franchises are not money printing machines—they are businesses that need to be run by skilled, smart, and experienced individuals who are willing to put in the time and effort that it takes to grow a business. So before you think about investing in a bakery franchise, consider the following things that you will need:
To be an effective franchisee, you need to be system-oriented. It’s going to be difficult to establish your franchise if you try to “wing it.” You should be adept at working within a system. Franchises typically have very structured systems in place to put their franchisees in the best position to thrive. If you have problems working within a system, you’re going to find it difficult to run a franchise.
As the owner of a bakery franchise, you are going to be responsible for hiring the right employees. Hiring the wrong people can tank any business that’s just starting out. The last thing you want is a bad reputation because of poor customer service or poor-quality work. You need to be a good judge of character so that you can pick your employees intelligently.
If you’re not one to be the first to arrive and the last to leave, running a franchise might not be for you. There’s a lot of work involved in the first few years of running a franchise. You can’t be a hands-off owner. Hands-off owners hire managers to run everything for them. This is simply too risky—if you really want your franchise to do well, then you’re going to have to be actively involved in the day-to-day operations, from the bottom up. When it comes down to it, you need to be willing to work hard.
Your franchise is going to take up a large chunk of your time. If your plate is already full with other things happening in your life, you may want to put off becoming a franchise owner until you have the time available to make your franchise a priority.
Your patience is going to be tried—nothing goes perfectly. But if you’re one to lose your cool in the face of adversity, then you’re going to find yourself in a heap of trouble. First, you need to be patient in establishing your franchise location and growing your customer base—you won’t be making millions overnight. Second, bakeries are retail-oriented, which means that you need to know how to deal with customers and employees, both of which will require patience.
You can’t go into a franchise thinking that your franchisor will provide you with everything you need to know, although they will provide a lot of support from the get-go. You don’t necessarily need to have owned a business in the past, but you should have managerial experience of some kind. Otherwise, you’re quickly going to get overwhelmed by all the responsibilities involved with running a franchise bakery.
Obviously, you’ll need to have the money required to buy a cookie franchise and the credit and financial stability to secure the proper financing. However, having the money won’t matter if you don’t have these traits. For information about our franchising opportunities, contact us at Great American Cookies today.