One of the first steps a new franchise owner needs to take - that they may not be familiar with - is hiring and training employees to manage and work at the new business opportunity, according to the site.
Another part of the process is getting the actual physical location of the business ready for opening day. The business will have to be decorated according to the company's specifications. The site notes that many franchises send someone from the company to assist in the early days of the business to help answering any questions.
The site says that new owners need to be prepared for these steps to both take longer and cost more than they initially anticipate.
The franchise representative can also help in planning a long-term marketing strategy. TheStreet.com says that one of the most common mistakes by small business owners is using all of their marketing budget as the company opens - leaving nothing to help advertise the company later on.
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