If you’re new to entrepreneurship or the franchise world, the best place to start is with a reputable and well-built franchise system. We recently spoke with iTAN Franchisee Matt Stracner, who currently owns eight iTAN locations throughout Southern California. He gave us the scoop on his top tips for a first-time franchise owner.
1. What tips would you give to someone looking for the right franchise?
In order to jump start your search for the right franchise, identify individual franchise companies that match your interests. Don’t hesitate to request preliminary information from franchisors or give current franchisees a call to discuss their experience. It’s also a good idea to visit the corporate office of the franchise you’re considering to get a better feel of the business and culture.
In addition, do your research on the franchise’s leadership and make sure their core values align with your beliefs. Once you’ve narrowed down your search, study the FDD (franchise disclosure document) to make an informed decision.
2. What are the top three things to consider before you buy a franchise?
Consider joining a franchise that will be around for years to come. There are many franchise opportunities in business fads. But if you’re interested in building a business or growing one, separating fads from trends is key.
Make sure the franchise belongs in an industry you enjoy. The majority of happy and successful franchisees love what they do because they enjoy the industry they’re in.
3. How much time do you need to invest to be an iTAN franchisee?
Initially, I recommend investing at least 40 hours a week, just like a full-time job, to learn anything and everything about being an iTAN franchisee. Once you’re able to open more than one location, you’ll be able to hire employees to help you run your business. Once your daily operations is streamlined, you can begin to start focusing on growth and less on day-to-day operations.
The more locations you have, the easier it is to run with the support of a trusted and qualified team.
4. What does it take to run a successful franchise location?
We’ve heard it all before: location, location, location! The old saying is true. A successful franchise starts with choosing the right location. Next, hire the right people that can do their job functions well. With the right location and the right people, all you need to do is follow the iTAN plan, and you’ll have a very good chance of being successful.
5. What kind of help does iTAN Franchising, Inc. provide for franchisees?
iTAN Franchising Inc. ensures your franchise has the support it needs, from finding the right location to floor planning and build out. They also provide comprehensive training on how to start and run your salon. iTAN Franchising Inc. has a great corporate staff and a network of helpful franchisees that are available to help you with all your needs.