Learn more about the steps we are taking against the Coronavirus.

blog

Owning a Franchise: What to Expect When You Buy Into a Franchise

Owning a franchise is a life-changing event, giving you control over your future and putting you in charge of a tried-and-true business model. However, you may be curious as to what to expect after you do finally make the jump into the franchise industry. We’ve got the scoop on what happens next once you buy into a franchise.

SITE SELECTION

Arguably one of the most important steps when owning a franchise is determining where to put your business. Your franchisor should have assessment tools to help you find the best location to open your franchise. The site you choose should be easily accessible from any busy or main street you’re on, have plenty of space for parking, and shouldn’t be so large that it can hurt your profit margins.

When you own a franchise through a reputable brand, the franchisor will have the experience and tools to help you pick a location that’s best suited for their business model.

ONBOARDING AND TRAINING

All franchisors have some kind of onboarding and training process for their new investors to complete before opening their location. Many franchisors will ask that franchisees come to their headquarters to complete initial classroom training. Here you’ll learn more about the business model, how to manage a team, and how to run and market your business.

Depending on the type of franchise you buy into, you may also have in-store training. This allows you hands-on experience working the business. For example, at Uni K Wax, all of our owners’ staff are trained on our special waxing technique, which is designed to provide the most comfort to our customers. All Uni K waxers attend Uni K University where they are taught to deliver consistent, exceptional results every time. The training portion is vital for any franchise, as it ensures continuous quality service.

MARKETING AND RECRUITMENT

All businesses need marketing. If people don’t know who you are, how can they take advantage of the services you offer? However, when you own a franchise, you do get a leg up in this area. At the corporate level, a reputable franchise will make ongoing efforts to build brand awareness across the regions your franchise occupies. Plus, with other franchise locations around the country, your business has stronger name recognition by association.

That said, it’s still important to advertise your business prior to opening so people can get excited about your new business. A strong franchisor will have a team dedicated to helping you get a marketing plan in place, equipped with multiple advertising media.

You’ll also need to recruit staff to work for you. Again, with a nationally recognized name above your door, finding employees may be a bit less challenging because people know your brand. Your franchisor can tell you the type of person you need – including experience level – working within your business.

GRAND OPENING & BEYOND

It’s time to open your business and invite people in. You’ll definitely want to make a splash. Decorate your location, have clear signage so people know you’re open, even have refreshments for people to enjoy when they stop in. Make sure you and your team greet customers with smiles and answer any questions they may have about your product or services. If applicable, try to get guests scheduled to come back for a service, and maybe even offer a discount.

While your franchisor while gladly walk you through the initial steps of getting your business off the ground, know that a reputable brand won’t abandon you after opening. When you own a franchise, you have a committed team of industry experts who are always available to help you should a situation arise at your location. At the end of the day, you are the owner of your location and are therefore responsible for its success. However, that doesn’t mean you won’t get guidance from your franchisor. Part of owning a franchise is paying ongoing royalty and ad fees – these ensure you are continuously supported by the franchise for the life of your agreement.

OWN A FRANCHISE WITH UNI K WAX

Founded in 1993, Uni K Wax has been revolutionizing the waxing industry. While waxing was originally thought of as a back-of-salon, add-on service, our brand has taken waxing and made it the main event of our locations. Our proprietary, elastic wax blend is mixed fresh for every appointment – ensuring only the most quality and hygienic experience for our customers. Plus, our all-natural wax can be applied at body temperature, allowing for a more comfortable appointment.

Startup costs to open a Uni K Wax location range between $329,050 and $603,875, making our franchise model an affordable investment within the beauty industry – and a great opportunity for entrepreneurs interested in multi-unit franchising. We require candidates to have a net worth of $300,000 and at least $70,000 in liquid capital.

We have franchise locations up and down the East Coast and in Texas, and now we’re expanding further across the country. To learn more about our franchise opportunity and whether there’s territory availability near you, request more info, and one of our representatives will be in touch.