The Cheat-sheet On Successful Franchising
So you want to open your own dental franchise. You have some knowledge about the dental world, have spent some time working for a corporation, and you might have held management or executive positions within a company. You want to be your own boss, but you’re smart enough to know that to own a franchise, there’s an entire world of the necessary information you might not be privy to yet, and you need to learn more.
We’re here to help! Here are a few secrets you’ll need to get started.
Pick a Dental Franchise
The first step to starting a successful business is believing you can. So take a hard look in the mirror and ask if your skills and strengths can translate into practice ownership. That said, if you have a mind for business, you’re on the right track with a franchise like FLOSS Dental™, a leading dental care provider.
While FLOSS™ is in the dental business, MBA experience isn’t necessary. FLOSS™ looks for franchisees that have some business management and sales skills.
Other key things to consider while choosing: if there is demand for your service (which we’ll cover shortly) and what the competitive landscape is like.
Spoiler: the practice ownership business is booming, so there will be competition, but that’s not always detrimental. Can your business outperform its competitors under your leadership? You wouldn’t be reading this if you didn’t think it could. Having a dental care pioneer by your side throughout the entire franchising process can really help.
Read the Franchise Disclosure Agreement
Once you start the franchising process with us, we are legally required to send you our FDD 14 days before you have to sign any paperwork. Take time to read it.
It tells you everything about the franchise, from what litigations the company has had to how much money our franchisees make and how long it took individual franchises to start seeing a profit.
It also generally tells you what types of resources you’ll have access to, which can vary from on-site assistance to intensive training to marketing funds. At FLOSS™, those resources are extensive, and they’re laid out in detail in the FDD.
Decide How Quickly You’ll Make Money
This determines your business strategy in both the short and long term and the type of franchise in which you’re looking to invest.
Franchise Gator has a good breakdown of some of those variable factors, like debt financing versus equity.
Of course, one of your deciding factors will be how much money you make. It goes without saying that your profit will always depend on the work you put into the business. Your location will factor into this amount so to get a better estimate, do your research, and review the FDD to get more of an idea how much you could potentially make by opening a FLOSS Dental™.
Learn more about the FLOSS Dental™ franchise opportunity today! Call us at 888-998-2860!