If you live in the gem state and are an entrepreneur at heart, there are exciting opportunities to be had! Let’s look at some brilliant tips to help you get started with owning your dream franchise in Idaho.
Is It Important to Educate Yourself About Franchises In Idaho?
Absolutely. Becoming an owner of a franchise opportunity in Idaho is an investment in your future. It will require capital and hard work. However, this process has the potential to be a pivotal decision for your future success. Start by reading everything you can about the steps in buying a franchise.
It’s a great idea to ask professionals for 30 minutes of their time for an informational interview. Talk with franchisees you know and leverage friends and family for more contacts. Most people like the idea of helping another professional and will gladly share their time and expertise with someone who approaches them professionally.Treat an informational interview with the same professionalism as an actual job interview. Politely contact the individual, set up and confirm a time, and come prepared with questions. Stick to the original timeframe. Also, don’t forget to send them a thank you email after the informational interview. Make sure to keep their contact information and consider staying in touch periodically. Sometimes great business mentorships can grow from the seeds planted in a simple conversation.
What Are the Potential Risks and Rewards Of Becoming A Franchisee In Idaho?
Great question! All franchises come with potential risks and rewards. As a new franchisee, you’ll be making a capital investment into your new business as well as plowing many hours of labor and love into your dream job. You’ll want to do your homework to ensure that you choose an industry and location that will succeed. If you’re a native or long-time resident of the gem state, this gives you a leg up in deciding what franchises to consider. Having a knowledge of and presence in the community where you’ll be doing business is a huge advantage.
It’s important to review the franchise agreement fully so you understand all your responsibilities, precisely what the franchisor is offering you, and all timelines involved. This includes the date by which your new business will be up and running, the amount of capital investment required, the length of the franchise (a typical example would be five years with an option to continue), and more. A franchise agreement is a binding legal contract. It gives you both rights and responsibilities and spells out the same for the franchisor. Without specific commitments in writing, it would be unrealistic (and dangerous financially) to move forward with a new franchise. Both the franchisor and the franchisee have a financial stake and need to take steps to ensure their future profitability. Consider consulting an attorney to clarify anything you don’t understand.
What Skills Do You Need to Own a Successful Franchise in Idaho?
Sales and a strong work ethic. Regardless of the exact area where you’ll be doing business as a franchisee, (the options run the gamut from fast-food restaurants to life insurance franchises) you’ll need to have strong sales skills, and expect to work long hours.
Don’t be afraid of venturing into a new area like insurance if you have a great track record as a sales professional in another line of business. Selling is selling. Yes, product knowledge is key, but if you’re willing to roll up your sleeves, hit the books, and learn about your new business (and acquire any required professional licenses), you’ll fare well with excellent sales skills.
The advantage of great sales skills is that you understand the importance of initiating, nurturing, and maintaining a business relationship with your prospects and customers. This will allow you to build a customer base that you can do business with year after year and can cross-sell new products as their needs change. No doubt, if you’re a successful sales professional, you’re also resilient which is invaluable in business.
How Do You Get the Support You Need as a New Franchisee in Idaho?
Be selective in choosing a franchisor. A franchise is a partnership, and you need to know that your business partner will be there for you with the track record of success, startup knowledge, and both initial and ongoing training that you need to make your venture your dream franchise. The best franchisors have a proven method for starting, nurturing, and maintaining great relationships with their franchisees.
Are Insurance Franchises in Idaho a “Recession Proof” Business?
There are no guaranteed “recession-proof” businesses, but everyone needs insurance which gives insurance franchisees an important edge during tough economic times. Unlike discretionary items like travel or restaurants, if you drive a car, you must have (at a minimum) the liability insurance required by your state. In Idaho, this means the following:
- $25,000 per person and $50,000 per accident bodily injury coverage
- $15,000 in property damage liability
In addition to minimum liability insurance, if you have a lien on your car, your creditor will typically require you to carry enough collision insurance to cover the amount of money you still owe on your car note. Many savvy consumers prefer to carry higher liability and collision insurance amounts than are required to protect themselves in the event of an accident that’s their fault.
In addition to required car insurance, products like life insurance, health insurance, and renters insurance give people the financial security and peace of mind they need. Even if they’re in a position of budget-cutting, people will be savvy and keep these “need to haves.” This can provide a base of reliable revenue for your business in both good times and bad.
To learn more about exciting insurance franchise opportunities, visit Freeway Franchise or call us at (877) 822-3024 today!
