Do you spend time thinking about being somewhere else – perhaps on a cruise ship or at a luxury resort overlooking white beaches and palm trees? Or maybe you are in a hurry every morning, trying not to spill your coffee and wishing you didn’t have to go so far to get to work? Have you been working hard and saving up your earnings so one day you can invest in your dream business and finally be your own boss?
With Dream Vacations, you can become an independent franchise owner with your own business, but still have all the benefits and support of a well-established and respected company behind you. And to help you, we’ve created this expert guide that tells you everything you need to know about how to start your own franchise business.
How Does Owning Your Own Franchise Work?
Owning your own franchise allows you to operate your own business under the name of another by purchasing a license from a franchisor. With a small initial franchise fee, you’ll receive things like your website and technology tools, as well as any training you may need. After that, you’ll only have to pay for insurance and ongoing royalty fees, typically a percentage of your gross income.
In return, the franchisor will also help you find a location and provide ongoing support through marketing, a website, or even scheduled workshops you can attend. Plus, the franchisor support team will only be a phone call away any time you need advice or just moral support!
What Kind of Franchise Should I Start?
If you have an entrepreneurial spirit to be in business for yourself, but not by yourself as a franchise owner, the first step is to choose what kind of franchise you want to run. Ask questions like, “How much do I want to work?”, “Where do I want to be based?” and “What are the most affordable franchises to invest in?” These will help you decide which type of the following franchise options is the right one for you:
What Are Some Advantages to Owning Your Own Franchise?
- You’re the Boss By joining a company as a franchise owner, you automatically become a business owner with freedoms and new relationships that would take you much more time if done by your own.
- Flexibility As a franchise owner, you have the freedom and autonomy to run and manage your own business, so you can work wherever and whenever you want!
- Training Generally, franchisor training includes weeks of instruction and assistance to make sure that your franchise location is profitable. You get the knowledge, experience, and industry secrets from the franchisor rather than having to learn through trial and error.
- Financing With a Dream Vacations Franchise, you can get started with just $3,500 down and rely on in house financing options to find an option that meets your needs.
- Discounts and Promotions Dream Vacations provides discounts on travel agency startup costs for U.S. veterans and active-duty spouses, first responders (both active and retired), community heroes, and experienced travel and hospitality professionals. If you’re looking for a franchise opportunity that takes care of its members, this could be the one for you!
- Marketing and Public Relations As part of a franchised corporation, the brand equity is already created. You will have access to marketing professionals that will provide you with key turning programs that will help you with generating leads. Things like TV commercials, promotions and other advertising are covered in the franchisor’s budget, so you can focus on selling.
Are There Any Disadvantages to Owning a Franchise Business?
- Company Rules and Regulations Each franchise business has guidelines which help manage brand cohesiveness. Fortunately, this means you only must match established standards, instead of creating them from scratch.
How to Get Started as a Franchise Business Owner
Once you’ve decided what type of franchise you want to run, you have just a few more steps before you’re ready for your grand opening!
- Choose an Industry When most people think of a franchise, fast food comes to mind, but there are opportunities from crime scene cleaning and automotive services to sports and exercise instruction, and so much more. If you’ve been longing for a career that lets you explore and enjoy the world as part of your job, you should consider becoming a Dream Vacations Franchise owner!
- Do Your Research Be sure to shop around and find a franchise that best fits you, your budget, and your level of investment. Make a shortlist in your chosen industry, then investigate things like the average retention, the amount of training provided and the average expected revenue. Ask lots of detailed questions, and if you are not happy with the level of detail you get, either push for more information or move on. After all, it’s your money, and you want to know what you’re spending it on!
- Reach Out to a Franchise Business Congratulations on having made your life-changing decision! Now it’s time to get in touch with the franchisor and have a look at their Franchise Disclosure Document (FDD). The FDD will outline rules, fees, responsibilities, and the company’s financial and legal history. If you’re inspired with what you see, and comfortable with all the expectations and requirements, the company will invite you to attend a discovery day, where you’ll learn more about the corporate culture, values, and policies. This is also where you’ll start networking and can get all the insider tips on how to start your dream business!
- Sign Your Contract Read and review the contract carefully. This is a legal document that covers in great detail the future of your investment and the legal expectations for everyone involved. At this point, you should also make sure you have the correct funding. If you can’t pay completely out of pocket, consider an SBA loan, traditional bank loan or franchisor financing.
- Complete Your Training Now to the fun part! You can now get started on the training materials from your franchisor, which will teach you everything you need to know about your new business. You can also get started on your marketing and set up operational processes like filing permits and creating reports. Once the training is done, you can start welcoming your new customers!
Insider Tips that Every New Franchise Owner Should Know
Now that you’ve got a new franchise family, you can’t wait to get started and learn everything you can about your new business. It’s time to connect with as many other franchise owners as you can to learn from their successes and mistakes. You should also be prepared to work hard, especially in the initial stages as you set up your business, but at the end of each day you can go to bed knowing you’ve finally achieved your dream!
What Does It Take to Become a Dream Vacations Franchise Owner?
Anyone can take advantage of Dream Vacations’ travel agency franchise opportunities because they provide constant training, guidance, and support. To boost your chances of success even further, it also helps to have some of the following traits:
- Enjoy Structure and Proven Systems Owning a franchise is about avoiding risk and sticking with what works. This is what makes Dream Vacations such a great travel agent business opportunity – all the business structures and materials are already in place to help you succeed.
- Coachability When you own a franchise, you’re working “for yourself, not by yourself.” You’ll never have to feel alone so long as you reach out to others whenever you need a hand. Also, as a Dream Vacations Franchise owner you will be assigned a business development manager that will assist you with your goals and developing a business plan fit for you.
- People Skills Networking is going to be an essential tool for your franchise. This is how you create a faithful client base that trusts you and wants to return to you for every vacation! There are plenty of resources you can turn to for help on how to find and keep clients.
Create Your Dream Job as a Dream Vacations Franchise Business Owner
Owning a travel franchise is a great way to achieve your dream of financial independence, freedom and a chance to travel! Not to mention, you get plenty of support, training and insider knowledge from others who’ve been there before you. If you’ve always wondered about the steps to open a travel agency, an established business like Dream Vacations can teach you everything you need to know. All you need is a small initial investment, a willingness to learn and make sure your passport isn’t out of date!