How Can I Become a VaporFi Franchise Owner?
what is ‘franchising’?
Before you dig deeper into a vape franchise opportunity, let’s revisit the basics of franchising.
Franchising is simply a way for a business to expand it’s outlets as well as distribute their products and services via a franchise agreement. The franchisor (a company or individual that gives permission to a third party the right to operate a business under the franchisor’s trademarks) specifies what products and/or services can be offered by the franchisee (a company or individual who is awarded the use of the Franchisors trademarks and trade name) in addition the Franchisor will also provide the Franchisee with a business model, training, brand and operational support in exchange for a fee (royalty). In some cases the Franchisor may also offer assistance in site selection, marketing strategies and business best practices.
Franchising provides entrepreneurs an affordable opportunity to be in business for themselves but not by themselves, by offering a unique business opportunity that is beneficial to both franchisee and franchisor. While franchising does offer a business opportunity, typically with far less risk, it is not a guarantee of success. A franchisee must apply their entrepreneurial spirit, skills, dedication and talent.
Franchising offers proven systems and support. Before choosing among dozens of vape franchise opportunities, evaluate the support that the franchisor offers. Will the support offered assist you in achieving your personal and professional goals?
As an entrepreneur you will have to decide if the franchise system is for you. While franchising offers a great business opportunity, you are not absolutely independent. As a franchisee, the franchisor will determine what products are offered, the pricing of those products, when new products will be introduced, brand standards and in some cases geographic location. Additionally, in most cases, you will be responsible for an upfront franchise fee, as well as ongoing royalties and advertising fees.
Currently the franchising system provides over 8 million jobs, adds $890 billion to the economy and accounts for 3% of the GDP (Gross Domestic Product) in the U.S. Franchised businesses now account for more than one third of all U.S. retail sales.
keys to franchise success
For an entrepreneur to reach their full potential with a franchising business opportunity there are several keys to operating a successful franchise.
Make sure you are well capitalized
Create a budget that includes what you are willing to invest as well as 12 months of living expenses. The franchising business opportunity, while potentially lucrative is not a get rich quick scheme
Be clear on what your total financial output will be
Make a decision to purchase a franchise only after you have reviewed all of the legal and financial commitments with your attorney and accountant. On top of that, review the restrictions on regulated industries (specifically, those of a vape franchise opportunity).
Don’t reinvent the wheel. Following the franchise system will preserve the brand and protect the investment of yourself and other franchisees
people work for people
Your employees are your front line. Typically it is the employees that deal with customers on a daily basis.
Finding good help can be a daunting task. The more time and effort you put in on the front end to find good people will benefit you in the long run. Remember this is a long term business opportunity. Once you find good people you want to keep them.
Treat your employees fairly
Respect your employees
Provide feedback on the thing they are doing well as well as areas of improvement
Establish a schedule with your staff
Be willing to listen to their input. Some of the best ideas will come from your staff
train, train, train.
You should allot time for on-going training (The NFL trains for 5 days to play 1 game a week)
Use training materials provided by the franchisor (on-line learning, best practices, product and sales training)
If your feel you need additional training, contact your franchisor to get their input
Keep your staff updated on marketing promotions, sales, and new product information
Be sure your staff is capable of and providing outstanding customer service
Share information from the franchisor with your staff. Cascade detailed information as well, not just a brief summary of “how to open a vape shop.”
as a member of the community, be involved
As a small business owner, most of your business will come from the local community
Become a part of the community where your business is located
People like to shop with a business they consider to be local
Network. There are community based groups that you can join as a small business owner. (search for networking organizations in your community)
communication is key
Keep a clear line of communication with the franchisor as well as your fellow franchisees
Participate in training classes, advisory council, and annual conferences
Be an enthusiastic participant in the overall franchise system
Share the newsletters from the franchisor with your staff and keep them involved
Share your ideas with the franchisor (Ronald McDonald was an idea from a franchisee)
the devil is in the details
Plan your time. Getting any business opportunity up and running requires long hours and commitment, especially at the beginning. Be prepared to put in the work
Don’t lose sight of time with friends and family
Manage the process and the optimal results will happen
Be alert to missing inventory
Take action on matters that will increase sales
Plan on working hard every day to optimize your vape franchise opportunity
Do you want to know more about Why VaporFi?
how much do franchisees make?
There are keys to success, in retail franchising, that are true no matter the franchise you choose. Here are a few.
The kind of franchise
is probably one of the biggest variables that impacts earnings. Make sure you’re looking at a business that offers services and products that are in demand
of a franchise
also determines your earnings. It’s important to choose a franchise located in a community that will want what your business is offering. Remember, traffic drives sales and sales keep a franchise healthy and growing.
Your ability to build
strong customer loyalty
contributes to the success of a franchise. Treat your customers like family – and they’ll keep coming back.
what is the best way to research a franchise?
Do your homework and, if possible, talk to other franchisees. The more information you can gather, the better decision you can make. Here are a few helpful resources to jump-start your research. There’s so much more out there – just keep digging. And good luck!
are you ready to