If you’re fed up with the corporate rank and file, but don’t relish the thought of starting a business from scratch, owning a franchise might be just the thing. You get both the freedom to be your own boss and the parental support of the franchise company when you need it. Still, even a turnkey operation with a recognized brand doesn’t guarantee success. Considering the hefty investment you’ll be making to own your first franchise, you’ll want to better your odds by playing it smart. We checked in with three successful franchisees to get their advice on what to think about before, during, and after you put your money down. 

Choose a business you love. Given how many hours you’ll spend there—at least initially—you need to really love going to work, says Gina Ramsden, 30-year-old owner of a My Gym in West Orange, New Jersey. Ramsden had been employed as a teacher at a Connecticut My Gym for two years before she and her fiancé, Ed Simmons, decided to open their own. “We both felt like this was our calling,” says Ramsden. When she and Simmons visited the corporate office in Los Angeles for discovery, they were impressed with the franchise success rate and the support offered by the front office. “It was also just the energy of the company—everyone believes in the concept and loves their job and that was all very evident.”

Get some help narrowing it down. If you’re not sure which franchise is right for you, consider working with a franchise consultant, says Mary Anne Grant, owner of a Molly Maid franchise in Berlin, Connecticut. Grant knew she wanted to make the leap from life insurance executive to franchise owner, but her 70-hour workweeks didn’t leave much time for research. She sought the help of FranChoice, a consultancy in Eden Prairie, Minnesota, which came up with several possibilities based on her personal and financial goals. “I was thinking more retail oriented places—Dunkin’ Donuts, McDonalds,” says Grant. But her consultant reminded her that she wanted to spend more time with her family, something a seven-day-a-week retail business would not afford. Grant initially balked at the idea of running a residential cleaning company, but she soon fell in love with the support system she saw in Molly Maid’s franchise network. “They share tons of information, are always willing to help 24/7. The camaraderie and sense of support that I got—it was just overwhelming.”

Don’t skimp on due diligence. When Grant was narrowing down her choices, she pored over the Uniform Franchise Offering Circulars, or UFOCs, of four different companies before choosing Molly Maid. “The UFOC tells you everything about the company,” she says, noting that franchisees should pay special attention to the financial health of the corporate entity as well as the information about owners and their tenures in the business. She then called not only current franchisees, but those who had recently left to find out why. The UFOC also tells you what you can expect in the way of support from the franchisor, which is absolutely critical for a new business owner, says Grant. She was immediately impressed with the quality and quantity of employment materials she received from Molly Maid, for example, including applications, interview questionnaires, manuals, and employee handbooks. “To have that support and not have to recreate the wheel every time I want to do something is an incredible help because it’s a big job to start a business.”

Lean on the franchisor for financing. It isn’t easy getting startup capital in the current economic climate, and that’s where a franchisor’s reputation and bank relationships come in handy. In addition to finding an outside investor to help with the $300,000 initial startup capital they needed, Ramsden and Simmons also were able to secure a 12-year SBA loan, thanks to My Gym’s connections. “It wasn’t just us individually applying for that, it was My Gym corporate, so that was a big deal,” says Ramsden. “We had never applied for that kind of money before. But they had a track record. The name definitely helped.” Many franchisors have preferred lender programs with specific banks that can speed up the process for newcomers.

Use other franchisees as a resource. When you buy into a franchise, you get more than the rights to your new territory; you gain a built-in network of experienced peers who can offer insight on everything from location choice to marketing technique. When Grant was researching her location, she sought advice from other franchisees to find out why they chose their space. And Donna Wittke, owner of a Contours Express franchise in Lombard, Illinois, prizes the weekly conference calls the main office holds for franchisees to share innovations on marketing, promotions, and fundraisers.

Save money on the nonessentials. After Wittke purchased her new Contours location, she immediately began shopping on web sites like Craig’s list to find bargains on office equipment, including her desk and the fitness center's stereo equipment. “Basically, anything I didn’t have to have brand new,” she says. “So I spent more of my dollars on my equipment.” Unlike some franchisors that require strict uniformity, Contours allows franchisees to enhance the business by adding on to the main circuit program with other fitness equipment, saunas, nutrition classes. Wittke’s smart lightly used purchases afforded her more cash to spend on those extras. She also allocated more funds to hiring, making sure she had two staff members present at all times to deliver more personalized client attention.

Start selling before you open. The My Gym franchise requires its franchisees to get more than 1,000 names and addresses before starting up, so Ramsden and Simmons had an incentive to start pounding the pavement months before they opened. They talked to a franchisee nearby about which publications were popular with parents and placed ads. Then, to drum up a following, they put out flyers in local ice cream parlors, pizza places, and other kid-friendly retail spots. “Approaching people at parks was the most difficult thing for us,” says Ramsden. But the legwork paid off. “Before we opened our doors, we already had 200 children enrolled in the classes.”

Reach out to the community. “Word of mouth is a huge factor,” Wittke points out. “Years ago, people thought that if you build it, people will come. It’s not that way—you have to go out and reach out to people in the community in order to be successful.” In addition to regularly advertising in the local media, Wittke is active in the community, holding fitness lectures at local senior centers, sponsoring local 5K runs, and donating items for silent auctions. “We try to be very, very active,” she says. And creative as well; Wittke continually brainstorms unique activities to build her brand. Coming up in September: an all-inclusive getaway weekend at a fitness spa. “We’ve already secured 80 percent of the facility,” she says. “You have to keep it fresh and exciting so they’re always wondering what’s next.”

Treat employees like family. Real talent is hard to find in any market, and excessive turnover can cause even the best business to stumble, so when you find great staff, be good to them. “There isn’t a day that goes by that I don’t thank my employees,” says Wittke, who takes the staff out for lunch and dinner, and buys gifts for them when she goes on vacation. She also tries to be flexible with their schedules. “I try to be the best boss because I know how it can be to have a lousy boss. I had one for 14 years.”

Learn to let go. It is your baby, but you can’t do it all yourself. And if you could, you’d be working nights and weekends and before long, the corporate grind might actually start to sound good again. Ramsden admits she had a hard time taking a step back once she was fully staffed. “We were surprised by how hard it was to let go and allow our staff to kind of shine,” she says, adding that she and Simmons did not take a day off together for the first nine months. Now they work five days instead of seven. “And I feel like I’m overseeing more, and my staff is teaching most of the time. That is really hard for me—but it’s good.”