The inside scoop: what's it really like to buy a franchise? One entrepreneur dishes up all the details of her journey to open a Cold Stone Creamery

Entrepreneur, Jan, 2005 by Nichole L. Torres

Profitable, yes. Fun, yes. Stressful, absolutely, but from Gina Frerich's perspective, franchising was the right way to go. She reveled in the training, got serious about the building, inspired her crew to greatness, and turned what could have been an opening-day disaster into a rousing success. Her advice to other potential franchisees of any concept? "You have to get in there and dig in. Be passionate about it, learning everything you can every step of the way," she says. "Don't settle for anything other than being the best, because it's that drive and determination that keeps you going when you're looking at yourself in the mirror wondering why you even got into this in the first place."

ONE STEP AT A TIME

NEED SOME GUIDANCE BEFORE GOING DOWN THE FRANCHISE PATH? START ON THE RIGHT FOOT WITH THESE EXPERT TIPS.

Michael H. Seid offers aspiring entrepreneurs advice for each stage of the franchising process:

* CHOOSING FRANCHISING: Your entire life will change. Make sure that you like the business and would be proud to own that type of business--and that your family supports you. Finally, says Seid, "Be certain your economic expectations are realistic."

* SIGNING THE FRANCHISE AGREEMENT: Get a lawyer who specializes in franchising as your advisor. Read the franchise agreement from front to back--note the boilerplate, which will be important in the event of a dispute. Says Seid, "Be prepared to walk away from the franchise if the agreement does not meet your needs or reflect the salesperson's promises."

* TRAINING AND DEVELOPMENT: "Don't be passive during training. Ask questions," says Seid. "You are paying for information that enables you to open, manage and operate the franchise. If you don't fully understand anything, ask the franchisor if you can extend your training."

* THE FINAL STRETCH: Find time to relax a bit, as it will probably be a long while until your next free day. "While it may seem like an inopportune time, [a break] will release some of the built-up stress, allow you to focus on the future, and feel good about yourself and what you will be accomplishing," says Seid.

* GRAND OPENING: Disasters always happen, so during development, make friends within your local franchise community. "The joy of a great franchise system is that the other franchisees are not just neighbors, they're family, and they will usually do whatever it takes for you to succeed. That includes loaning you replacements for the three staff that did not show up. Rely on the franchise system, not just the franchisor."

* THE NEXT STEP: Get all the information you can from the franchisor, your lender and other multiunit franchisees before you make your decision to grow. "Running two locations is no harder than running one location. Running three locations is harder than running 50. Ask anyone who has been through the growth cycle about the pain of growing from two to three," says Seid. Get a business advisor, franchise consultant or franchise lawyer, and make sure you have a management team in place that can help you grow.