Ten Keys to a Successful Franchise
Making any business reach its full potential takes talent, and ensuring that your customers are always satisfied isn’t that easy. If you’ve selected your franchise well, your franchisor will be able to help you avoid many of the mistakes new independent start-up businesses make. However, they can’t guarantee your success – that’s up to you.
MAKE SURE THAT YOU HAVE ENOUGH MONEY
Before you make your decision to invest in a franchise, make a personal financial plan.
FOLLOW THE SYSTEM
By following the system, you preserve the brand and protect your investment and those of your fellow franchisees – because you’re giving consumers what they expect.
DON’T NEGLECT YOUR LOVED ONES
Starting any business is hard work. When you couple starting a business with franchisor-provided training and the requirement to follow procedures, starting a franchise can take even more work.
You’ll need the support and understanding of your loved ones during the launch of your new business – especially when the pressure places you in a mood that even your mother couldn’t love. Don’t forget to acknowledge their sacrifices.
BE AN ENTHUSIASTIC OPERATOR
It’s a safe bet that the success of any business is linked to the level of enthusiasm the unit management bring to the job.
RECRUIT THE BEST TALENT AND TREAT THEM WITH RESPECT
Good help is hard to find; great help is essential. Even when you are faced with a light labour market, there are ways to attract the best people into your business. Your job is also to keep them there.
TEACH YOUR EMPLOYEES
There’s no point in recruiting the best employees in town if you don’t plan to properly teach them how to do their jobs. The happiest employees are the ones who are provided training so that they can do a good job.
GIVE CUSTOMERS GREAT SERVICE
One of the reasons you invested in your franchise was because it had a system to provide consistent products and services. Following your franchisor’s procedures is a good place to start.
GET INVOLVED WITH THE COMMUNITY
As a local businessperson, you should be as interested in your community as any baby-kissing political candidate. You need to be seen as part of the fabric of your community.
STAY IN TOUCH WITH YOUR FELLOW FRANCHISEES
One of the biggest advantages of joining a franchise is the network of other franchisees in your system. Franchisees, after all, are in the same boat as you are and are ready, willing, and able to give you advice and share ideas.
WATCH THE DETAILS
Success is in the pennies. To run a successful business, you must minimize costs and maximize sales.