If you are thinking about operating as a franchisee you may be wondering what it takes to be successful. Of course, it's every franchisee's dream to operate a successful franchise, and it takes a ton of committed effort to be successful. So before opening a franchised restaurant, store or similar entity, consider following these tips for ensuring your success as a franchisee:
1. Choose Your Franchisor Carefully
Running a franchise takes more than just investing the money and opening the doors, you'll have to choose an established franchisor who already has a proven track record and a solid brand reputation if you really want the operation to be an almost guaranteed success. Choosing a franchise takes time and should not be something you jump right into.
Another point to consider: signing up with a inexperienced franchiser. It's not that uncommon for entrepreneurs to try and capitalize on what they believe is a great idea -- long before they are sure their concept works in a variety of markets and economic environments. Franchisers with only a handful of their own stores may need more time to ripen their concept.
Consider the history of the brand, the cost to invest in the franchise, the present stability of the franchise and also the market where you plan to open before making a final decision. You may also want to talk to existing franchisees and see what their experience has been. And, most important, what type of support systems are offered by the franchisor.
2. Promote, Promote, Promote
There's no better way to grow your business than to promote it once you've started. Even a successful franchise must have some type of promotion. Don't be afraid to market your business locally and to openly address your passion for the growth of the franchise once you open. Promotion, either through local advertising, word of mouth, online advertising, coupons or any other means can really help to build a successful franchise. Be sure to check with the franchisor for available marketing collateral, best practices, and more. And stick with their marketing messaging.
3. Setting & Achieving Goals
Goals are vital to the success of a franchise. Establishing a set of realistic goals will be one of the first steps as well as an ongoing step that you should take to ensure the success of a franchise. Goals may include everything from managing cash in a more succinct manner, cutting costs, improving time management, and overcoming weaknesses to improving team productivity or reaching sales goals. Franchise support systems can sometimes provide insights into goal setting and best practices.
4. Stick to the System
In the immortal words of Sport Clips CEO, Gordon Logan, "Stick to the system." This is great advice for franchisees... stick to the system that has been proven by the franchisor. Keep in line with sales practices, operation processes, and marketing collateral and you will be on your way to success. It's usually when franchisees start to tinker with the formula that sales and productivity can start to slip because of unseen/unknown consequences.
5. Pick an Industry and Business You Like
Successful franchises are fun! The single best thing you can do when you operate a franchise is to make the entire process of owning and operating the franchise a fun event. You will have to work hard and you will be required to spend time there, so why not enjoy what you do and have fun while you do it? Even in tough times, successful franchise owners find a way to make the work that they do rewarding and fun. So be sure you pick the right industry and business.