Just because you choose a good franchise business opportunity does not automatically means you will be able to succeed in the new business. After all, franchising offers no guarantees.
Bearing that in mind, below are five things you can do to raise your success chances as a franchise owner.
5 Tips for Franchise Success
1. Stick to the Rules
Rules are what make the franchise business model so successful. It’s what helps ensure consistency and uniformity in the business. It’s why the Big Mac you ate in Newark while visiting an old-time friend has the same taste as the one you had at your local McDonald’s two months prior. It’s the reason why all their outlets looked similar. It’s the reason why the workers put on the same uniforms. Imagine what it would be like if all owners of McDonald’s franchises ran their businesses how they liked.
Franchise rules include sticking to the processes established by the franchisor. Sticking to the franchise operations completely. Sticking to the marketing strategy. Sticking to the directions.
2. Take Advantage of the Technology
Nowadays, franchisors are able to provide great technology to franchise owners. Having access to good technology can give franchisees a competitive edge over their local sole business competitors who might not be able to pay for such technology or even know that it exists. You may want to check out this SBA article on the topic of franchise technology to know the kinds of technology available to franchisees today.
3. Keep an Eye on Your Numbers
If you don’t have a keen eye for detail, it may be hard for you to monitor your numbers. But make sure that you do.
Managing costs is one of the most crucial tasks you are going to have as a franchisee. A percentage point gained or lost can make a big difference in your revenue at the end of the year. Read this article from business plan expert Tim Berry to learn how to watch key indicators.
4. Make Friends with Other Franchisees
As a franchise owner, you’re never alone.
Apart from franchise headquarters that you can contact when you need assistance, there’s also a large group of other franchisees you can reach out to when necessary.
Suggestion: Choose two franchisees you contacted (and connect well with) while researching the franchise, and store their numbers on your phone. Reach out to them before calling the franchise corporate office when you have an issue you are unable to resolve. They may be able to help you out or refer you to another owner who can. Let them know you also got their back. A true friendship is a two-way street.
5. Get Involved
Lastly, you have to be active in your business’s local community.
As a franchisee, you are a local SME owner. Your business taxes help keep things running well in the local community. Be a proud member of the local community. You get involved by:
- Buying a booth at community events
- Bankrolling a small league team in the area
- Purchasing ad banners at high school soccer games
- Being an active member of the local Chamber of Commerce
- Organizing charity events at your business place
If you have not been getting involved in your local community, you have to start now. You will also have a lot of fun while at it. We promise.
We know how much you want to succeed in your franchise business, and we are sure the tips above we raise your chance of success as a franchise owner
