The Keys to Franchise Success
What does it take to make a franchise successful? While there may not be a magic formula to make everything come together perfectly, there are certain things that can bring a business to its full potential. Avoid some of the common pitfalls that other business owners have made and take advantage of any help that the franchiser provides.
Bring Your Enthusiasm
From the very beginning, it is important to have a great attitude about the opportunity you have been given. Make sure that this excitement shows and that everyone from your customers to your employees can sense how committed you are to the success of your business. When you see employees demonstrating their own enthusiasm, make sure that you both reward and encourage them.
Make Sure You Have Enough Funds
Many people assume that they can get by with the bare minimum of an investment. They don't plan for unexpected expenses and they don't have enough in the bank to provide for their families for up to a year. It is important that you know exactly how much money you need. If there is any question about whether or not you have enough money, take some time to think it over and consider raising more capital.
Follow the Guidelines
It is easy to start out following all of the guidelines that the franchiser sets into place. But after awhile, you may start to feel comfortable and assume that you can make changes or modify the way that things are done. However, be sure that you do not do anything that would compromise your franchise agreement. By sticking with the system, you can help to preserve the brand.
Take Your Recruiting Seriously
Don't assume that just anyone can get the job done when it comes to your business. Choose employees well and treat them right. It is not always easy to find the right people for the job, so when you do find them take good care of them. Take an interest in their day-to-day routines and be fair. Make sure that everyone there is treated with respect and get rid of people that make it a toxic work environment.
Train Your Employees
Once you find the right people, make sure that they are trained correctly. Training should be constant. Never assume that you or your employees have arrived and no longer need education. Take advantage of any training that the franchiser offers, including management and franchisee training.
Take Care of the Customer
If you can follow through with all of these keys to franchise success, none of it will matter if you are not taking care of your customers. Strive to provide stellar customer service to each and every person that you come in contact with. Make sure that your employees are doing the same.
Maintain Your Relationships
It can be easy to get consumed with a new business, but don't forget your family and friends. You may be working long hours, but take the time to hang onto those important relationships. Let your family understand that you appreciate all that they are doing.
If you are ready to take the next step, take some time to look into your preferred franchise and find out more about the commitment it will require.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.