10 Key Points to a Successful Franchise

10 Key Points to Franchise Success

There are various factors influencing Franchise success, and many are determined by the Franchisee.

What is the key to Franchise success? Read 10 helpful tips on becoming a successful Franchise Business owner. 

Choose the right business for you

Match your business to your skills and likes. Ask yourself, “What is it, I like to do and enjoy?” There will be a business opportunity in that field.

Improve your business skills

While Franchisors will teach you their system and help you build a successful outlet, you certainly need to have business acumen.

Follow the system

One of the reasons you chose a particular Franchise, is because it’s successful. In order to succeed, you have to learn that system. Learn everything the Franchisor can teach you.

Have a business plan

When you buy a Franchise, you will be given a Business Blue Print. However, don’t forget to work out your own business plan. This plan can be as simple, as defining business goals, a marketing plan for your area or working out financial projection for the next year. Maybe you even want to develop a long term expansion plan. Once you have the plan follow it, measure your performance against it and if necessary take corrective action.

Be a Teamplayer

As a Franchisee you are not alone in your chosen business. You have the support of a network of people in the same business, all working towards the same goals than yours – Franchise success. Network with them, exchange ideas, work with best practises and find out and share what works. This is one of the major advantages of owning a Franchise, you don’t have to find out what does not work the hard way, you can concentrate on what works, get advise and support from people who are running successful businesses.

Take control

Part of the appeal of a franchise system, is the support a Franchisor can provide. However, the ultimate success or failure of your franchise lies with you.  Your franchisor is going to train you, but you will be on your own to run the day-to-day operations. Make sure you are in control and manage your business well.

Marketing, Marketing, Marketing

As a Franchisee, it is your job to grow the brand and run a successful Franchise outlet. It is important to have a good marketing plan for your area. Without marketing your business will grow to slowly and not all marketing activities will come from the Franchisor. The Franchisor will rely on you, to identify marketing opportunities in your area.

If you cannot sell, hire someone who can

Sales are an inevitable part of almost any business. If you don’t feel comfortable handling this task, you need to find someone who will.

Avoid credit cards

The high rates on this expensive form of credit can slowly eat always your profit and cause you stress. Make sure you have plenty of cash.

Know your industry

Once your Franchise is running, learn as much as you can about your new industry.  Every sector has associations and forums, where business owners share and gather ideas. Don’t only interact with fellow Franchisees or the Franchisor, but also with other Industry Players. This will be help you gaining better insight and knowledge of trends and best practises.

 

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