Like any other business, reaching franchise success takes hard work, determination, and talent. It requires that you educate yourself on the numerous mistakes many franchisees have made in the past, so you don’t repeat them. It also requires things like adopting the right working habits, having the right attitude with the people surrounding you, setting up the right team, making the correct financial decisions, etc. The list of skills you will need to reach success can get overwhelming, but don’t stress out. I’ve compiled a list of the top five key factors you will undoubtedly need if you want to become a successful franchisee.
The Desire to Learn
The first step towards franchise success is truly understanding your franchise inside and out. While one of the huge benefits of buying into a franchise is the fact that you are handed a proven business model (meaning you don’t have to build one from the ground up), you still have to take the time to master the systems in place. You need to thoroughly understand your franchise agreement, all aspects of day-to-day operations, and how to enhance business while preserving the brand and your investment. The more ready you are to learn, the better able you will be to make your franchise as successful as possible.
Understanding your franchise will be an ongoing process. Agreements may be amended, managing positions may change, etc. One of the best way to stay current is to cultivate and preserve all communication with your franchisor. You should also communicate with your fellow franchisees because at the end of they day you are all representing the same brand and can learn a lot from one another.
Strong Work Ethic
When you’re part of a franchise, you’re selling the same products/services as every other franchise, so what’s going to make you stand out? Your work ethic.
Demonstrate your ability to get things done while minimizing costs and maximizing sales at your location. The hard work you put into getting your individual location off the ground will pay off for years to come.
Never assume that just because you are a franchisee of an established brand that money will come easy. You’re a business owner which means you’re responsible for not only yourself but your employees success. A little bit of your heart and soul should be invested in the business. Implement a solid work ethic that will naturally push the business and those around you forward.
As a franchisee, a major part of your job is to be on top of the finances. But before you even become an owner, you should take the time to analyze every aspect of what your initial investment will require.
Calculate how much you can realistically invest and how much you are willing to risk. Don’t let emotions and excitement get in the way. This has to be a completely rational decision. If you aren’t able to provide enough working capital to stay open, you might as well flush your money down the toilet right now. And don’t forget to consult your attorney and financial advisor before committing to anything.
As the company gets up and running, you’ll need approach your financials with the same stark objectivity. The the better grasp you have of your bank account and the actual cost of running your business, the better business decisions you will be able to make down the line.
A Solid Team
You might be the greatest business person in the world, but you’re also human which means you can’t do everything by yourself. In order to take your franchise to the next level, you will need the right team.
Don’t rush through this process. Recruit the best candidates, engage with them on a personal level, and make them feel valued. Keep in mind that these people can leave any time they want, so it’s important to be a good boss. As you build your team, you also will have to sustain and continuously engage them. Don’t allow employees to get stuck doing boring work, be fair, challenge them (in a healthy and acceptable manner, of course), and provide salary increases for a job well done, etc.
And remember, just because you’ve hired a great team doesn’t mean they won’t need franchising training. Take the time to train and develop your employees. With the right attention, they will not only get better at their jobs, but they will feel important to the business.
The Right Attitude
As a franchise owner, your team will ultimately look to you as their prime example. If you have a negative attitude, don’t be surprised if your employees catch it. And worse, don’t be surprised if that negative attitude eventually destroys your business.
Make it a conscious effort to adopt the right attitude both in and out of the office. While you’re in the office, be enthusiastic about business and your employees progress. Enthusiasm is contagious, and yours will make your employees excited to put in the work.
You’ll also want to implement the right attitude when you’re providing customer service. Letting your customers know they come first will be invaluable for your franchise to succeed.
Lastly, take time for yourself and your family. Spending quality time with the people you love will revitalize you. You will come back more determined and with a more positive outlook, hence continue to push your franchise business forward.
There you have it: five key factors that will guide you to franchise success. Keep in mind that a lot of this will depend on your commitment and mentality towards the business. If you truly want to see it flourish, you will find it in you to achieve your goals.