Some businesses thrive, while others fall by the wayside – it’s just the way it is and franchises are no different to any other business. Of course, with a franchise the chances of success are much greater and a lot of the reasons for the relative likelihood of success are down to you and less to the outside factors that impact on other businesses. Making the right choices will increase the chances of success – so here are some ways to increase franchise success.
Pick a Business that Suits you
You wouldn’t play and expect to win a card game that you knew nothing about. Knowing about the business you’re getting involved in greatly increases the chances of success.
Find a franchise that works for you, that you’ll be interested in and that you will care for and the rest will do itself – well almost.
Skillsets
Your skillset is important and even though a lot of franchises will help you through and have developed systems that greatly increase the chance of success. That said, having a useful skillset in the first place is a great benefit. If you don’t have the perquisite skills for the job, then take a class on it and get updated on what needs to be known – you’ll thank yourself in time.
It’s a System for a Reason.
Following the system and doing as advised will greatly enhance your chances of success. If you don’t listen to the proven advice and don’t follow the system, you’re throwing away a lot of the advantages you paid for when you bought the franchise. Being a rebel and not doing as advised will increase the risk and you if that’s what you want to do then you should have just ventured out on your own in the first place.
Plan and Plan
Create a business plan you can bring to the bank to get some money. Most franchises will have help for newbies and those who’ve never created a plan before – so ask them for advice if you’re not familiar with creating business plans.
It’s Your Responsibility
The long and short of it is that a franchise is ultimately your responsibility and you need to take control – albeit in a limited manner. Your franchisor will help you out and give you the tools to get started, but without care and love your business won’t grow. This is the freedom that franchises rise and fall on – so use it wisely.
Marketing
A franchise rises and falls on its marketing. If all the franchisees make as much effort to improve the perception of the brand as possible, they all in turn benefit from it. A franchise that’s seen in a positive light will impact positively on all franchisees and vice versa, so focus on creating a positive perception – it’s good for you, it’s good for co-franchisers and it’s good for the brand.
Think Long Term
If you’ve bought into a new franchise, you’ll find that there are often issues with new franchises. This scenario is often where people make the most of their franchise or don’t.
One problem a lot of franchisees get themselves into is that they are very (often too) vocal about issues, though not to the franchise.
It’s well known that when franchisees meet with each other, talk amongst themselves about issues and overlook benefits and focus on negatives. Show the franchise respect, especially if it’s green, and in the long term you place yourself in a better position. If there are issues, address them officially and don’t play political games. In the long run it helps you and the franchise and when that new franchise opportunity in an enviable location comes up, you’ll be far more likely to get it than the others who spent their time groaning.
In conclusion, franchising is a great way to work for yourself in a proven, successful business and these tips will help you make the most of it and avoid a lot of the first time franchisor mistakes. More franchise advice is available from the Tubz franchise blog.
