If you have taken the time to research franchise opportunities, evaluate the financing, and bring your best skills to the table, you are ready to purchase and open your franchise. It has been hard work, but it’s only the first step to success.
Here’s a path that successful franchise owners have used, and you can follow it too.
Build your Foundation
Successful franchises are built using the tools your franchisor has given you. They have the experience you lack, so make sure you follow each procedure in the operations manual provided to you.
It is important to note that every franchise has rules and regulations that must be followed to meet your agreement. Your franchise agreement is a contract, which means you have a responsibility to follow the rules. Depending on the franchise, these rules and regulations may keep you in compliance with the law as well.
Accept the Help your Franchisor offers
During set-up of your operation, your franchisor or their field reps will make suggestions. Take their advice which is based on other franchisee’s experiences. Their expertise is part of the package you are purchasing, so allow them to coach you to create a successful franchise.
Another part of the package for success includes knowing and using the latest technology, all specifically designed for your franchise. Do not make the mistake of refusing to keep up with the technology. If you do not feel comfortable using the latest technology, ask for help from the franchisor or hire someone who has that skill.
The final part of the franchisor’s tools is their marketing plans. The best product in the world will not create a successful franchise if customers cannot find the business. Use the marketing platforms your field reps suggest.
While it is good to insert your own marketing expertise, your knowledge should only supplement the marketing your franchisor recommends.
Know your Numbers and Share your Experiences
Now that you are open and marketing your business, you need to understand what works and what doesn’t. You need to be able to track advertising, sales, traffic flow, purchases, and expenses of your franchise. You should be able to analyze where you have room for improvement, and what is giving you the most success.
You should also form long-term relationships with other franchise owners. They may have experience in areas you are just starting. Furthermore, it is good for the brand if all franchise locations work together to become profitable and well known.
Time to Shine
Don’t get so bogged down in the operation of your franchise that you cannot get out and actively participate in your community. Ultimately, the community will be the source of your business success.
Create opportunities for the types of events, sales, etc. that work best in your area. Always be networking in your community. Every connection you make can be another step toward success for your franchise.
Remember, you are on display to your current and future customers, both inside and outside your business. Be active in the schools, clubs, and events held in your community. Always make a positive impression.
A successful franchise is created by following a formula. Follow the formula used by successful franchisees, and you will share their positive outcome.