Why do some franchise businesses thrive whilst others end up struggling for success? There is definitely a pattern that we see with both successful and unsuccessful franchisees.
So, we’ve collated some top 10 tips for franchise success, which should help make a huge difference to your franchise business.
1. Choose the right business for you
This is arguably the most important factor when choosing a franchise – choose something that you are passionate about which requires skills that you are good at. You are much more likely to be successful in a franchisee if you enjoy what you’re doing.
2. Follow the business model
Franchises generally have a higher success rate than start-up businesses because of the tried and tested business model. Make sure you follow the system that the franchisor provides for you as it is a proven system that works.
3. Create a business plan
Create a plan for your franchise business and share it with your franchisor so that they can offer handy tips and advice. Setting yourself goals and measuring your success helps you strive to be more successful, and work out how to rectify mistakes.
4. Brush up on your business and selling skills
We would recommend that you gather some basic knowledge on how to run a franchise business. Of course, your franchisor is likely to provide sales and marketing courses and will teach you their business model, but at the end of the day it’s up to you to sell your product or service. If you’re unsure of accounting basics, have rusty sales skills or are not aware of any current market trends then take the time to read up on it.
5. Focus on customer service and satisfaction
A good level of customer service and satisfaction is what will make your local business successful, as word of your franchise business will travel through word of mouth. You should make customer service your number one priority when starting a franchise.
6. Use all the of the tools and support offered by your franchisor
Utilise all the experience and knowledge of your franchisor, that’s what they’re there for! There’s a very high chance that another franchisee has been in a similar situation to you previously, and therefore your franchisor is likely to have a solution.
7. Know your industry
Make sure your read up on the market place and the industry before jumping into a franchise. You need to know that the market you are buying into has potential.
8. Utilise your training
Learn as much as you can during your franchise training. Speak to your trainers and to existing franchisees for extra tips, as this will be invaluable when you’re out there on your own!
9. Get involved in your local community
Getting know in your local community will help build awareness and spread word of mouth, meaning that you will get more business.
10. Never stop marketing
To ensure a steady flow of work to your business, make sure you never stop marketing, even in busy periods. It is particularly important to market heavily when your business is just starting off