Ever wonder why some franchises increase profits year after year, while others close shop only after a few months? Sometimes, the franchise location, marketing strategy, and overall business model influence long-term success, but oftentimes it comes down to the people factor, the franchise owner him or herself.
As a franchisee, making smart decisions and setting goals can make a huge difference to your franchise success and ability to run a thriving business. Keep on reading to learn six important ways to create long term franchise success.
1. Select the Right Franchise Opportunity for You
Choose a franchise that’s a good fit for your skill set and level of expertise. When you are in your element, your passion will translate into success. For instance, if you have always been good with your hands and have an eye for cleanliness, you might want to operate a business in the cleaning services industry. If you have a passion for kids, a daycare or children's education business might best suit you.
Before making your decision, ask yourself "What is it that I love doing and have a passion for? And, what are my skills?" Think beyond the service or product. You will also be responsible for all employee-related responsibilities - managing, hiring, on-boarding, and sometimes training.
2. Take your Business Skills to the Next Level
Consider improving the skills needed to run a successful franchise. Perhaps you could use a refresher course on your accounting skills. Enroll in a few night classes or online courses. Attend as many business conferences, trade shows, and seminars as you can to sharpen your business skills.
3. Have Business Plan in Place
Too many franchise owners think they don’t need a business plan to accompany the franchisor’s operations playbook. But, creating a business plan involves important steps such as setting goals, financial forecasts, and much more. It should also be detailed enough to help you secure extra funding.
4. Keep it Collaborative
Building a successful franchise is not done in one day or often, even in one year. And, you can’t do it alone. Therefore, collaborate with your employees, franchisor, and reach out to other well-established franchisees. They can pass on the knowledge of their experience and what worked for them to you.
5. Market, Market, Market
Even if the franchisor is responsible for marketing and advertising and assists you with national or local campaigns, remember to do your part. Execute the marketing plan to get your materials and message out there. At the same time, follow the company's system and rules.
6. If You Can’t Do It, Hire Someone who Can
On account of time and talent, business owners can't run every aspect of their business single handed. If training or selling is not your forte, hire someone else to do it for you. Bring in professionals who will take on the job and help you become more efficient. Don’t be afraid to delegate tasks. When all is said and done, ensure that you are in the driver’s seat overseeing the tasks.