Buying a franchise is the easy part, but making it successful is where things can get tough. Franchising is a great way to get involved in the business world, but success isn’t guaranteed.
A lot of contributing factors will determine how successful your franchise becomes. Things like the type of business, and how they deliver their business offering have an impact, but there’s also the commitment, passion, and determination of the franchisee that can underpin its success.
How do you run a successful franchise?
This is the question we all want answers to. We’ve found that the answer is best separated into a few important areas that we’re going to discuss in further detail.
In truth, there are a number of things that will determine a franchise’s success. However, one key thing that applies to each of these areas is that a successful franchise is a product of what you put in yourself. It requires your full attention and effort to build a franchise that gives you what you want from it.
Here are some of the key areas that we think you should focus on that will help your franchise grow into something profitable and successful that you can be proud of.
Choosing a franchise that suits you
Before you even buy a franchise, you need to choose which one to buy. This can be more difficult than you think – you shouldn’t just jump at something you think looks ‘cool’ or is in a popular sector you don’t have much experience in. Choosing the right franchise to buy is often where investors fall down.
In order to succeed, you need to understand that this is, in most cases, a full-time job. Therefore, it’s important that you’re willing to spend a lot of time working with the franchise to help it succeed. Because of this, we recommend choosing a franchise that relates to something that you’re passionate about.
If you’re personally invested in your work, you’re more likely going to put the effort in, which then means you’re more likely going to get the results you want. If you like food and cooking, consider buying a restaurant franchise – this is just one example.
Another factor to consider is location. For example, if you have children and can’t easily and consistently commute to where your new franchise is based, then you might struggle to make as much impact as you would’ve liked. If this is the case, you could try a home-based franchise. This highlights the importance of considering outside factors, not just what the franchise itself brings to the table.
Making a list of desirables will help you make an informed decision on what a franchise would need for you to buy it. The franchise has to be right for you, just as much as you have to be right for the franchise.
Make a plan
This might seem like an obvious one, but planning is essential. I doubt there are many franchise businesses that have been successful without some sort of plan.
While some might work more instinctively than others, it’s still worth having a plan either way. It will act as a set of blinders and will help you to refocus on your goals and the work you need to do to achieve them.
Your plan could be to focus on some areas more than others. For example, you might want to focus on the financial side of things – you could even consider getting a franchise loan to help get things going and to get you established. Whichever areas you want to focus on, it’s important to add some detail to your plan.
However, if you don’t feel comfortable writing up an extremely detailed plan, it’s still worth putting something in place to help guide your journey. You could have some goals that you want to work towards with your franchise – these are just as valuable as any detailed plan. Your goals show what you want to achieve in the end and will help you to create a roadmap to success. Setting achievable goals is a fantastic starting point.
Positive rapports make positive results
Your relationships within the franchise you buy will contribute greatly to its success. Forging positive bonds with the people you work with will make your work a lot easier in many ways.
If you establish yourself as someone who is approachable, then your coworkers and the franchisor will be more inclined to speak candidly with you. This will set the tone and encourage good and honest communication. By communicating effectively with those you work with, you’ll be able to work through any issues a lot easier – this is key for any successful franchise business.
Being amicable with your colleagues and franchisor will also bring benefits. While this includes basic manners and politeness, we believe that a friendly demeanour will put your colleagues at ease and ensure they know you as someone they can trust and speak to openly. While this might not be possible 100% of the time, it’s important to maintain a positive attitude that will foster positive interactions with those around you.
Communication works both ways, too. Keep in regular contact and give updates on what you’re working on. If you say you’re going to give weekly updates, then do just that. Sticking by your word will go a long way to earning the trust of your colleagues. Prove yourself to them just as much as you want them to prove themselves to you.
Give it everything you’ve got
If you’re running a franchise for the first time, then it can be daunting. But, making that franchise successful, is a challenge in itself. However, like anything, it requires time, effort and commitment for you and your franchise to succeed.
Don’t be under the illusion that your franchise will be an instant success – you need to be prepared to commit a lot of time to it. Franchises need just as much time put into them as any independent business. Because of this, it’s important you settle into a routine where possible to help you maintain a positive work / life balance. If you come into work feeling worn out, you won’t be as productive. Taking time off is often just as important as the time you work.
In addition, showing your colleagues and franchisor that you’re passionate and hardworking will galvanise them. Enthusiasm and passion are infectious, so make sure you’re putting out positive energy and setting an example for people to follow.
Don’t underestimate the importance of customer service
Getting business is one thing, but retaining it is another. Customer service can be neglected these days, and its power is not to be underestimated.
It might be a basic practice, but it will definitely help you to keep customers happy and, therefore, keep them coming back. Simple things like thanking customers for choosing your business will go a long way. This will show that you appreciate each customer as much as the next and highlights how much you value them.
Chances are the franchise you buy will already have established branding and it’s important you don’t alter this too much. A recognisable brand is always good for business and it’s one of the largest benefits – preserving the brand is essential to your success.
Ideally, you want your service to be in harmony with your brand. Changing your service too much could put your brand at risk – you want people to look at your brand and instantly recognise what it is you do. Consistency is key when it comes to branding, and branding is far more than just marketing materials.
Start running your own successful franchise today
Use this advice and apply it to your own journey as a franchise owner. Franchise Local has a huge range of franchises in various sectors for you to choose from. Browse through our current franchises and buy a franchise today!