If you have chosen a strong franchise business model, much of your success as a franchisee will have to do with what you put into your role. Here are some keys to franchisee success that can help you maximize your investment while helping you reach your personal and financial goals.
- The right fit: One key to success as a franchisee starts with finding the business model that fits your goals and skills. Do you find alignment with the company’s values and culture? Is this a system you can work within?
- Have realistic goals and expectations: Franchising is not a “get rich quick scheme”. It takes time and effort to build a business. Talk to existing franchisees and ask them about the challenges they have had. Put in the work to learn the system and how to properly execute it.
- Have sufficient funds: Undercapitalization is one of the primary reasons businesses fail. Don’t underestimate your operating and living costs. Is the business model structured in a way that gives you the flexibility to maintain your current job, providing financial security during the startup period?
- Have the right attitude: Enthusiasm, along with a willingness to learn and follow direction, will take you far as a franchisee. Seek out help and rely on the resources the franchisor offers. Stay in communication with the franchisor and other franchisees and be a good player.
- Follow the system: Resist the urge to change or adapt the system. A big factor in a franchise’s success depends on their adherence to the business plan and by-the-book execution of the system.
- Recruit and retain quality employees: The ability to find and keep the right employees is essential to a business’ success. A positive team culture and developing employees to help them achieve their personal and career goals lowers employee turnover rates.
- Deliver on customer service: Consistently providing positive customer experiences is vital to a business’ growth and creating loyal customers. Closely follow the framework outlined by the franchise to ensure your business inside the four walls runs as efficiently as possible. And because your employees are the top drivers of client experience, retaining quality employees is key.
- Community Involvement: Build connection and relationships by becoming involved in your community. It helps spreads brand recognition and can go a long way in creating loyal customers. It is also great for team building among your employees, bringing them together and connecting them to something bigger than themselves.
- Put in the work: Invest the time to learn and apply the system. Take advantage of the training offered. While becoming a franchisee may cut down on the learning curve because the system has already been tested and optimized, it does not mean you can operate on autopilot. Take a hands-on approach, this is your investment after all.
Success in franchising has a lot to do with what you put into it. A business model alone can only take you so far, to truly maximize your investment you have some work to do!