It’s one thing to make a great choice in a franchise business opportunity; it’s quite another to make your new franchise business a success. After all, there are no guarantees in franchising.
With that in mind, here are 5 different things you can do increase your chances of success when you do become the owner of a franchise business.
5 Franchise Success Tips
1. Follow the Rules
The success of franchising as a business model exists because of rules. It’s the rules that help maintain uniformity. It’s the reason that the Whopper® you ate while visiting your cousin in Dallas tastes exactly like the one you ate at your local Burger King® restaurant a month earlier. It’s why their restaurants looked the same. It’s why the employees had the same uniforms. Imagine what Burger King Restaurants would be like if every franchisee did their own thing.
Rules include following the procedures set by the franchisor. Following the franchise operations manual to the “T.” Following the marketing plan. Following the directions.
2. Use the Technology
Today’s franchisors have the ability to offer franchisees great technology. Franchise owners who have access to great technology can have a huge advantage over their local independent business competitors who may not be able to afford it or may not even have the knowledge it even exists. I wrote an article for the SBA on the topic of franchise technology, and it’s worth a read if you’d like to know the types of technology available in franchising these days.
3. Obsess Over Your Numbers
If you’re not a detail-oriented person, it may be challenging for you to stay on top of your numbers, but try. Please.
One of the most important tasks you’ll have as a franchise owner is managing expenses. A percentage point here or there can have a huge impact on your bottom line at the end of the year. My friend, Tim Berry, suggests watching key indicators.
4. Make Franchisee Friends
In franchising, you aren’t alone. Really.
Not only do you have franchise headquarters to call on when you need support, you also have an entire network of fellow franchise owners to call or email when needed.
Idea: Pick two franchisees you called (and bonded well with) during the research phase of your franchise purchase, and add their phone numbers to your Smartphone. (Put them on speed-dial.) Call them before you call franchise headquarters when and if you run into an issue you can’t solve. They’ll help you figure things out, or send you to another franchisee who can. Offer to help them in the future, too. A true friendship goes both ways.
5. Get Involved
You need to get involved in your local community.
You are now a local small business owner. The business taxes you pay help make the (local) world go around. Become a proud member of your local business community. You can:
- Purchase a booth at community events
- Sponsor a Little League team
- Buy advertising banners at high school football games
- Become an active member of the Chamber of Commerce
- Hold charity events at your place of business
If you haven’t been active in your local community, now’s the time to do so. You’ll even have some fun in the process, I promise.
I know you want to be a successful franchise business owner.
The tips I shared will help you improve your odds of success as the owner of a franchise business.
The Franchise King®, Joel Libava, is a franchise ownership advisor. He’s the author of Become a Franchise Owner! (Wiley Publishing) and owns and operates Franchise Business University. Joel contributes a blog post to Franchise Direct monthly.