EDITOR NOTE: This is a post from The Franchise King®, Joel Libava. Joel will be writing a blog post monthly for Franchise Direct.
You’ve heard it called the “secret sauce.” It’s the one thing that makes a franchise concept stand out. It’s what makes it special. And, if it’s a really powerful franchise system…a really successful one, there may be several different special sauces.
McDonald’s is known for its Big Mac®.
Burger King has its Whopper®.
Starbucks has its latte’s.
Dunkin’ Donuts has its donuts.
Dominos delivers pizza fast.
In addition to the things that are easy to see that make a franchise concept stand out, there are several things going on behind the scenes that contribute to the franchisors strength.
A lot of the things that contribute to the success of a brand are found in the franchise operations manual.
Franchise marketing is something that starts behind the scenes…but once implemented, quickly becomes front and center.
The technology at franchise headquarters keeps things humming along for franchisees on a daily basis.
Certainly there’s more. There must be other things that contribute to the success of a franchise concept.
A successful franchise concept must have successful franchisees in the system. In franchising, success is a win-win. Both parties must be successful for the system to remain profitable and for the system to continue growing.
Profitability defines success for franchisees.
They’re the ones who have taken the most risk (by buying the franchise) and they want to be rewarded for that risk.
I’ve found that the most successful franchisees-and let’s define success as profitability here, do several things that make them successful. And, they do them on a consistent basis.
If you’re thinking of becoming the owner of a franchise, and your goal is to become a profitable owner, the 8 things listed below will go far in helping you reach that goal.
All Profitable Franchisees Do These 8 Things
- Profitable franchisees follow the rules and regulations listed in their operations manuals and franchise contracts
- Profitable franchisees take the suggestions given to them by their field reps and always remain coachable
- Profitable franchisees utilize all of the franchisor’s technology
- Profitable franchisees follow the franchisor’s marketing plans
- Profitable franchisees are obsessive about their numbers
- Profitable franchisees create and maintain close relationships with other franchisees in the system
- Profitable franchisees are very involved in their local communities
- Profitable franchisees are amazingly enthusiastic-and remain so for the term of their agreement
If you want to be a profitable franchisee, pick a winner and then do those 8 things.