Congratulations! You’ve made the decision to open a franchise and now you’re probably researching what type of business to open and imagining what it’ll look like as you lead your new operation to success. This is an exciting time but one that’s fraught with errors.
To have the best experience and the best results from your franchise, here are a few tips to consider when starting on the path to franchise ownership.
1. Let The Market Be Your Guide
It’s easy to get caught up in a concept. A business looks compelling because the idea is fresh and new. It seems exciting and like something that could catch fire. There’s just one problem. No matter how thrilling of an idea it might be, the market might not want it.
When you’re researching franchises, choose the one that best matches the market demands. If you don’t, you’ll invest a hefty amount of your marketing budget trying to convince people to buy into a new idea. You’ll have to educate your customers, urge them to give your franchise a try, and ultimately, change their behavior – something that’s incredibly difficult to do.
If you’re a first-time franchisee, seeking out a new venture in a stable, promising market will give you far more success than if you try to branch out into something foreign. Start by looking at a list of the the top 100 franchises. Your customers will flock to you because they “get it.” It’ll be an easier sell, and thus, easier for you to grow your profits faster.
2. Practice Humility
Many people enter the world of franchising as a means to get away from working for a boss. Having a healthy entrepreneurial spirit in the world of franchising is healthy. So is humility.
When you operate your franchise, you’ll work closely with a corporate office. This office will act as your guide, keeping you on course with how they want their brand represented. If you’re working with a successful franchise, chances are they have a strong set of systems in place. Drift too far away from the systems and processes the franchise has already established and you’ll likely miss out on some pretty healthy levels of success.
3. Dive In Head First
You’ll soon leave the world of working for someone else and be responsible for building and running your own franchise. Although the corporate office will act as your guide, you’ll be the one in charge of making sure the day-to-day operations run smoothly enough to provide customers an excellent experience. This is important to remember because, if that experience ever lags, your business will pay the price.
The best way to understand what it’s like to work in and with your franchise is by getting your hands dirty. Avoid the mindset that some jobs are beneath you. Dive in head first, trying your hand in every position. The more you lead from the front end and through experience, the better you can perfect your systems. This is a surefire way to get your customers and team members to love your franchise as much as you do.
Ready, Set, GO!
Franchise ownership is highly rewarding. By following these important guidelines, you’ll set yourself up for success as a first-time franchisee.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.