I Selected a Great Franchise. Now What?
Choosing a franchise is the end of one important process and the beginning of another. To get you started, every franchise organization has an on-boarding process for new franchisees. That process provides a roadmap to help you build a successful business. A quality franchise will offer comprehensive training and support, but to get the most out of this process it’s important to participate fully in each step. For example, the Real Property Management franchise has honed their on-boarding process over the last 13 years based on feedback from hundreds of new franchisees and their success rates. Trying to rush through the process or take shortcuts will only create problems and endanger your business launch.
While no two franchise organizations are the same, there are common elements for success among every concept or brand. These are things you can do as a new franchisee that have proven effective for all new business owners:
Invest in the System
One of the main reasons for joining a franchise is that it comes with proven systems and processes. When you buy in to the franchise, commit yourself to trusting the system the way it is given to you – at least for the first year or two. Actively participate in regional calls, conferences, and conventions. Read everything that your support center or franchise support team sends you, and talk to fellow franchise owners. There is no better source of advice than from those who have been exactly where you are.
Planning carefully for your first year is critical to your success. Make sure you know how much cash you’ll need, and prepare a budget that addresses your most important business needs. Your franchisor should help you with this. Once you’re up and running, keep detailed financial records that are up-to-date. Recruit the best staff you can afford. Pinching pennies on salaries may seem like a good idea, but hiring the right people is more important. Dedicated employees will pay out quickly, and add value to your business in the long run.
As a new business owner, you may be surprised by how much work your franchise takes. But being involved in every aspect of the business is an important part of learning the system. Leverage the training provided by the franchise so that you are using best practices when hiring, training, and managing staff. Pay careful attention to how your staff interact with customers, and do what you can to build a solid reputation and encourage positive word-of-mouth advertising. One way to achieve both is to get involved in your community. Join your local Chamber of Commerce, a business networking group, and other community service organizations. Doing these things can help you better understand your customers and help generate new business.
Hard work is necessary for success, but don’t forget about your family and friends. Creating a good balance between work and your personal life can be a challenge, but it’s important to make quality time for your spouse, family, and friends. A fulfilling personal life is a key component of good decision-making and a healthy outlook on any work-related problems.