Running a Successful Franchisee Business
Running a Successful Franchisee Business
Running a franchise business successfully calls for the same methodology and ground rules that you would follow for a new business startup. Additionally, you have to bear in mind that franchise calls for a fee that needs to be paid to the parent brand followed by a percentage of amount from the profits once your franchise business starts generating a profitable amount. The challenges of running an established brand might come in handy or prove otherwise. All that is required is your determination and ability to maintain the brand image and ensure it generates that profit amount you want the business to yield. In a nutshell, a franchise business requires the right traits to run it in a well-organized manner for you to reap the benefits in due course of time.
Franchisor – Franchisee Relationship
As a franchise owner, you will have to let go of “I am the boss attitude”. This does not mean that you have to be enslaved to the terms and conditions of the Franchisor. You can arrive at mutually agreeable terms and conditions and put across your thoughts in an assertive manner. You might have several years of expertise but there is a reason to why you’ve decided to choose the franchise system. So be prepared to put your expertise and experience into your franchise business instead of trying to have an upper hand with your franchisor.
- Franchisee businesses will have a set of rules and if they didn’t have these rules then they would be franchisors but independent small businesses.
- It is a plan laid out by the franchisor so, be prepared to follow their plan and not yours.
- So! Ask yourself, are you “OK” with following rules and regulations laid out by the franchisor?
- Franchisee business is suitable for you if you are alright with the idea of following rules laid out by the franchisor and have the motivation to put your expertise into your franchisee business. Only this aspect will make you the right candidate to start a franchisee business and run it successfully.
Goal setting and Plan Making
It is important that you draft a plan. It can be a short term or long term business plan. With a plan and goals, you will know how to handle your expenses, obstacles and many other aspects important to run a franchise business.
Customer Satisfaction and Feedback
It is extremely important that you generate customer feedback. Whatever feedback you receive do not try to bury it under the couch but work harder to improvise and ensure your customers know about the changes you’ve made, based on their feedback.
Use of Tools and Methodologies
Ensure you make use of all the tools provided by the franchisor. It is imperative that all the rules and regulations laid by the franchisor are to be followed by you (franchisee).
- Adopt proven methods to train your staff
- Use any means to teach like tutorials online, DVD’s, free downloads of manuals online so on and so forth.
Networking and Socializing
It is important that you build your network to ensure you have a strong client inflow and database. It is important that you connect through social media and prioritize networking. Join online communities and make your business known to friends, family members and different business owners too.
- Make sure you attend meetings or group discussions with other franchise business owners.
- With net-working, you stand a chance of attracting new clients
- Ensure family and friends are also informed about your franchise business. After-all relatives and friends are the best advertisers to promote your business
- If you are doing well and are true to your business then the customers will do the rest for you- spreading the good word about your business.
Hiring the right staff
It is imperative that you remove your bad staff if you know that despite adequate training they are not up to the mark. A good employee will work hard even if you do not have a good incentive plan in place. An employee with no intention of doing the job will bring down your business