Franchise Blog

Researching a franchise can be a long, arduous process. If you have done your homework, hopefully you have selected the right franchise for you which will provide you with enough support and will eventually turn a profit. The real hard work starts once you begin to manage your franchise business. As with any business, the first year is often the hardest. Here are some tips to make that first year manageable and be the best franchisee you can be. Remember, hard work is essential to your success.

1. Be prepared to learn new things. You probably had some management experience going into your franchise venture and the franchisor should have provided you with some training. But you can’t expect to know everything. You will soon discover things you don’t know. Be ready to expend time and effort learning how to really run your business.
2. Communicate with the franchisor. It is in their interest that you are successful too. If you have any problems or questions contact them as soon as possible and use their services to help you troubleshoot as much as possible.
3. Network with other franchisees. Other franchisees can be of great value to you, and if you make friends with some who have been running their businesses for a while, they will be able to help you avoid making the same mistakes that they did. It is also a good idea to keep in contact with a franchisee who has started around the same time you have, since you are likely to run into the same problems and be able to provide moral support for each other.
4. Adjust your business plan. You need to be flexible. The economy is fluid and things change in the market all the time. Or you may have simply projected wrong. In any case, don’t stick to the same plan you had when you had only hypothetical numbers. Use your real numbers to change your business plan as needed, to be the most successful and profitable you can possibly be.
5. Decide what to do with your profits. Once your franchise turns profitable, you might want to sit back and relax. If you want to have further success, you might consider doing something productive with those profits. You might consider using them to market your franchise better. Or you might think about buying another franchise if you feel capable of managing more than one. Even if you don’t decide to invest further, keep on top of things, even when you’re making a profit. Do not get lazy. Instead, work hard to keep your business as efficient as possible.
6. Manage your employees. Do not make the mistake of doing a poor job managing people. You must learn to delegate responsibility, otherwise you will be doing too much and not getting enough done. Furthermore, your employees will respect you far more if you are an effective manager. Finally, keep a well-trained staff. If your staff needs more training, provide it. They will be happier and eventually you may not even be needed to manage your business on-site.

Filed under: Franchise Advice