If you have finally made that big change in your life and started a franchise, you must have already conducted a significant amount of research before officially opened up your doors for business; so now, what is the next thing to do?
It’s no surprise that starting a franchise can be pretty tough work; but with a solid network, good planning and the right support and tools you can easily position your business for growth and success.
Regardless of the industry you have purchased a franchise in; there are certain standard cornerstones of running a successful franchise:
Developing a plan is one of the best ways to ensure your venture’s success. The main purpose of this plan is to clearly define your objectives as that will help you identify the best route to achieving them. It’s a good idea to get some guidance from your franchisor in drawing up this plan with you.
Once you have this in place, you need to keep this in view at all times to make sure you are putting in efforts to achieve those goals. Your business should never be stagnant and you should look for ways and means to ensure its always evolving to meet the current market demands. That also means your business plan isn’t a set-and-forget aspect of the business; it too needs to be evolving continuously.
Your franchisor should be your mentor, especially during the first few years after you step into this space. They would be able to provide you all the support you need and will ensure that all the standard processes are in place. But that isn’t where the contact should stop; you need to keep the communication going.
Keep talking regularly to your franchisor and make it a point to share your financials with equal regularity. This will help them identify potential problems that can be nipped in the bud. Cash flow is a vital aspect of any new business and your franchisor can help you ensure this aspect remains healthy.
It’s best to be an active member of your franchise network right from the outset and this will help you learn and pick up pointers from experienced franchisees. A good and well-established franchise will always provide a sense of community as that helps connect the franchisees with one another. You will find that when you build stronger ties with other franchisees, it gives you a better understanding of the business and helps you gain a stronger footing as well.
High quality customer service is something you should always focus on. This means you need to ensure your employees are well-trained and that they go the extra mile when it comes to serving customers. That is the one way to make your mark and create a niche for yourself in this competitive business landscape.
Your customers are at the centre of your business and referrals and repeat customers are extremely important; this is especially true when your business is in the early stages. It’s a proven marketing fact that word-of-mouth is one of the most effective ways of attracting new customers and growing your business.
Following these tips will help you make an informed decision, so you can succeed in your new business venture. If you want to know anything more about setting up a franchise business or want some sound and professional advice, call The Franchise Institute on 1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435