24 Nov The Key Elements that Make a Franchise Work
Every component, cog and crank of a bicycle is vital to its operation. If you have even one part that’s defective, it can affect its ability to run smoothly and efficiently. Just one missing part can undermine the whole cycling experience.
The same of course goes for a business, one missing element can undermine the whole success of the enterprise.
In terms of franchised businesses for a franchise opportunity to thrive it must have all of the right elements working together. The key elements every franchise needs to achieve success:
1. Well developed business systems that can be easily followed
If businesses have not yet established these, they can seek assistance from a franchise consultant who can help review, develop and document these systems.
2. Clear Leadership
Franchisees invest into a franchised business because they want to have an experienced business owner who can show them the ropes. They don’t want to fumble around wondering what will work and what won’t. So a good franchise system must have a franchisor who can is a great business role model and is willing to share his or her experience to help their franchisees become successful.
3. A demand for the product or service
All businesses need customers and for a franchised business to succeed there must be a steady demand for their goods and or services. There must be a demand for the products and or services in a range of geographic locations.
4. A proven system for generating sales
Franchises are excellent order takers but not necessarily skilled sales people so one key element to ensure success of a franchised business is to have a proven system for generating leads.
5. Motivated workforce
Good customer service is another vital element that can lead to a business’ success, and this can only be achieved through a proficient work force. Franchises should provide regular trainings to keep the staff members equipped with all the knowledge and skills necessary to provide quality customer service. Having these trainings readily available and aligned throughout the brand would help the business succeed.
For businesses who are thinking of franchising, these five key elements are vital to the success of the franchise system. For more information on how to franchise your business contact us at The Franchise Institute.