Have you recently purchased a franchise? If so, congratulations. Not only have you made a smart business investment, but if you’re working with a supportive franchisee, then you also have someone who will help you to get the financial backing, equipment and training that you need to have in order for your business to be a true success.
That said, we’re pretty sure that you’re looking for as many tips as possible so that your franchise can become profitable for you. That’s why we wanted to take out a moment to offer you five tips for aspiring franchisees below:
Be passionate about your franchise. Something that just about any business owner will tell you is there are going to be times when you will find the demands of your company to be taxing. That’s why it’s important that you get into the kind of business that you love; one you know that you’ll be truly passionate about. It’s that passion and drive that will get you through the long days and potential financial lulls. And when you have good positive energy, you can overcome just about anything.
Start off small. Although it’s extremely smart to dream big, from a practical standpoint, you should still start off small. After all, you just spent several thousands of dollars to purchase the franchise and being that nearly 50 percent of all businesses close their doors within the first five years, you want to make wise choices so that you can earn a profit rather than accumulate debt.
Get support from the franchisor. If your franchisor has a popular brand and is financially stable, more times than not, they are going to be willing to offer you some support. This can include money, a building, equipment, connections to vendors and a solid marketing strategy too. However, even if your franchisor is not initially forthcoming with this kind of assistance, don’t hesitate to ask them for it. You might be surprised by how much they are willing to give you if you do.
Build up a strong team. There are a lot of businesses that may offer a great product or service but due to their poor customer service practices, they don’t end up getting a lot of repeat customers. That’s why you need to do all that you can to hire the best kind of staff. Then, it’s important that you thoroughly train them. When you have individuals who are professional, friendly and proactive about making your customers feel as comfortable as possible, not only is that a surefire way to get your customers to come back, but there’s a big chance that they will their family members and friends about you as well. And trust us when we say that for a franchise to grow, word of mouth is extremely important.
Create a lot of buzz. Say that you went to a website like Franchise Expo for some tips on how to successfully run a franchise business. Something that we’re pretty sure that you would read is that you need to do all that you can to create a lot of buzz. Create social media accounts like Facebook, Twitter and Linked In. Develop a newsletter. Offer discounts to repeat customers. In short, do whatever you can to get your customers talking about how great your franchise is. For information on creating a marketing plan for your business, visit SBA.gov and put “create a marketing plan” in the search field.