Five tried-and-true tips for making your franchise business successful
If you’re a franchise owner, you’ll generally be following an
established set of rules and guidelines on how to run your business. However,
successful franchises have some common attributes that help them stand out
above the pack. No matter what type of franchise you own, there are a few best
practices you can employ to help your business boom. Here are five tried and
true tips to franchise success.
1. Provide exceptional customer service
Sure, this one’s not much of a secret, but it’s something that a lot of
franchise owners still overlook. In order to succeed at any business venture,
you need a loyal customer base. In order to establish this, you need to treat
customers like royalty.
2. Take a hands-on approach
Franchises are more likely to succeed when the owner is involved in the
operation of the business. Rather than stepping back and letting your
management team do all the work, be involved in as many facets of the
day-to-day operation of your franchise as you can.
3. Choose a franchise that allows you to manage
In the food industry in particular, being able to manage your own
inventory independently rather than relying on predetermined shipments is key
to keeping waste down and saving on expenses. When you select a franchise to
purchase, check the franchise disclosure document for details on inventory and
supply management processes.
4. Location, location, location
Choosing a good location for your franchise is one of the most important
things you can do to ensure its success. Obviously make sure you’re not
surrounded by competitors. But also obtain a demographics report for the area
you’re thinking of opening your franchise business to assess whether you’ll be
able to drum up a lot of customers. Look at foot and automobile traffic as well
as demographics (age, household income, family size and so on) in your proposed
area before you set up shop.
5. Hire the best and brightest team
McDonald’s founder Ray Kroc said it best: “We’re only as good as the
people we hire.” This is true of any franchise in any industry. Take the time
to hire the very best employees and managers you can and rest easy knowing your
business is being staffed by competent, capable people. Provide as many
training opportunities as possible to ensure your team stays informed, engaged
and equipped to do the work properly.