Franchises have a lot of appeal, especially how much support the franchisor provides. In the end, though, whether your franchise succeeds or fails depends on you. You’ll be trained and given the tools to succeed, but the rest is in your hands. Follow these three tips to make the most out of your time as a franchise owner.
1. A huge part of the reason why you choose a specific franchise is because of the system they have in place – and it’s a system you should follow. Learn the system through-and-through; don’t simply “get by” during training and the startup phase. Read all the material you can get your hands on, work with other franchisees, and stick to the system that’s been tried-and-true. By making changes on your own, especially during the early days of owning the business, you seriously put your business at risk. The franchisor has likely already tried the things that you want to test out – most things have been anticipated already, which is why there’s such a solid model for you to follow. If you must make changes, have a deep conversation with your field representative beforehand and come to the decision together.
2. Write a business plan. This seems confusing, since the model has already been setup, but you can still set goals as the franchise owner. Your business plan should include short- and long-term goals regarding financial projections. No idea where to start? Let’s say you have a Cold Stone Creamery franchise and there are a few others in nearby towns – talk to the owners to get a feel for how much they’ve made through the years, and then apply it to your own business plan.
3. Be a team player. Even if the company you’re franchising from is making some mistakes, always be polite and respectful to your field rep. Ask questions, of course, but make sure to maintain a positive attitude and implement new policies without complaint. The easier you are to work with, the more likely you’ll get first dibs if a new unit becomes available.
Although the franchise’s day-to-day duties and operations are your responsibility, you’re not completely alone once your store opens for business. If you have questions or concerns, you can always contact the franchisor – just be prepared to make the final decisions yourself.
