Running a Successful Franchise 

Now that you know almost everything there is to know about finding, investigating, purchasing, and starting a franchise, only one thing remains: a few tips on the best way to turn a profit! All the advertising in the world won’t save you if your franchise doesn’t run smoothly and efficiently. As you begin your venture into the business world, keep the following tips in mind! 

·  Never stop learning. As a franchisee, it’s essential you become an expert on your brand and business. Become its biggest fan, and always be on the lookout for opportunities to learn more about it. 

·  Commit to good management. Listening is your key skill here. Protect your customers as well as your employees. A customer is always right until they become abusive; at that point, take steps to protect yourself and your staff.  

·  Maintain a good working relationship with your franchisor. Make payments on time and consider any suggestions the franchisor makes. He or she is your primary resource; you can’t afford to create tension between you. 

·  Remember that you’re operating a franchise and follow the procedures outlined in the operations manual. Feel free to suggest small changes, but by-and-large, stick the franchisor’s business plan. 

·  Stay in touch with other franchisees, especially within the franchise. You can form a useful network of new and experienced franchisees, people with whom you can share problems and worries, or go to for advice when you don’t want to consult the franchisor. They are a treasure trove of information: don’t forget about them! 

·  Consult your business plan. Keep track of your earnings and make sure you’re on par with the plan. If not, consider the reasons why. They may be beyond your control, but see if there’s anything you can do to change them. 

·  Recognize your strengths and weaknesses. Hire professionals when necessary. Don’t try to push yourself to do the whole thing yourself just for the sake of appearing a “self-made” businessperson. No one expects you to handle the whole thing on your own, so don’t! 

·  Have a holistic approach to success. Don’t monitor your business’ success only in terms of financial figures. These are important, but also take into consideration your business growth, where you are in terms of the plan, customer loyalty, and your own satisfaction with the franchise. 

·  Maintain control of situations. Don’t let an angry customer push you into an outburst, or a recalcitrant employee make you lose your cool. Take a few deep breaths and keep a calm, cool demeanour as you deal with the situation to the best of your ability. Even if you don’t win in the traditional sense, you’ll earn the admiration of others around you. 

·  Manage your time. Running a business is a difficult, time-consuming endeavour, especially in the first few years. Accept this and manage time accordingly. Don’t spend too long on any one thing, and don’t be afraid to share and delegate responsibility.

·  Don’t let the business consume your life. You have friends, family, and other interests; indulge them from time to time. There’s no sense attaining financial success at the expense of everything else you hold dear. 

·  Reward yourself and your staff. When you meet a target, take the time to treat yourself, and make sure you encourage your employees as well. Whether it’s a bonus or a note of appreciation, any gesture you make encourages goodwill between yourself and your staff, as well as giving them an incentive to work harder. 

·  Have fun! Remember why you purchased the franchise in the first place. Enjoy your work. Don’t be afraid to laugh, and don’t let stress control your life. 

Remember, 60% of the franchise’s success is beyond your control. It involves location, territory, brand name, and a host of other things outside your realm of influence. The other 40%, though, relates to you: your management style, your marketing campaigns, your attitude. Don’t worry about the 60%; there’s nothing you can do there. Instead, focus on bringing your very best efforts to the 40% you CAN control. 

Compared to other startup businesses, franchises are overwhelmingly successful. You might face difficult times, but don’t let them get you down. The key is, as always, to maintain your optimism and determination in the face of trials. After all, 40% of your success is banking on it!