7 Lessons to Learn in Franchising
Whoever said franchising was easy has certainly never owned one. Although franchises can be a lot of work, you have the often-envied support system of your franchisor and fellow franchisees to guide you. The only way to learn the secrets to having a successful franchise is through the trial and error of others, their mistakes, missteps, and wins. Whether you’re looking to franchise your own business or become a franchisee, these tips can help you find success.
Franchising Lesson #1: Understand the Power of Strong Branding
A strong logo can be some of the most powerful marketing you ever do. Think about it: McDonald’s, Starbucks, Target, and Nike all have recognizable logos. You know who they belong to within a second’s glance. And often, a memory or a feeling of happiness accompanies that recognition. This is why branding is so essential: association. In franchising, every customer touchpoint has to be a strategic reminder of what you stand for.
Franchising Lesson #2: Choose Your Franchisee Wisely
As a franchisor, you may get eager to extend an offer to every potential franchisee who shows interest, but that’s not the way to build a successful empire. Choosing just anyone can lead to long-lasting headaches. Instead, take the time to vet each lead. Learn their level of interest and commitment, and don’t hesitate to inquire about their goals, values, and mindset. Then, evaluate whether or not they qualify.
Franchising Lesson #3: Choose Your Franchisor Wisely
On the opposite end, don’t buy a franchise based on looks alone. Not every franchise is home run. Before you invest, do research. Find out if you share the same values and work ethic, check their history in the franchise disclosure document (FDD), what support from your franchisor looks like, etc. This information ultimately factors into your overall happiness with a franchise and whether or not you invest further.
Franchising Lesson #4: Take Care of Your People
Here, your “people” isn’t just limited to your staff; it also includes your customers. The key to a successful franchise is in the people you hire. Bring on people who have a great attitude and who have the customer’s best experience in mind and reward them for it. If they express interest in moving up in the company, invest in their training. When your staff is happy, so are your customers. The way you take care of your customer is by always providing them with a consistent, one-of-a-kind experience every time they visit.
Franchising Lesson #5: Streamline Your Process
Despite most franchises being run similarly, each location has its own set of problems. It’s important as a business owner to evaluate your store or restaurant and look for pain points and different ways you can alleviate them. Say, for example, training your employees proves difficult because their resources aren’t in one central location. You can create folders to reduce frustration and time spent searching. Finding ways to streamline your process, such as automating payroll, inventory, and other everyday tasks is a brilliant way to boost your franchise.
Franchising Lesson #6: But Also Take Care of Yourself
Even though you have your franchisor’s support backing you, keep in mind that franchising, no matter how big or small the business, is hard work. And when you’re focused on being successful, you often forget to take time for the things you want. Be sure to find a work-life balance and do things like carve out time for your family. If you find yourself overwhelmed or overworked, take a page from a successful franchise owner’s book, and hire someone to take care of daily operations. Often stretching yourself too thin can be hard on you mentally, physically, and emotionally, but it also negatively affects your business, too.
Franchising Lesson #7: Always Be Willing to Grow
Perhaps the most important tip for growing a successful franchise is to always be open to growth. Fellow franchisees recommend attending conventions and webinars, local and national meetups, and joining Facebook groups to network and get tips, tricks, and insight into the industry and your chosen franchise. They’re all simple yet effective ways of helping you grow as a business owner.
Hundred Acre Consulting
Growing a successful franchise business takes hard work and dedication, but you don’t have to do it alone. If you’re searching for the perfect franchise for you, our team at Hundred Acre Consulting can assist. And if you need consulting advice, we’re here, too. With more than a decade of experience under our belts, we’re more than confident we can supply all of your needs.
If you’re interested in learning more, contact our team today!
