Becoming an entrepreneur can be an exhilarating experience. There’s nothing more rewarding than owning your own business. However, owning and operating a franchise differs in many ways from running an independent company. The responsibilities franchise owners face are unique because you benefit from working with an established brand instead of being an independent operation. Here, you begin with a proven business model that has gone through the trials and errors of business ownership and emerged victoriously.
Success can be as easy as fulfilling the responsibilities of a franchise owner and demonstrating a passion for your new entrepreneurial path. Consider these everyday owner responsibilities to help you be successful on your new career path.
Follow Franchise Regulations
Investing in an established, successful business model comes with pre-set franchise regulations that you, the franchisee, are expected to follow. So, if you’re the kind of entrepreneur who wants to make independent business decisions free of rules and regulations, owning a franchise may not be for you.
A vital aspect of the responsibilities of a franchise owner is honoring the agreement with your franchisor, which includes everything from brand colors to marketing language and hiring regulations.
Be A Brand Ambassador
Brands, especially successful ones like Dunkin’ Donuts and Subway, have established brand identities. These carefully constructed brand identities are part of what makes individual franchises so successful. Customers can relate to a brand’s beliefs and values and even recognize them at the drop of a hat.
As part of your franchise, you are expected to be a brand ambassador for your buying company. This means being active in your local community, being of service to others, and providing an unforgettable positive experience every time a customer visits.
Commit to Your Financial Obligations
Franchises offer many resources to help you find success and maintain it, but the costs associated with ownership often get left up to you. A top responsibility for franchise owners is acquiring financing to fund your business venture. Outside of initial costs, there are other fees you’ll need to consider.
They include payroll for your employees and regular royalties that are given to the franchise. The best way to ensure that you are prepared for all costs seen and unforeseen is to allocate liquid holdings to ensure you stay afloat, especially in the first year of running your business.
Training Your Employees Appropriately
Another entry on our list of responsibilities franchise owners face is training employees. While some franchisors provide regional training and materials for you and your management staff, it is usually the business owner’s responsibility to train other employees correctly. It means keeping them up to date on brand standards and essential skills like money management and providing excellent customer service.
A big part of owning any business is proper marketing. Things like social media presence are a vital component to running a successful business in today’s digital age. Some franchises will assist you with marketing materials and training but not all.
This is one of the responsibilities franchise owners face. You’ll either need to bring your marketing skills with you, acquire them, or hire someone to assist you in marketing the company properly. You also need to cover any costs associated with the marketing side of your business. If you hope to grow into a successful partner, you’ll need to consider this a necessary expense.
All the money in the world won’t amount to success if you aren’t hard-working and fully invested in your franchise. Even with brand materials and a time-proven business model, you’ll need to dedicate your time and commit yourself entirely to your business to make it succeed. We believe it is one of the most common responsibilities franchise owners face.
No business can succeed without the dedication of your team. When you purchase a franchise, you invest in a relationship between you and the franchisor. Only by balancing and valuing this mutually beneficial relationship can you truly succeed.
Hundred Acre Consulting
There are many paths to being a successful franchise owner, but the roles and responsibilities you face can be new and challenging depending on the franchise you pick. These are just some of the responsibilities that come with business ownership, and we hope you enjoyed learning about them.
Hundred Acre Consulting has years of experience dealing with hundreds of different franchises in various industries. So, if you are unsure of which franchise opportunity is the best investment for you, we can help you find the perfect opportunity.
Are you interested in working together? If so, contact me today, and let’s chat!