Entrepreneurs – What does it really take to be a successful franchise owner?

Entrepreneurs – What does it really take to be a successful franchise owner?

There are quite literally hundreds of franchise opportunities available these days, covering dozens of areas. Their popularity can be easily explained: they promise self-employment within the safety net of an established brand. But what does it really take to be a successful franchise owner? Let’s look at 10 key factors involved.

Franchise Businesses – How to be a successful franchise owner?

1. Look into who is running the company.

The first and probably most crucial thing is to make sure you go with an established company with a good reputation and a track record to match. Check that they have a website and that it looks professional. Look into the backgrounds of its key people.

2. Make the best use of your franchisor’s tools and support. Once you’ve chosen your franchise, after having verified that they have a robust support system in place for their franchisees, don’t forget to make the most of the system and its tools. A good franchise will have a marketing department to maximise brand awareness and drive leads to your door. They might also have a centralised accounting system. Try to maintain a good working relationship with your franchisor. If you’ve encountering a problem, there’s a good chance they’ve been through it themselves.

3. Focus on customer service and satisfaction. A strong franchise brand and reputation doesn’t happen by accident. It can only come from making sure customers always receive the best service. This is where you can really use your initiative and deliver above and beyond expectations. If you’re about to close the doors and someone is knocking, you might want to let them in.

4. Stay on task and manage your time. It’s easy to get distracted when you are the boss. Good discipline and time management are critical. Put some time at the end of each day into planning and preparation – this will save time and improve efficiency.

5. Build a community around your franchise. The best franchises come with a recognised brand image and effective advertising campaigns. However, it still doesn’t hurt to tap into your community to create buzz around your business. This is where you can make the most of social media, word-of-mouth, and getting involved in community organisations and programmes. Ensure that it’s consistent with the brand essence behind your franchise.

6. Network. Don’t forget to join your local franchise organisation or chamber of commerce. You’ll find other business owners who can share their experiences, recommend suppliers, and drive customers to your door through deals and referrals.

7. Self-assess and take corrective action when needed. Just like any business, it pays to regularly review your work practices to identify areas you can improve. If you’re spending a lot of time on non-critical tasks, look into whether you can reassign them to independent contractors.

8. Monitor your cash flow. This means keeping an eye on your business plan and reviewing it regularly in relation to your current and projected income. Good cash flow management is essential.

9. Lead by example. Remember that your employees are looking to you for leadership. This means you need to do what say and say what you do. Be firm but fair, make sure the rules are clearly communicated, and show a little tough love when necessary.

10. Keep your life in balance. As in any business, you’ll probably have slow periods and be required to put in the occasional extra hour or two. It’s vital that you always try to maintain a good work-life balance. Book a weekend away with your partner. Relax at the beach. Take up a hobby. These will keep you energised and looking forward to coming into work each day. Never lose your sense of humour, and most of all, have fun!

Are you considering a franchise? If you are this is a good place to start – The UK Franchise Directory If you’d like our advice feel free to give us a call on +44 (0) 845 226247 or drop us an email via mail@marketingfundamentals.com – We look forward to hearing from you.

We hope this information has been useful to you.  We are a leading Content Marketing agency in London. 

Best regards,

Marketing Fundamentals Team This guest post for the Marketing Fundamentals Team was written by Chris Burgess, CEO of Mailplus. He has extensive experience in the couriers and business-to-business service market, having successfully franchised over 150 territories throughout Australia. Mailplus currently has franchises for sale in all major metropolitan areas in Australia.

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Founder of Marketing Fundamentals Ltd, Blogger, Author & Content Creator