Joel Caws – Technical Director, Select Your Franchise
What’s the secret behind a successful business? Like many things in life, a simple question doesn’t always lead to a simple answer. The reality is that every business is different and this means there are many elements that influence whether a business proves to be a success or a failure. Internal management, external market conditions, competitor activity are just a few things that can have a bearing on whether a business manages to succeed or not. The crazy thing is that most of them are not insurmountable obstacles but come down simply to good, effective management.
Choosing a franchise business can give you a good head start when it comes to starting your own business. A franchise helps maximise the potential for success as it addresses some of the issues mentioned above. A franchise usually starts out life as one or more pilot businesses which the business owner uses to test and refine their business idea in order to produce a proven business system that then becomes a franchise. This means the business model has already been tested ‘in the field’ and has already proven successful in its market.
So, here’s a number of common sense suggestions to consider in running a successful franchise business:-
1. Work hard and follow the proven system
It seems obvious but even though a franchise is based on proven business principles it is still a business. In order to be successful, any business owner will tell you it demands a whole lot of hard work! A franchise is a proven system which if followed correctly, should replicate the success of the original pilot business. Don’t be tempted to do it your own way, but stick closely to the proven method and work hard at it.
2. Listen to the Franchisor
The franchisor knows the business inside and out, after all they developed and proved the business model from scratch. The training and support offered by the franchisor is there to help you so learn from it and then put it into practise.
3. Know your business
Keeping a handle on your business, especially if you have a lot of staff, is essential. Make sure you have all the report structures you need in place to make informed decisions. Many of these will typically be to do with the financial state of the business since your business will live or die by the money in the bank at the end of the day. Also, it can be useful in spotting potential problems if you have regular reports and information coming back to you from your team. The good news is that as a franchisee, the franchisor should already have these monitoring systems in place as part of your franchise business; another advantage of choosing a franchise business.
4. Choose the right staff!
Choosing the right staff is essential for running a good business. Remember that customer service is a key driver to customer loyalty and this is important to bear in mind when considering taking on staff; are they presentable? Do they have a good pleasant manner about them? Do they smile? This is especially important for example in a retail franchise where there will be plenty of face-to-face interaction with customers. Make sure that your staff are not just competent, but you get along with them well too.
