The task of opening and operating your initial franchise location may seem daunting, but thousands of successful franchisees began their career as first-timers. A bit of planning and discipline early on can set the stage for your franchise's success. Keep the following tips in mind as you put your franchise in position for rapid returns.
Set clear goals
A set of business goals will help to guide owners through the learning curve process of being a franchisee. Goals to increase sales or customer base also provide natural benchmarks for your new franchise. You can also inspire employees by sharing company goals through meetings and memos. Personal goals are also important for franchisees. A set of internal benchmarks will provide motivation through adversity and keep you focused on the long-term success of your franchise.
Prioritize staff training
A poorly trained staff will tank a franchise, so Inc. strongly recommends that franchisees commit their workers and managers to an extensive training regiment. Your business will suffer if employees demonstrate poor customer service and turnover rates will be high if managers fail to generate the right workplace culture in your store. These issues are a far greater threat to a franchise location's revenues than extra time spent on pre-opening training. Personal anxiety will also be kept to a minimum if your store is run by well-trained employees that can be trusted, according to the Wall Street Journal.
Trust your brand
Most franchisors provide franchisees with a veritable cheat sheet of suggestions and strategies for running the business. These solutions are derived from a franchisor's years of experience and are consistent with the brand message that a franchisor wishes to promote. Franchisees can save time and stress by implementing these pre-packaged strategies for marketing, recruiting and expanding. A major benefit of franchise ownership that appeals to investors is the flexibility franchisee are allowed in running the business, but following the franchisor's lead is a smart strategy in the beginning.
Develop a strategy
It's never too early to make plans for expansions. Purchasing a second franchise location may not be feasible at the start, but franchisees should start drafting possible expansion scenarios as soon as they feel comfortable running their new business. An ambitious mindset will help you get the jump on potential franchise rivals in your area. Properly trained staff will also make the transition from one store to two stores significantly easier. Trustworthy employees from your first location could graduate to management material by the time you open your next store.