If you are thinking of becoming a franchise owner, you are not alone. According to the International franchise association the franchise industry consists of “733,000 franchise establishments that support nearly 7.6 million direct jobs, $674.3 billion of economic output for the U.S. economy and 2.5 percent of the Gross Domestic Product (GDP).” Starting a franchise business is no small task! Below are some tips for a successful franchise business.
- Stay centered on the customer:
Customer centricity is the strategy of putting the customer experience first. You will find “customer centric” on many company’s mission statements, and for good reason. Repeat customers are vital to your business. Being customer centric doesn’t just mean being focused on great service, it means anticipating your customer’s needs, following though and then meeting them.
- Meet Your Franchise Standards
It is important as a franchise owner that you meet the company’s standards and maintain the brand’s reputation. Be sure to hold up your end of the bargain and meet your obligations. Franchisers will often provide training regarding upholding their standards. This includes meeting any rules included in your franchise agreement. Maintaining a good relationship with your franchiser may not only help your current business, but may open you up to future opportunities.
- Accept Help from the Franchisor
Especially during the startup phase, franchisors will often provide assistance. This can mean assistance with advertising, finances, and operations. However, assistance from the franchisor varies substantially. The support you receive from the franchisor is an important consideration when deciding on a franchise opportunity. Follow the marketing plans provided to you.
- Think Long Term and Plan
It’s easy to get wrapped up the in the day to day operation of your business. Decide on some long-term goals, and work hard towards obtaining them. Start a business plan and stick to it.
One of the greatest aspects of starting a franchise business is you don’t have to start from scratch! If a business is strong enough to be franchised, a lot of the work has already been done for you. Now it’s time to take advantage.
If you are a franchiser and would like your story featured on Modern Business, contact us at www.modernbusinesstv.com for consideration.