Franchising occurs when business owners license their operations, products, branding, and any other applicable aspects of the business to another party for a fee. It’s that simple. The franchisee is then the owner/operator of a pre-established business.
If you’re looking to start your own business, consider franchising. You’re the boss, but you also have an entire company for support. If you’re already considering becoming a franchisee, here are ten tips that should help you along your way!
- Hire for the Best Person and Role. The staff of a business is the heart of a business. From the mom-and-pop store to the giant corporation, a good staff is step one toward success. Make sure you hire who is best for the job, not necessarily who you like most. Also make sure to place each hire in the best position. Utilize skills efficiently. Create an environment for your staff to thrive while avoiding micromanagement, and you should be perfectly fine staff-wise.
- Delegate! Delegate! Delegate! If you’re driven enough to be a businessowner, chances are you also have a do-it-yourself attitude. Well, it’s time to quiet that instinct! No franchisee can do it alone. Delegating tasks lightens your own workload and also helps build trusting relationships with your employees. A staff that takes ownership and feels pride is critical for success.
- Be Time-Efficient. Managing time well is sort of the secret sauce to a good business. Obviously day-to-day operations tend to schedule themselves, but we’re talking big picture here. Knowing when to focus on a task until completion and when to move on to something else is important. Keep a schedule, but keep it flexible.
- Utilize the Franchisor. This could have topped the list. Use every tool the franchisor has to offer. They want you to succeed just as much as you want to.
- Create a Positive Culture. The culture or overall feel of a business starts from the top. Since that’ll be you, it’s your responsibility to create a positive environment and culture for your entire staff. Employees should want to be there, and should adhere to company values.
- It’s OK to Ask for Help. It is a sign of strength to ask for help, not a sign of weakness or struggle. Sometimes problems will arise that you, your staff, and not even your franchisor can answer. Don’t hesitate to reach out for assistance. American Business Credit is here for any and all business needs.
- Get Out There. You’ll obviously want to spend sufficient time inside the actual business(es) you’re managing. Still, as a franchisee it’s crucial to get out into the world and promote yourself, speak with other franchisees, etc. Think of it like an extracurricular activity from high school. Chances are it will benefit you overall.
- Plan Ahead. Form your vision and don’t stop working until it’s real. This is easier said than done, so start with a map of sorts for where you want to go. You can have short-term and long-term goals. It’s good to think ahead and plan accordingly because time waits for no one!
- Be the Boss, not the Friend. This is another one that could top the list. You don’t have to be a wartime drill sergeant, but let it be known that you’re the boss and not a pushover. You set the tone, you make the rules, and ultimately you provide the paychecks. Be careful to not ever let any insubordinate behaviors or attitudes sway you from your vision.
- Follow the System. As a franchisee, there’s already a system in place for you. Stick to it. You wouldn’t have invested into the brand you did if you didn’t trust their ways. So, follow the system, play by the rules, follow all these tips, and you should be A-OK. Give us a call now if you have any business-related questions or concerns!
