How to Run a Successful Franchise
By: Casey Askar
Casey Askar is a successful entrepreneur and the owner of Askar Brands.
Starting a new business can be daunting; however, investing in a franchise allows you to start with an existing model.
Whether you are a new or experienced franchisee, these tips will ensure that you have a strong foundation upon which to start your new venture. It is crucial to uphold these values along your journey to have a better chance of success in your new business.
Research Franchises
When choosing which franchise to invest in, ensure it aligns with your goals and will generate you money. Do research to find one with a proven track record within the industry and avoid any that have had bad publicity. Establish an understanding of their business model.
Market Research
Before investing, ensure you have done the correct market research to determine if your new business is appealing to the demographics within your community. Investigate whether other businesses within the area have similar offerings – there is little money to be made in a flooded market!
Believe in the Product or Service
When you show passion for the product or service, you are offering. This will have a positive impact when engaging with future clients.
Draw Up a Business Plan
The capital needed to start a franchise varies from one franchise chain to another. Plan out a budget and set short and long-term goals. Consider the opearting costs to determine how you are going to cover them. Always have growth as a long-term goal to avoid becoming complacent.
Use Resources Provided by the Franchisor
Every successful franchise will have a system and rules in place to ensure continued success. Your success is their success; thus, franchisors often have many resources available from training to sales practices. Make use of their tried and tested solutions.
Hire a Strong Team
However involved you plan to be in daily operations, you want to hire a professional team who will uphold your standards in your absence. Don’t compromise on the quality of your staff, as this will impact your clients’ relationship with your business.
Attend Conventions & Network
Remain up to date with developments happening within the franchise chain. Franchising conferences are a great way to keep on top of the goings-on and an excellent space for networking with other franchisees.
Community & Customer Service
The community in which you establish your business is the lifeblood of your business. Maintaining a good relationship with them and ensuring consistent good service will ensure they return.
