Starting your own business doesn’t have to come from a lightbulb moment, in fact, you don’t need a new idea at all. Your next business venture could be a franchise, where you buy into someone else’s idea and leverage off their already proven success. So what are the secrets to running a successful franchise?
1. Understand the power of marketing
It can be tempting to buy a franchise business and assume that most of the marketing has already been done for you. After all, you’re buying into an established brand, you don’t need to begin from scratch. However, you do need to take ownership of your own store, and realise that people still need to know YOU exist. Successful franchise owners continue to build their brand and grow their business over time.
2. Tap into the wealth of knowledge around you
Franchise networks include new business owners just like you, who are also trying to get their new store off the ground. Leverage these contacts. Find franchisees that are doing well and get in touch – learn from their mistakes and their successes. Take the time to listen to the pain points of other franchisees who are struggling and see if you can come up with a solution together. Learning from others on the same journey is one of the quickest paths to success.
3. Follow the existing path
In addition to having access to a franchisee network, you will also be given technology to help you get started. The business you are buying into is already up and running and you will be handed a set of tools that were integral to its success. These could be customer care programs, operating systems or billing technology. Even though it can be tempting to go your own way, you’re best bet is using what’s been gifted to you. It already works, it’s proven it’s worth, and it will make your life a lot easier in the long run.
4. Value your customer base
There’s no denying that customers are your bread and butter. A successful franchise owner understands just how important it is to maintain and grow a healthy customer database. Go the extra mile with each customer, especially at the start of your franchise journey when establishing a solid customer base is key to the success of your business. Sometimes it’s the smallest things that can make a one-time-only customer turn into a lifelong customer.
5. Keep learning
Most franchisors will offer ongoing support and training to franchisees – make the most of it. Keep learning and up-skilling so you can take your business from good to great. In addition, consider doing your own training. Take a short course, get training online or sign up for one-on-one support from an expert. If you find you have weaknesses on the job – that’s ok. Just take it as an opportunity to up-skill and grow as a person and small business owner.
6. Understand what sets you apart
There’s no doubt about it, competition is fierce in almost every industry. However, you can get ahead of the game by understanding exactly who is your competition, where they are located, what they offer and more importantly, what sets your business apart. If you can learn what makes your business the better choice, you’ll be able to market yourself as the leader in your field – and people will listen.
Find out how QuickBooks can help you run your franchise business.