Welcome to our final Franchise Tip. If you would like to read our whole series of 10 Franchise Tips then you can click here to view them all.
We have covered the process all the way through to first considering a franchise to opening up shop so we just wanted to take a moment to consider how to best to be a successful franchisee and to really make your new franchise business work for you. So we will look at a few areas to consider:-
Stick to the Proven Franchise System
We have mentioned several times during our franchise tips the importance of the franchise business’ proven system. It forms the heart of the franchise and is the formula that leads to success. As a good franchisee, sticking closely to the system is one of the best ways you can ultimately be successful.
Be under no illusions: A business requires dedication and hard work! This is simple logic really. Work hard, be pro-active and you will reap the rewards of your work. Sit about all day waiting for the phone to ring and you will fast find yourself struggling.
Retain your Enthusiasm and Motivation
All businesses have good days and bad days. It’s easy to run a business when things are going smoothly. The real test will be how you handle the bad days. Successful business owners aren’t afraid to make mistakes, however they learn quickly from them and get up quickly from a fall with even more determination than before they went down. It’s really about a state of mind and the overriding determination to be a success. Believe in your business and believe in yourself!
Sell, sell, sell!
I have yet to find a business that doesn’t sell something (though if you know of one let me know!). Of course there are different ways to present goods and services but ultimately money is made by buying and selling. Some things are easier to sell than others as some appeal to basic human needs (food for instance) and don’t require buyers to think much beyond ‘what to choose’ rather than ‘whether to buy’. Other goods and services may need a little more convincing to show a buyer why they might need a particular service or product. Whatever type of product or goods you sell, make selling your number one goal! Don’t get sidetracked into paperwork or activity that doesn’t actually make money. Make sales targets and go for it! The more you sell, ultimately the more you will make.
We hope this series of franchise tips has helped you on your way. Our aim was to help you be as informative as possible if you are considering franchising as your route to starting up in business. We hope that this may give you insight and a head start to get you well on your way to trading a profitable franchise business.
Welcome to our pen-ultimate franchise tip. If you have missed our previous franchise tips just click here to view them all.
By this point you should have narrowed down your options and have a franchise opportunity in your sights that you like and you are confident will work well for you. Here’s a list of some of things you will likely have done by this point:-
- Researched and found several franchise opportunities you think might work for you
- Spoke to and visited a number of franchisors on your short list
- Spoken to a number of franchisees who have given their feedback on the franchise business they run
- Spoken to the franchise section at one of the major high street banks regarding financing (if additional financing required)
- Narrowed down your options on the basis of your research, to select the franchise you think will work best for you
- Had further meetings with the franchisor in order to build you confidence that you are making the right choice
- Consulted a franchise specialist lawyer with regard to the franchise contract
Getting read for lift off!
Once you have reached this point you should have everything in place to get signed up, get trained and begin trading your new franchise business. These are the likely next steps you will need to make:-
- Signing of franchise contract in consultation with a franchise specialist lawyer
- Final arrangements of finance and payment of franchise fee
- Arrange for leasing or purchase of premises if needed
- Arrange any required training and set date for commencement of trading
Once you have completed the above you should be in a position to open your doors and begin trading your new franchise business. In our final franchise tip we will look at running your new franchise business successfully.
In our 8th franchise tip we will look at some other resources that are available in helping you choose the right franchise business for you. If you have missed our previous franchise tips, click here to see them all.
Whether you have the confidence to handle the process yourself or whether you feel you need a helping hand from the start, its important to know what help is available to guide you through the process of choosing and starting up your franchise business. So, lets look at some of the resources available:-
Franchise Associations are organisations set up to promote ethical franchising in their respective country. Franchisors who are members are required to pass some basic checks and have agreed to adhere to certain industry standard codes and procedures. This can give a prospective franchisee some level of reassurance as to whether the franchise business is ‘kosher’. In the UK, this organisation is the British Franchise Association (BFA). The BFA also carries a list of approved suppliers and consultants which can be helpful to a prospective or new franchisee. The US has a similar organisation called the International Franchise Association.
Using a Franchise Consultant can be useful in helping you find the right franchise business. Generally there is no cost to you if you are seeking a franchise as fees are usually gained from a successful placement with the franchise that’s right for you. In addition to guiding you in finding the right franchise for you, a franchise consultant is also knowledgeable of the process from initially considering a franchise to actually opening your new franchise business. Their knowledge of this process can help you avoid pitfalls and can make it run smoothly.
Franchise Legal Experts
Starting up a franchise will require a legal agreement between you and the franchisor. For this reason a Franchise Legal Expert is another important resource that you will need to consider using. Being fully informed of what you are agreeing to is an important part of the process. A franchise legal expert will help to break down a complicated legal document into the real implications of becoming a franchisee.
A final point…
Although there are plenty of resources to help and guide you, remember that running a successful franchise business will ultimately be down to your personal determination and commitment to succeed. There are no guarantees, as with any investment, but being fully informed and getting as much help as possible from the available resources from the outset, can at least give you the best possible chance.