7 Keys to Franchise Success
Hard Work, Great Ideas, Initiative Still Needed to Run the Business
Jul 22, 2008
It's been said before, but it's worth repeating: franchise success comes to those who are willing to work for it. The franchisor only provides the plan.
Granted, that plan includes a proven path that has worked for others. But there is a lot that's up to the franchisee to make this particular location, this particular business run smoothly:
- Take initiative: Following the rules of the franchisor is necessary, but following them blindly is not. So, take initiative in finding ways to improve the business in your local market. Franchisors prefer franchisees who can think for themselves. Are there ways to market the business a little differently? The franchisee knows the community better than the franchisor and should be willing to take initiative to make this happen.
- Don’t risk the brand image: While taking initiative is good, taking too much risk is not. Always consult with the franchisor before introducing anything in the location. A franchisee who mishandles the brand name not only hurts himself, but also the other franchisees. The very reasons to buy a franchise is for the brand name.
- Advertise locally: Too many franchisees rely on the franchisor to handle all of the advertising, especially if they are paying an advertising fee. But set aside some budget to advertise in your local market. Let the franchisor build the brand, but the franchisee needs to let the community know that he is there, too. Local charities, sporting teams and festivals are great places to start. That gives a place to let people know the business is in their community and is involved.
- Go to the annual meetings: All the top franchisors have annual meetings where they discuss issues and roll out new products. It's critical that franchsiees attend. They'll hear about the company vision and network with other franchisees. This can not only provide referrals, but also offer the opportunity to learn what someone else is making work in their market.
- Join the local Chamber of Commerce: The franchise may be international in scope, but it's up to the franchisee to make it work locally. Knowing what's going on in the local business community can provide networking and staying abreast of local issues that may affect the business. If the city council is considering a local sales tax increase, the franchisor likely won't get involved, but perhaps the franchisee should. Organizations like chambers of commerce provide information on local happenings that affect businesses.
- Volunteer to be a testing franchise unit: When a franchisor launches a new product/service, it will need a location to test run it. Franchisees who volunteer often reap the benefits. Not only does that franchisee get to influence the direction of the company, often there is additional advertising to let consumers know about the product or service. New products give the franchisee something to talk about as well, making for a great marketing effort.
- Work hard: Nothing can beat the hard work of a franchisee. Many franchisees tend to relax when they buy a franchise, but that’s a big mistake. Launching, growing and maintaining a franchise doesn't offer an opportunity to coast to success. If there's time to coast, it's time to consider another location!
The franchisor's proven plan meets with the franchisee's hard work, good ideas and initative to create a match made for success.
The copyright of the article 7 Keys to Franchise Success in Self-Employment is owned by Sandy Smith. Permission to republish 7 Keys to Franchise Success in print or online must be granted by the author in writing.
