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Franchise owners have a franchisor’s backing, but this doesn’t guarantee they’ll flourish. They’ll give you the business model, tools and resources to start. But you’re the one who needs to take the reins and charge forward. The growth and success of the business are ultimately in your hands. It’s scary, but it’s also thrilling. This new business venture is now your sole responsibility.
Don’t get overwhelmed with all the new business requirements. Address them as they come, and remember, you’ve got the franchisor’s support and guidance when you need it. To keep you on the path to success, here are four of the most important points to keep in mind as a new franchise partner.
Follow The Processes
Following the rules sounds relatively simple, but it’s actually the most important part of being a franchisee. Your franchisor will give you the prescription for operating your franchise, including the products you sell, the services you offer and even your operating hours. Be sure to follow and trust it. The franchisor created these guidelines to start you off on the right foot. They provide a systematic process to all franchisees, ensuring brand consistency regardless of location. Brand consistency is especially important because it helps customers recognize and internalize your brand — even boosting company revenue by 23% over time.
Don’t try to bend the rules in your favor. You’ll only frustrate your franchisor, or worse, violate your franchisee agreement. Remember, the rules exist for a reason. They were created by the franchisor based on their successes and failures so you don’t have to test the waters.
Even though you’re not technically an employee, you’re still accountable to the system standards. Always connect with your franchisor if you have any questions or concerns. It’s better to ask for help than to step outside the lines or head down a path that will hurt rather than help.
Hire The Right People
You’re only as good as the people you surround yourself with. You can’t be in charge of everything and expect success. That’s why it will be important for you to hire the right people to help the franchise succeed.
Look for people who share your attitude and work ethic. But more importantly, find people who share in the brand’s vision. Hire them because they’ll work tirelessly to achieve this vision, not just because they want a job.
Once you have the right people in the right positions, don’t take your hands off the wheel. You’re the captain of the ship, and you need to make sure everyone is doing their part. The most successful franchise partners challenge their employees, provide them with real-time feedback and keep the company vision in front of their eyes. This consistent interaction keeps employees happy in their roles and engaged in the company; 68% of employees who receive accurate and consistent feedback feel fulfilled in their jobs.
Embrace A Hands-On Approach To Business
You shouldn’t relax just because you have a tested playbook for your business. The best franchisees will be in the trenches with their employees. They’ll switch in and out of different roles to make sure every employee gets the support they need. You’ll need to step outside of your comfort zone as a franchisee and get comfortable confronting new, exciting challenges.
Owning this gung-ho mentality motivates and inspires employees. Showing them the value of hard work and dedication to a cause will push them to do their best. It will also demonstrate the power of teamwork. A survey by HR company Gusto found that 37% of employees stated “working with a great team” was their primary reason for staying in their role.
Remember that your franchise is part of a larger team. The whole team has a job to build the brand on a regional, national and global level.
Keep Communication Lines Open
You want to keep communication flowing between you and your franchisor. Talk to your support team often to ask questions, share your successes and discuss your challenges. You should also feel free to suggest new ideas for franchise growth. Even though you need to follow system standards, franchisors want to hear your feedback. They can take your great ideas and turn them into tools and resources for all franchisees.
But don’t neglect your own team in the process. They’ll run into daily issues and will need someone to address them. You might even need to be the messenger and escalate larger problems to your franchisor.
Practicing good communication even has a direct effect on how productive employees are. When employees are connected, productivity improves by up to 25%.
Be the face of the company to your employees.
Success Doesn’t Come From The Franchisor
You receive everything you need to get things moving from the franchisor, but don’t expect those resources to guarantee you future successes. Now that the franchise is under your name, you’ll have to use these tools to run the business and become the team leader.
Getting things in motion won’t necessarily come easily. But being a strong leader gives you the best shot at leading a successful business. Once you step into this new role, remember to follow the processes, hire the right people, embrace a hands-on approach and always communicate. These building blocks and your strength can help success come easier.
May 31, 2019 at 08:03AM
Forbes – Entrepreneurs