Tips on Running a Successful Franchise
Tips on Running a Successful Franchise
Choose the right franchisor
It is pertinent that you choose an established company with a proven track record and a good reputation. The franchisor should provide all the necessary assistance and help needed to run a franchise. It is also important that the franchisor belongs to the Franchise Association and runs its business in accordance with the practices laid down in the “Ethics to Franchising” guide.
Maintain a good working relationship with your franchisor
Communication should be reciprocal, regular and any advice given should be acted upon. Whatever issue you may be encountering, take comfort in the fact that your franchisor will be able to assist you. Use your franchisor’s experience that they have gained over the many years.
Market your business
There is no one else better to market your franchise business than yourself. Use the passion you have for your product or service to talk to people. The enthusiasm will show and you will be more successful. Monitor the results of any marketing activity to make sure you are not wasting your money.
Monitor cash flow
Keep referring back to your business plan and manual and review the situation in relation to your forecasts and projections. Use the figures and statistics to make informed decisions about your business. Do not underestimate the working capital that is required to run the franchise business while it is growing. Careful planning and monitoring will prevent any unpleasant surprises from occurring.
Good time management
Time management is absolutely pertinent as very few people have time these days. You will require discipline, planning and flexibility for successful time management as it is far too easy to become distracted when you are working for yourself with no one to report to. Be flexible and regularly challenge every task associated with running your business.
Keep up to date with paperwork
Many make the fatal mistake in doing all their paperwork for the month in one day. The danger in this is that by the end of the day you are more likely to be tired and make mistakes. Therefore, do a small amount of the paperwork regularly. Increase your computer skills so that you can make full use of the accounts systems available.
Recognize your strengths and weaknesses
This may be hard to do but it is very important that you recognize your own strengths and weaknesses. You can use them to your advantage. If your weakness is managing a certain aspect of your business, employ someone to manage it for you. Your time will be better and more productively spent on working with the fundamentals of running your franchise that you are good at and enjoy doing.
Reward Yourself
When things go well, reward yourself! Go ahead, you deserve it. Set your self a goal and when you achieve it be sure to congratulate yourself.
Have fun
Most of all, HAVE FUN! You chose to purchase a franchise business not only to become your own boss but also to actually enjoy what you are doing. Yes, a owning a franchise does require a lot of hard work, commitment, determination and persistence. But do not lose sight of the reason you started a franchise. Enjoy your business and do not lose your sense of humor.
One of the most important factors in running a successful franchise is having the correct outlook! So go ahead, build a successful franchise.
Tips on Running a Successful Franchise - To learn more about this author, visit Michael Hemenway's Website.
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Yes, it is everyone’s dream to own a successful franchise. It is not an unlikely occurrence and is possible! Here are some important tips on running a successful franchise.
Choose the right franchisor
It is pertinent that you choose an established company with a proven track record and a good reputation. The franchisor should provide all the necessary assistance and help needed to run a franchise. It is also important that the franchisor belongs to the Franchise Association and runs its business in accordance with the practices laid down in the “Ethics to Franchising” guide.
Maintain a good working relationship with your franchisor
Communication should be reciprocal, regular and any advice given should be acted upon. Whatever issue you may be encountering, take comfort in the fact that your franchisor will be able to assist you. Use your franchisor’s experience that they have gained over the many years.
Market your business
There is no one else better to market your franchise business than yourself. Use the passion you have for your product or service to talk to people. The enthusiasm will show and you will be more successful. Monitor the results of any marketing activity to make sure you are not wasting your money.
Monitor cash flow
Keep referring back to your business plan and manual and review the situation in relation to your forecasts and projections. Use the figures and statistics to make informed decisions about your business. Do not underestimate the working capital that is required to run the franchise business while it is growing. Careful planning and monitoring will prevent any unpleasant surprises from occurring.
Good time management
Time management is absolutely pertinent as very few people have time these days. You will require discipline, planning and flexibility for successful time management as it is far too easy to become distracted when you are working for yourself with no one to report to. Be flexible and regularly challenge every task associated with running your business.
Keep up to date with paperwork
Many make the fatal mistake in doing all their paperwork for the month in one day. The danger in this is that by the end of the day you are more likely to be tired and make mistakes. Therefore, do a small amount of the paperwork regularly. Increase your computer skills so that you can make full use of the accounts systems available.
Recognize your strengths and weaknesses
This may be hard to do but it is very important that you recognize your own strengths and weaknesses. You can use them to your advantage. If your weakness is managing a certain aspect of your business, employ someone to manage it for you. Your time will be better and more productively spent on working with the fundamentals of running your franchise that you are good at and enjoy doing.
Reward Yourself
When things go well, reward yourself! Go ahead, you deserve it. Set your self a goal and when you achieve it be sure to congratulate yourself.
Have fun
Most of all, HAVE FUN! You chose to purchase a franchise business not only to become your own boss but also to actually enjoy what you are doing. Yes, a owning a franchise does require a lot of hard work, commitment, determination and persistence. But do not lose sight of the reason you started a franchise. Enjoy your business and do not lose your sense of humor.
One of the most important factors in running a successful franchise is having the correct outlook! So go ahead, build a successful franchise.
Tips on Running a Successful Franchise - To learn more about this author, visit Michael Hemenway's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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