How do some franchise owners manage to run successful franchises, while others are forced to put up a for-sale sign in the window? Various factors determine success, but it also has a lot to do with how you’re running the business.
Making intelligent decisions along the road and avoiding common traps can significantly impact your franchise’s profitability and viability.
Top 10 Tips for Franchise Business Success
Running a business is a big responsibility, but a few tips can help you increase your rate of success. Let’s look at 10 tips to increase your chances in running successful franchises.
1) Choose the Right Business
There are many franchise concepts and industries from which to choose. But how do you know if the concept you’re buying is suited for you? It’s pretty simple: think about what you enjoy doing.
If you like working with children, search for a franchise that allows you to do so. If you have a passion for computers, look for a computer-related franchise concept. You’ll spend a great deal of time working on your business, so make sure your passionate about it!
2) Knowing Your Skill Sets
While most franchisors will teach you their system to help you open successful franchises, there are a variety of tasks that must be completed on a daily basis. Some of these tasks will play well into your skill set. Others will likely require you to hire an expert in that area. Knowing your skill set in advance will help you determine which tasks you will excel at, and which ones would be best to delegate to someone else.
3) Follow the Systems
The fact that a franchise has a successful system is one of the reasons you choose it. You must learn that there is a system to build successful franchises. Don’t zone out during your initial training; soak up everything they have to offer!
Until and after your opening day, continue reading the guidelines and collaborating with other franchisees. You’re buying a tried-and-true system, and you owe it to yourself to follow every step.
4) Get Along with Others
When building successful franchises, it’s important to learn to get along with other people. From developing relationships with the franchisor, other franchisees, as well as the team you build at your franchise location, interpersonal skills become vital to your overall success.
Reading about and practicing these skills will ensure that your road to success runs more smoothly.
5) Learn Your Industry
Organizations and gatherings exist in almost every field allowing business owners to network and share information.
Trade groups and local boards of trade bring together new and veteran businesses, providing an excellent learning and networking environment. Your fellow franchisees can also provide valuable industry insights; don’t overlook this helpful network!
You can also look for content around similar successful franchises on the internet. You can find a variety of blogs, videos, and ebooks that will help you make better informed decisions in your business!
6) Never stop Marketing
As a franchisee, your primary responsibility is to sell and market your product or service locally. Advertise yourself; do it regularly, evaluate the performance of each option, and share successful franchise techniques with your fellow franchisees.
Don’t restrict your success by becoming too preoccupied with your administrative activities and forget to focus on marketing strategies. Marketing and sales are what make or break successful franchises.
7) Take Responsibility
The support that a franchisor may provide is part of the appeal of a franchise system. However, you are primarily responsible for your franchise’s eventual success or failure.
Yes, your franchisor will train you on the system and provide you with the tools you need to start a business, but you will be responsible for the day-to-day operations of your location.
The franchisor is there to support you, but the implementation is up to you. This freedom is part of the attractiveness of entrepreneurship!
8) Customer Satisfaction Above Anything
When launching a franchise, customer service should be a top priority. As word of mouth spreads about your franchise, customer satisfaction will help to make your local business a successful franchise. Even among successful franchise owners, customer service is consistently identified by insiders as the top factor in building successful franchises.
9) Take Help
Make the most of your franchisor’s expertise and knowledge; after all, that’s why they’re there! There’s a reasonable probability that another franchisee has been in a similar predicament as you before, and your franchisor can help you work out a solution.
10) Hiring is Important
Some people don’t like selling. They do not feel at ease picking up the phone and talking to strangers. However, sales is an unavoidable aspect of most franchises. Finding a ‘people-person’ who enjoys meeting and talking to others will be vital to building a successful franchise.
Highly successful franchisees make sure that they hire people who are great at what they do and take ownership of the work. It’s important to hire people with the right set of skills.
Get Started with the iCode School Franchise
iCode is a pioneer in onsite children’s computer programming education. CNBC, CBS, Fox, Patch, The Dallas Morning News, and others have featured iCode franchise’s programs. They have also built relationships with major organizations like the NBA Thunder and Texas Instruments.
Start your journey by speaking with one of our representatives and joining a ‘Discovery Day’ Zoom call with iCode’s leadership team to learn more.
So, what are you waiting for? Now is the time to open your iCode franchise!