If you're interested in more information on how to choose between a franchise and a independent business, please download our Experience of Business Owners PDF.
27 June 2017
The key to running a successful franchise
So, you’ve made the decision to change your life and own your own franchise. You’ve done your homework, determined the franchise you want to be a part of and your doors are officially open for business. What’s next?
It may come as no surprise that starting your own franchise can be hard work, but with the right tools and support, good planning and a solid network, you can position your franchise for growth and success.
Below are our top four tips to help you and your franchise flourish.
1. Have a plan
One of the best ways you can ensure your success is to develop a plan. The primary purpose of the plan is to define your objectives so you can determine the best way of achieving them. Your franchisor can be a great support in drawing this up with you, and then it’s important to keep it front of mind to make sure you’re doing all you can to reach your goals. Remember, your business should always be evolving to meet the needs of customers and the marketplace, and likewise, the business plan should be a working document that continually evolves.
2. Lean on your franchisor
Your franchisor should be your best friend, especially in the first few years. They’ll be able to support you by helping get all the initial processes in place, but the contact shouldn’t stop there. It’s important that you keep talking to your franchisor and share your financials regularly, so they can help you with any potential problems before they arise. Cash flow is a really important part of any new business and it’s important to work in partnership with your franchisor to ensure that this remains healthy.
3. Build relationships with other franchisees
Get involved in the franchise network from the start, it’s amazing what you’re able to learn and pick up from other franchisees. A good franchise should always provide a sense of community. At Bedshed, we pride ourselves on our ability to connect franchisees with one another. With over 30 stores throughout the country, majority of our franchisees are in regular contact with one another, they even share stock. At Bedshed, we want nothing more than our franchisees to succeed and one of the ways they’re able to do this is by building relationships with other franchisees.
4. Focus on quality customer service
Finally, this may come as no surprise, but you should never underestimate the importance of quality customer service, remember that a little bit of bedside manner goes a long way (see what we did there?). Make sure your employees are properly trained to provide superior customer service. Your customers are at the core of your business and repeat customers and referrals are extremely important, especially in the early stages. Word-of-mouth is actually proven to be one of the most effective ways of generating new business.