Tips from seasoned franchise owners.
Experience is something that can only be gained with time. By the very definition of the word, it’s not a trait that can be fudged or sped along. The longer you do something, the better you become at doing it. That’s a statement that doesn’t bring shock or value, it’s a common fact. However, that doesn’t mean you can’t look toward others to speed that process along. By talking about their trials and areas of success, you can streamline the experience-gaining process. By avoiding the same mistakes others have made.
Lessons learned the easy way.
Though scouring the web and talking to owners of franchises with years of experience, we were able to compile a list of steps to not take. We found which mistakes were most common, how they were approached, and how they could help others avoid those same issues … just without having created them in the first place.
New or Potential Franchisees Should Be on the Lookout For
Financing Overhead
As the pros put it, money doesn’t always come in when you think it will. Or when you need it to. Especially when starting out (each respective branch). Account for more fees than you think you’ll have – staying on the side of caution. If added expenses don’t arrive, you’re in the clear. Or if they do, you’re properly prepared.
Growth That is Consistently Steady
If your branch grows extremely quickly, take those numbers with a grain of salt. It’s dangerous to expand too fast, especially without enough data to support your growth. Take it slow, instead and avoid bills that can’t be paid or working with an inexperienced staff.
Investing in Your Managers
In terms of both money and time. A good manager is what’s going to help you succeed, and skimping or assuming they know what you want/need will only cost you in the end. Search for someone with plenty of experience and who you trust. Also don’t be afraid to continue their training in years to come.
Leading By Example
Just because you’re hiring someone to do something doesn’t mean they’re the only ones who can or will do each job. Those who see their boss perform – and perform well – on their level are more likely to exceed expectations and put in more effort. Without having to be reminded.
Using What’s Available
Corporate offers so many resources to its franchisees. Before hiring out or attempting self-research, look to see what your brand bosses have available. Not only are their services likely free, they’re customized to your company, as well as your specifics, such as size, location, and target audience.
Keeping Long-term Employees
No matter how many hours a week each employee puts in, the longer they’ve been around, the more valuable they’ve become. They know more, can work more efficiently, and don’t require you to train a new guy. This fact is often overlooked and can be a costly mistake. Instead, do what you can to encourage workers to stick around for the long haul, which means offering raises or additional rewards, and creating an environment that they want to work in, for starters.
Creating Relationships with Customers
They are, after all, your bread and butter. Selling to customers is what keeps you in business. For those who stop in regularly, you will begin to get to know them without having to try. But you don’t have to stop there. Encourage your workers to do the same, and make a point to remember names and faces, with a few additional personal details sprinkled in. The friendlier you become, the more likely they are to return. And recommend you for future business.