3 Things Every Franchisee Should Know From the Start
It’s Going to Take More
Yep! That about covers it. Whatever you think it’s going to take you in terms of money, time, effort…take that and double it. Then you’ll have a conservative idea of what you’re up against when pursuing franchise opportunities.
The more established and experienced the franchiser, the better the estimate they can give you on costs involved with starting a franchise. But remember, the franchiser may not be used to dealing with your local municipality, and every city has different requirements for businesses operating within their locale.
When it comes to promoting, you’re going to want to pull out all the stops. Ask your friends and family to help you spread the word about your new business. Everywhere you go, look for new opportunities to spread the word about your venture.
You’ll also likely be forgoing an income while you get started, and for the first months of operations. Starting a business requires 100% of your time and effort for an extended period of time, and you have to be “all in” if you want to hope to succeed.
Your Location is Your Brand
When you sign up for a franchise, you’re purchasing the use of the franchiser’s brand and there is tremendous value in that. But you should be mindful that “your brand” is your location. You can be opening everyone’s favorite business and be exclusive to your area, but if people don’t have a good experience at your location, they won’t be back. Your brand is built with every customer, in every transaction. While the name you’re paying for from the franchiser may get them in the door, they won’t come back if they don’t get an experience that’s consistent with their expectations.
You invest heavily to purchase a franchise. You need to protect your investment. Win each customer’s business each time you interact with them.
Your Employees Are Your Brand Ambassadors
You can’t be everywhere. In order to grow your business, you have to trust your employees to grow your business. They are the first people your customers meet. They are the first impression your customer has of your brand. Hire people you can trust and pay and treat them well. They are your front line in the battle to achieve customer service excellence.
If you’re going to buy into top franchises, just know what you’re in for. Plan for long hours and some sleepless nights. The costs and effort can be great, but so can the rewards of owning your own business.