Top 10 tips for franchise success
Roy Seaman, Managing Director of franchise consultancy group FDS
1. Choose a franchise that you will be proud to own.
The key to success is to love your work, you will never feel totally committed to a franchise that you do not believe in. Also, you must have total conviction of your own skills and abilities and these must never be underestimated. Set your sights high - there are many new as well as famous brands looking for people with your skills, ability and financial resources, which can provide you with the returns that you seek.
2. Set clear goals.
You will need to decide exactly what it is you are trying to achieve. Decide on your goals and decide how much time, effort and money you are willing to invest. Remember that success is measured by having measurable milestones so that you can recognise when you are proceeding in the right direction.
3. Devise an action plan.
Once you have identified your goals you must devise a plan for their achievement. In business you will need persistence, determination and will power, as well as the resilience to bounce back quickly when you hit that inevitable brick wall. Flexibility is also a key characteristic of successful franchise owners.
4. Listen to & learn from the franchisor.
You are not only investing in the franchisor's brand and system, but also in the president or founder and their team who will help you achieve all of the goals that you have listed.
You will need to feed your mind with new information and ideas that will help you to gather momentum and speed. Your franchisor may even advise you on audio CDs and DVDs worth buying. Your mind is a great asset and you need to invest in that regularly.
5. Value your own time.
Use your time wisely and decide what you should not be doing so that you can concentrate on working toward your goals. Put a value on your time - try imagining that you are worth £1,000 a day and consider whether the things you are doing are worth that amount of valuable time.
6. Associate with business leaders.
Associate with people who are success-orientated in order to emulate their achievements and become a leader yourself. Determine who the people are who can best help you succeed and learn from them, so that one day you in turn can help others to achieve success.
7. Look after your integrity & reputation.
Who you are and what you stand for will be determined by those that meet with you. By being honest with people and helping them to achieve their goals, be they staff, customers or other business owners, you will benefit in turn by the goodwill and respect you generate.
8. Use your latent ability and creativity.
Recognise that you have more than you are currently displaying - this is not a weakness but an opportunity. Make the decision that you are going to use those enormous reserves of ability and creativity to help you succeed. Once you kindle the fire of your imagination even you will be amazed at what you can achieve.
9. Focus on customer service.
In franchising both you and your franchisor become the brand. The most important person then becomes your customer. In any business the customers are the most important people, to be treated with respect. Imagine each customer is going to spend £100,000 or more with you, and the wheels of your business will start to turn.
10. Work hard.
In order to achieve your dreams you will need to work hard. You must never hold back, never seek that short cut and maintain your honesty at all times, otherwise you will never obtain the heights of success that you are capable of climbing to. With a dogged determination you will be able to achieve all of the satisfaction and material rewards that you have set your heart on.