10 Key Factors to Make a Success of your Franchise Business
Sometimes it can take just one statement or observation about our selves or our business to make all the difference. It maybe something said that for some reason just really resonates with you by fitting right into your thinking at that particular time.
A saying I like and have heard often is “It takes the right message, from the right person at the right time for you”. If all these factors come together, then a significant change for the better can occur for you in your business or in your approach to buying one if you don’t have one yet. I hope that at least one of the thought provokers below can do that for you.
Thrive Not Survive Forget about all the talk of survival… settling for anything less than thriving is not worth the risk of going into business for.
Invented & Intended To Get Keep focused on attracting more of the customers that your franchise system and business was specifically invented & intended (I&I) to get – your niche target market. Wishing and chasing for more outside of this is an advanced strategy only for once you have all available I & I.
Prosper Not Perspire You bought into a franchise system…now use every bit of it to help you prosper in it – don’t perspire in it instead by making it all revolve around you, so implement and let the systems run the show.
Perspire Equals Expire With you carrying your business everyday by doing most of the work, you have a limited life span in it before resentment and frustration pushes you to want to rid yourself of it. A resentful, frustrated seller is destined to lose one way or another.
Franchise Fence To the franchisor, success = the franchisee taking hold of and driving their business. To the franchisee, success often = the franchisor providing exceptional support and activities that drive customers to their business. It just depends on which side of the fence you are on.
Who is right and who is wrong – it doesn’t matter, just make sure you are exhausting every opportunity to drive business growth.
Built By You To Replace You Choose the right people to run the system of your business, and build their skills and abilities to exactly match yours in the business so they can replace you. Don’t hold skills back, as they will either lack what you need them from them to run your business system, or they’ll go elsewhere for that opportunity.
When You Can’t Control – Confront Don’t ever become a victim of circumstance. Some things you can’t control but you can control how you react. Confront them head on by maneuvering your business and strategies any way you can to minimize impact and gain advantage.
Your ‘What If’ Sights Find and start training another person in your team in the event a ‘what if ’ situation occurs. Create back ups for your back ups so it doesn’t ever all fall back on you.
Franchise Drift Comfortable is dangerous and being within a franchise system often makes people comfortable. A false sense of security is felt when you are comfortable, and before you know it your comfort becomes chaos as things like escalating costs that you didn’t notice will erode that cushion of comfort.
Pride Prevents Profit Pride is the great danger in franchising, and it is driven by emotion. Eliminate emotion out of the equation and do only what is right for your business. You must clearly distinguish between what is good for your business against the pride of your ego. Identified by statements and thoughts that end with “It’s the principle of it” - so if you here yourself muttering those words be prepared to cost your business in some way.
If you give some thought to how some of the above may apply to you or in your business, then I’m sure you’ll both be better for it!