So you finally managed to get that franchise that you have been dreaming of. You are finally one step closer to having that financial success you have been dreaming of all your life. Take heed however, having that franchise formula does not necessarily ensure that it will be all smooth sailing from this point on. In fact you must be ready to pull your belt one notch tighter and burn the midnight oil as one 9 out of ten franchisees fail every year. Although this figure means that you have much better odds in seeing your franchise successful, you just might end up as the only one out of the ten who is unlucky. So here are a few tips to make sure you will be one of the successful franchisees in your system.
The first and most important thing in having a successful franchise business is to maintain good lines of communications with your fellow franchisees and your franchisor. As the source of great strength in a franchise system is the collective efforts individual franchisees and the franchisor exerts to attain a singular goal, it is imperative that you can always count on their valuable support.
To do this, you must always make sure that you adhere to the policies and set standards of your franchise system. Consult your fellow franchisees and obtain the permission of your franchisor before doing anything that deviates from the operations manual. Although you are sure of your idea, be ready to respect the views and decision of your franchisor and take his word as law.
Finding the perfect location for your business is also a very essential ingredient for your business’ success. This will entail a lot of research and leg work as you will be investigating some important factors such as traffic, demographics, zoning, location perceptions and many other things. Take heed of whatever your franchisor tells you as he will be of great help in helping you choose the best location for your business. He will also have a better grasp on the essential characteristics a good franchise location needs to ensure sufficient volume of customers. In this regard, make sure that the location you have chosen for your site will be your exclusive territory and be prepared to defend it from others in your franchise system. Franchises fighting over the customers on the same territory both stand to lose. Moreover, this is detrimental and contrary to the spirit of the franchise system where the one goal is better business for everyone under the organization.
Of course, as you are paying a part of your monthly gross income to your franchisor as an advertising or marketing fee, be on the look out on how to best market your product on a local setting. National marketing and advertising campaigns are good but local and specialized advertising sometimes have its appeal and uses to your local target market. Because of this, take an active part if possible on the marketing and advertising side of your business. Take the time and give a powerful presentation to your franchisor to convince him of the advantages and benefits of marketing on a local scale.
With these and more, you can rest easier that you are indeed doing the best that you can to make your business a successful one.
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