Buying a franchise is an excellent alternative to launching an independent business from scratch.
You’ll join a large operation with its own established services, brand and working methods. You’ll receive support and input from the top, while still running your own branch.
However, actually being successful as a franchisee is still a challenge, no matter the industry or location. It takes work, commitment and drive.
What can you do to achieve the best results? Here are 4 essential tips to help you become a successful franchisee.
#1. Get to Know the Business
The most important tip to focus on comes before you actually invest — research the franchise and get to know it inside-out.
Speak to current franchisees to gather their views on working with the franchisor and whether they would recommend it. What level of support can you expect to receive to help you get off to the best start? What training is provided? How long does it typically take to start generating real revenue as a franchisee?
You have to make sure you’ll be emotionally invested in the franchise, the products / services and the customers. Ideally, buy a franchise that appeals to you personally, whether it’s tied to a hobby, work you have experience in or a new direction that excites you.
The more planning and preparation you do, the better your experience as a franchisee is likely to be.
#2. Take Advantage of Training from the Franchisor
Franchises will usually offer franchisees regular training and guidance to help you reach your full potential. If this is optional, be sure to take advantage of it — you could learn some invaluable lessons that lift you to greater heights.
You may want to consider training in specific areas beyond what the franchise offers too — courses on general management, interpersonal skills and finances could all prove beneficial to your long-term success.
#3. Take Care of your Staff
Your employees are crucial to your success. Hiring the right people for the right roles is just as vital, but you have to keep them satisfied.
Simply treating staff as drones with poor pay, inflexible hours and no benefits will increase your employee-turnover rates. As a result, you’ll spend more on advertising vacancies and training than you need to over the coming years.
Try to keep employees engaged and excited about their work. Welcome their input and ideas — they could make powerful contributions to your franchise.
#4. Assemble a Strong Management Team
Running a successful franchise demands a strong management team. If you plan to launch a branch without actually working there yourself, you’ll have to invest real time and energy into finding the ideal candidates.
Experience is key. Don’t accept the first applicant who comes along: look into their work history, the type of businesses they’ve been involved with, how many employees they have had to supervise and their overall work ethic.
The right managers, assistant managers, supervisors and team leaders will all bring their own unique benefits to the business. They should have strong ideas for improvements, in-depth knowledge of customer service and a passion for success.
At 10-4 Tow, we’re a growing franchise with branches across California: Oakland, San Jose, San Leandro, San Diego, Sacramento, Stockton, Fullerton and Long Beach. Our towing and roadside assistance solutions help drivers in a huge variety of situations every single day.
We’re actively working to keep expanding 10-4 Tow nationwide, and are looking for experienced, driven professionals to launch new branches. Want to know what we can offer? Just give us a call on (877) 836-4869 now!
Inked by 10-4 Tow Blog Team – Boasting many long years of experience in everything & anything related to the automotive business, especially when it comes to tow trucks.