Considering starting your own franchise? Running a successful business takes much more than luck and a background in the industry. It takes some serious drive, determination, and persistence. And that’s not all. To find out what makes the top franchisees stand out from the rest, here are seven tips for being a successful franchisee.
Gain the Skills
Having experience in the field is essential, but to be a successful franchisee, you also need to know what it takes to run the business effectively. Some basic business education and experience managing or running a business goes a long way. Without a background in business, it could become difficult and overwhelming to manage the books and staff. It might be in your best interest to take a business management course before you get started.
Learn From the Best
Before you start, you should also learn everything you can about the franchisor and their business plan and structure. The best way to get an inside look is to contact the other franchisees to get their feedback and advice. You should even consider visiting the top rated one and volunteer for a week to get a clear idea of what is expected of you and how the operation works.
Find the Right Location
Being located in an oversaturated area with a number of your competitors can damage your business. So it’s crucial to conduct careful research on the potential neighbourhoods before deciding on a site. Some of the things you should look for are the demographics, income levels, lifestyle trends, and traffic patterns. And you should also take into consideration what your business will need to operate successfully, such as parking, a second storey, a fenced property, or outside space.
Have Amazing Staff
Hiring the right staff can make or break your business. Franchisees cannot survive without good employees. And it takes more than just hiring; you also need to train them and ensure they are following all the rules. Finding the right people who are dedicated, honest, reliable, and the best in their field will ensure that your business is a success.
Create a Marketing Plan
The idea that ‘if you open, they will come’ is likely not going to work without a little marketing. You need to create a marketing plan that will promote and advertise your business to bring customers in the door. If you don’t know the first thing about marketing, then you may want to hire a marketing manager to run your promotions and social media platforms.
Follow the Rules
Every franchisee operates within a specific set of rules set out by the franchisor. To be a successful franchisee you need to know what those rules are and ensure that you are working within the corporate policy.
Know all the Costs
The initial fee is not usually the only cost you will have to pay. There will be some other costs that you will need to have enough money to address. Some of these costs may include operating costs, building costs, equipment, and royalty fees. Running a successful franchise requires that you know how much money you will need to get it off the ground and maintain it each year.
If you think you have what it takes to run your own daycare franchise, then we would love you to join us at Tiny Hoppers. Contact us today to find out more about our franchisor business plan and how you can build your own business today.
