If you’re keen to start your own business, owning a franchise could put you on the path to success. You not only get a proven business model but an established brand in the marketplace.
But to make sure you run a profitable business you need to dedicate your time to learning everything about your franchise organisation as well as employ the right people for the job.
The Key To Your Business Success Could Be As Easy As 1, 2, 3…
Find the right franchise
Think about what you want to achieve with your new business. Ask yourself questions such as what types of business would be the best fit for your skills and experience and how much money you want to invest. When speaking to your potential franchisor, carefully review their franchise disclosure document (FDD) as well as financial statements and earnings. You want a business that’s in demand with consumers, but you should also take the time to speak to existing franchisees and check out their satisfaction levels.
Follow the rules
Once you’ve chosen your franchise, make the most of the tried and tested system you are now a part of. Get the most out of every opportunity and invest in learning every aspect of the operation – sales best practice, IT systems, KPIs, performance groups. Resist urges to change the system and embrace the model you have become a part of. Once your operation is established, take time to help others – who knows – it could even lead to referral business down the track.
Develop your interpersonal skills
Successful franchisees are usually the ones who build relationships and recognise the importance of communication. Whether it’s your franchisor, fellow franchisees, your team or your customers – it’s important to have strong people skills. Lead by example – take time to find out your customer needs and go that extra mile to get the job done or to add value. You can be sure that by putting people first – you will create loyalty with both customers and your team members.
Kwik Kopy is one of Australia’s top ranked franchises with an award winning business model. To find out if a franchise business is right for you, contact us today.