Starting a franchise can be an excellent, low risk way to build a successful business. But all franchise opportunities aren’t created equal, and neither are franchise Owners. Finding the perfect franchise opportunity is just the first step in your journey to success. So, once the deal is done and the papers are signed, what can you do to transform your business into the thriving franchise you know it can be?
4 Tips for Building a Thriving Franchise
- Hire the BEST people: Your people will help steer you to success. They need to be trustworthy, innovative and reliable. Hiring your best friend’s uncle’s girlfriend instead of a qualified and ambitious applicant is going to do your more harm than good. For the best results, you need to pick the best people.
- Spend Money to Save Money: Spending money is often painful, particularly when money is tight, or when you won’t see the return on your investment for months or sometimes years. But at the end of the day, your business is a long-term investment and you should treat it as such. Consider LED lighting to reduce your electricity costs, or water saving devices in your kitchen and bathroom areas. Sometimes it’s the smallest things that can save you money.
- Analyse the Numbers: The numbers are your barometer for what is working and what isn’t in your business. If you know your numbers well enough, and follow them closely enough, you’ll be able to recognise issues long before they become problematic, allowing you to adjust your sails accordingly. Measure everything you can. From staff turnover to labour costs to Facebook likes. Numbers are power.
- Have a Back-up Plan: Your franchisor will most likely give you their policies regarding preferred suppliers, and those suppliers will have been handpicked for a variety of great reasons including price, financial stability, delivery competencies, relationships etc. But just because that work has been done for you, doesn’t mean you shouldn’t be prepared. Sometimes suppliers can’t deliver, and when that happens you need to have a back-up plan in place. So do your own research and have a plan.
Building your own thriving franchise will take work, but choosing the right franchise will make your journey a whole lot easier.
And speaking of the right franchise – Kwik Kopy is one of Australia’s top rated franchises. Want to know more? Contact the team at Kwik Kopy today.