How To Manage A Franchise
Already own a franchise? Or about to open one? You’ve probably heard that running a business like this can be difficult. It’s true, too – managing a franchise doesn’t come without its challenges. However, they can be easier to overcome with a little help.
That’s why we’ve put together this article. Join us as we go through our tips for franchise owners so you’ll know exactly how to manage a franchise successfully.
Step 1: Learn all you can about the industry
Our first tip for franchise owners is not to go into their sector blind. The franchisor, along with other franchisees, can provide some guidance in this respect, but it’s a good idea to conduct your own research, too. By doing so, you’ll be able to both understand the business and the industry.
Read up on industry boards and associations; there will be local meetings where business owners share their own insights. You’ll find networking opportunities also, which could be useful for gaining new clients. Don’t forget to look at your competitors too – discover what they’re doing, and spot opportunities to do it better.
Step 2: Define your franchise business goals
The franchisor will likely be able to help with this step, or it may be that a business plan was part of your application to become a franchise owner. Either way, you should be continuously reviewing what you want to achieve at different stages.
At the very beginning [LINK: Opening A Franchise: Goals To Hit In Year One], you’ll definitely want to know your vision and how you’ll reach your desired levels of growth, in both the short and long term. Make sure you consider a variety of influential factors when determining your goals, including your budget and the wider economic landscape.
Step 3: Take advantage of what works
The business model has already been proven, so why try to fix something when it’s not broken? Being at the helm of a franchise business means you’ll have access to many existing and successful systems, processes and resources. Make the most of it, and do it by the book where applicable. If it’s worked for other franchisees, then it’s almost guaranteed to work for you too.
This is what’s so great about a franchise opportunity. While you may have tremendous entrepreneurial spirit, the likes of a defined brand and product or service offerings are there for a reason. Going against the franchise model is a big risk, which could be detrimental to your small business.
Step 4: Embrace the freedom of franchising
On a similar note, remember that, while you’ll have access to support and a tried-and-tested franchise system, the day-to-day operations and decisions of your business are ultimately left to you. So, unleash your creativity and use it where you’re able to.
There are so many opportunities for freedom. These include choosing who you hire and how you manage them, determining your own schedule, and getting involved with the wider community. You’ll be able to feel like you’re a key player in your business’ growth – because you will be.
Step 5: Hire talented people
When the time is right, ensure you’re supported by the greatest team. You’ll play your own part in this by building a positive workplace culture, and guaranteeing each individual is in a suitable role for them.
Consider their skill sets as you evaluate CVs and conduct interviews – it may be that they have a talent which means they’d be better placed in a different position within the business.
Staff should be aware of what’s expected of them and that what they do counts towards progress. You’ll want to make sure they’re productive, and that their tasks align with the enterprise’s goals. This will help them to feel involved in its future, giving them a sense of ownership and accountability.
Step 6: Delegate tasks
As well as hiring people who you know can do a good job, don’t forget to allow them this opportunity. Many owners fall victim to believing that only they can do the best work, resulting in needless micromanaging. Your employees will develop if you give them the chance to.
When you chose to start a franchise, you didn’t think you’d do everything yourself, did you? Of course not – that would be too stressful and time-consuming. So, trust your team. Let them solve problems.
Ensure that the workplace environment is one they’re able to shine and thrive in, and you’ll get the greatest results from your staff. This will ultimately lead to a successful franchise.
Step 7: Don’t be afraid to ask for help
Another key tip for franchisees is to reach out to the franchisor for support when necessary. They can help you avoid making common mistakes, and so save the associated frustration, time and money.
Therefore, use the resources and mentoring support that they have available. At Rainbow, we’re always here for our franchisees. They feel safe in the knowledge that they can speak to us at any time. We truly are committed to them and their success. It’s why so many decide that we’re the right one to buy a franchise from.
Lead your own business to success
To recap how to manage a franchise successfully, our seven tips for franchise owners are:
- Understand the business and the industry
- Develop a long-term business plan with defined goals
- Make the most of the franchise opportunity and its product or service – trust in the franchise model
- Embrace your freedom in the day-to-day operations of your franchise business
- Hire the right talent – and give them the opportunity to develop their skill sets
- Delegate tasks effectively – it will help make for a successful franchise
- Ask for help from the franchisor and other franchise owners
Now that you have this guidance, you can run your franchise more effectively and allow it to thrive.
To ensure you have the support of an established brand, turn to Rainbow International. We have a number of franchise opportunities available right now, so why not have a look at our territories for sale? If you have any questions, we’d be happy to answer them. Get in touch with our team today.