Starting and running your own business can be challenging, running a successful franchise business is a lot of hard work, but it also has the potential to be exceptionally rewarding. No matter which company you franchise or which product or service you sell, starting a new franchise venture means that you are putting your time, talent and finances behind it and during the beginning this can often feel overwhelming.
However, with the right preparation and planning, a solid business plan, and the right support and training, you can position your business for success.
Stick to Your Business Plan
Having a business plan and sticking to it may seem obvious, but it’s surprising how many business owners fail to do so, costing them dearly down the line. A lot of business owners find that dedicating time to planning often takes away from running the day to day operations of the business.
However, it’s important to ensure that you set short- and long-term goals that you can stick to before you get too caught up in your daily routine. Franchisor software may also be beneficial to your planning. Franchise management software can help monitor the overall financial health of a franchise.
Focus on Customer Service
Customers are the life blood of any business, and in order to be a success you will need to ensure that your customers are satisfied. Satisfied customers make repeat visits and will also bring in new customers by recommending your services to their friends and family. When running a successful franchise business, customer service should always be a top priority.
Your franchisor will most likely offer you a wealth of business tools and support, and it’s crucial that you use these if you would like your franchise to become a success. Remember, your franchisor has a lot more experience in running the same business and is more knowledgeable about what does and does not work when it comes to that particular business’ success. Help to maximize your success by signing up for any training and support offered.
Successful businesses are often those that are involved in their local community, and as a franchise business owner this is a major thing that you should be looking to do. Whether you sponsor a local sports team, give talks at local events, or even donate goods and services as prizes for local charity events, getting involved and making a name for yourself in your local community will only add to your success.
Networking will help to take your business to an entirely new level, and by networking with the right people you will be able to take from it a multitude of knowledge that will help you to accelerate the success of your franchise. Attend conferences and meetings with other franchise owners and join local groups where you can meet with other entrepreneurs to discuss strategies and ideas. Don’t underestimate the power of networking with your friends and family either – those closest to you are often the most willing to offer valuable support.
Having an Online Presence
In the digital age, it is absolutely essential for your business to have an online presence. Whether it’s a website, an e-commerce platform, a social media page or a combination of all three, getting your company online will reap major benefits. Even if your company does not conduct business online, customers and potential customers are expecting to see you online. If they don’t see you there, you could be losing out on the opportunity to increase your customer base and get the word out about your business.
Here are a few of the many reasons why your business franchise needs to establish its online presence:
- Make it Easier for Potential Customers Come to You
Today, if someone wants more information about a company, they’re most likely to do their research online. Whether they’re specifically looking for your company, or they just want to find any company that offers the products or services that your company offers, having an online presence will give you a competitive edge. Potential customers will not put a lot of effort into finding you, and they should not have to. A simple Google search should provide them with all the information they seek.
- Make it Easier to Showcase Your Products and Services
The internet gives businesses an effective platform for showcasing what they have to offer. Whether it’s a portfolio and testimonials from clients on a website, or an album on a Facebook page with photos of your newest products, it has never been easier to let the world know what you have to offer. With a few simple clicks, your customers can see what you’re all about. They can even do this outside of business hours!
- Make it Easier to Build Relationships with Customers and Potential Customers
Social media is all about building relationships. This is true for both individuals and businesses. Social media gives your brand a voice – it makes your company more “human” and relatable. Customers and potential customers can interact with your brand on a more personal level. It also gives you the opportunity to truly get to know your customers. If everyone is on social media except you, you are missing out on an invaluable opportunity to connect and communicate with your target audience. Social media is one of the simplest, yet most effective ways to get persons interested in your company and to form real relationships with real people.
- Make it Easier to Market Your Brand
Websites and social media platforms are excellent marketing tools. They are also some of the most cost-effective methods of sending out information to thousands of people. Online marketing is extremely important for all businesses because it has a huge influence on the way consumers make purchasing decisions. Consumers have even indicated that they look at companies in a negative light if they cannot find them online. Using the internet for marketing purposes allows you to overcome distance barriers. A person that is thousands of miles away can be learning all about your business with just a few keystrokes. The “shareability” of social media allows your customers to easily spread the word about your business to all their friends. Ultimately, online marketing gives you the opportunity to market your brand in creative and exciting ways.