What Are The Keys To Franchise Success.docx

What Are The Keys To Franchise Success.docx - What Are The...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
What Are The Keys To Franchise Success? Making Any Business Reach its full potential takes talent. If you've selected your franchise well, your franchisor will be able to help you avoid many of the mistakes new, independent start-up businesses make. Here are some keys for franchise success. Make sure you have enough money. Determine how much you have to invest, how much you're willing to risk and how much you will need to live on for at least 12 months. Make sure you understand the initial investment required. Make a careful and rational decision about buying the franchise. Listen to your attorney and accountant and do not be pressured by the franchise salesperson. Follow the system. Franchisees often get their business up and running and then begin to change, add or modify existing products, advertising, hours, services, and even the quality and consistency they are licensed to deliver. This violates the franchise agreement and puts you in jeopardy of having your franchise terminated! By following the system, you: o preserve the brand o protect your investment and that of your fellow franchisees Don't neglect your family and friends.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Be prepared to work long hours, but also make sure to budget time for your family and friends. Don't forget to acknowledge the sacrifices your family makes. Allow your family and friends to share in your new life. Be an enthusiastic franchisee. The success of any business is linked to the level of enthusiasm you bring to the job. Enthusiasm brings a level of excitement and energy to the operation that everyone can feel-including your customers and staff. Let your staff in on the fun. Acknowledge their good work with recognition or a raise. Recruit the best and treat them with respect. Good help is hard to find-great help is essential. To keep the good staff you've hired: o Rotate routine and boring jobs. o Be fair. Don't show favoritism. o Work with your staff to develop the schedule. o Treat your employees with respect. Don't allow employees to be disrespectful to any other employee. o Keep employees informed of new marketing and other promotions.
Image of page 2
o Remove hassles-ask employees which procedures are working and which aren't. o Make their workdays challenging. o Provide timely performance reviews and wage salary increases. Teach your employees. In franchising, training should be continuous. Employees are you front line. Training classes are a good way to show your employees that they matter to you. Get all the training you can from the franchisor. regularly train and retrain all your employees. Hold refresher and advanced classes on a regular basis. Alert your franchisor when you need additional training.
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern