Running a successful franchise

Resources home >> Franchise articles >> Running a successful franchise

change text size: A A A

Running a successful franchise

7/2/2007 - by: Acquireo Team - Director of Marketing, Acquireo.com

Buying the right franchise and then running it successfully go hand in hand. The major franchise companies have a vested interest in seeing that a buyer connected with them does well and does not have to close the doors in failure.With this in mind, they will do every thing they can to help the buyer end up running a successful franchise. Here are the key elements to running a successful franchise.

Start with a successful franchiser

When you buy a franchise and start with one that is uniformly successful with new franchises; then you have increased the odds of being successful. They know the ropes and they teach how to do it and what to do. They leave very little to chance or good business luck. With a detailed business plan and a willingness on your part to follow it to the letter, you will be on the road to success. Their plan will cover every aspect of running a franchise. They will teach you how to manage employees after you have hired them. You will learn about rewards and discipline. They will show you efficient ways to keep your paper work so that it can be accomplished with the least amount of time. You will be directed to good suppliers and other business services that will serve the business well. If you have any question they are a remarkably good source for an answer as they have years of experience and they have probably solved the problem before.

So, give yourself a leg up and start out with a proven winner. You will more than likely get to your profit range sooner than later.

Follow their plan and ask lots of questions

They have already invented the wheel. You do not have to do that again. Their plan has been proven successful many times and any corrections have already been made. It does not hurt to ask questions so you can see the reasons behind their suggestions, which will help you, understand with more depth. Getting to the basics of the plan will give you more faith in it. Understanding why they came up with a certain solution to a problem or a potential problem is enlightening and will let you see how smart they are about the franchise business. Respect for their knowledge will come with time as you see their solutions come to resolution.

Take advantage of any seminars and owner meetings

Take advantage of any seminars, training sessions or owner meetings that come available. These can be gold mines of information and you will meet other owners who have the same problems and have resolved them. Take advantage of a room filled with experience. Ask questions and listen carefully to the answers. This suggestion is particularly valuable when you first are in the business and every aspect of it is new to you. Later send your assistants to the meetings and let them get educated. A well-trained staff should be the goal of any owner, as this will improve the overall performance of the business. Over time it will also let you have some free time, as you know the business is in good hands. Reward your staff for doing their job well. A compliment given at the right moment can do wonders for the morale of an employee. Employees like to feel that the owner knows they are doing a good job. Complimenting on their work is very well received.

Hiring and firing employees

Finding good employees who show up to work on time, do their work with a minimum of mistakes and come to work drug free is the bane of most owners of a franchise business. This is especially true in the fast food business.

What to look for when hiring potential employees? If they have worked somewhere else, good references are always a good sign. If they have not been employed before look at their high school grades. Good students demonstrate two things by their grades. They are willing to do the work to get them and they have the ability to be taught. There is nothing wrong with having smart people work for you. If they have real talent, promote them as soon as possible to more responsible work. A good staff will make your job as owner and manager much easier to do.

Another way to check out a young person is ask for any letters of reference they may have from teachers, coaches or their church. A sincere letter of reference is a very good sign of good character.

If an employee is failing at the job, have a meeting and let them know where they are failing and what they need to do to improve their performance. It they correct the problem that should be the end of it. If they do not improve to the point you want, let them go and tell them why. Document every thing about this employee problem including the first meeting and any subsequent meetings. You may need it later if the employee tries to come after you for some reason. Being able to prove what you discussed and why will go along way toward proving the firing was justified.

Paper work

Paper work has bogged down more than one owner and caused problems that should have never happened. The use of a computer is worth learning, as it will help to organize this least liked activity for most business owners. If you can afford it, hire a person that does it for a living and likes to do the work. This will help a great deal with what you have to do. There are certain reports that are mandatory for all businesses, like employee payroll tax, sales tax and disability in some states. These need to be accurate and turned in on time. Bring in a professional and spend your time on marketing and other areas that you enjoy. Your business will be better off for it and you will be happier as the owner.

Conclusions

These areas just touch some of the basics that are needed to run a business in a successful way. There is the whole area of marketing and advertising to be considered. Listen to what the franchisers suggest or offer in these areas. They know what works and at least in the beginning you will be well served to listen to their advice. Customer relations are an entire area for a seminar meeting. Handling of the customers who visit you business is critical to growth. Most businesses depend on repeat customers to grow. How a customer is treated the first time they have dealings with your business could impress them or sour them on doing future business with you. Customers respond to smiling, courteous, competent help. They do not like to deal with lazy, dolts who could care less. If you have such a person working for you they should be the first person you let go.

The Internet is a very good place to read about successful franchises and how they do it. There are also franchise associations that have very good publications and meetings that an owner can learn from. Knowledge and education are very important to a successful continuing operation. What you know can help. What you do not know can hurt you. It is obvious what you should do to gain the path to success.


author: Acquireo Team

Related articles
Contribute to the resources!

share the wealth

Do you have expertise and want to contribute an article? Please contact us. If accepted, we will permanently post your article with your bio, contact info, and a link to your website.

Stay Updated

FREE NEWSLETTER

Sent once a month. Quick and easy to read. And delivered the way you want.

Sign up for Acquireo Today for FREE!
 


BrokerlogicsTM

For Business Brokers

BrokerLogics, exclusively for business brokers, lets you manage your account and add or modify all your Acquireo business for sale listings in one convenient place.

> Business broker accounts

FEATURED BUSINESS BROKER



Find more brokers in the Acquireo
Business broker directory