The Keys to Owning your own franchise!
Owning your own franchise or small business is not an easy affair. Below, there are six keys to assist you in owning your own business!
1. 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.
2. Follow the system.
* Franchisees often get their business up and running, and then begin to change, add or modify existing advertising, hours, services, and even the quality.
* By following the system, you:
- Preserve the brand
- Protect your investment and that of your fellow franchisees
3. Don’t neglect your family and friends.
* Be prepared to work long hours, but also 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.
4. 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:
- Be fair. Don’t show favoritism.
- Work with your staff to develop the schedule.
- Treat your employees with respect.
- Make their workdays challenging.
- Provide timely performance reviews and wage salary increases.
- In franchising, training should be continuous. Employees are your front line.
5. Give customers great service.
* The most important thing you can do is get everyone to smile!
* Let the customer know you’re happy they chose your business.
6. Get involved with the community. Customers like to shop in places that support them.
* sponsor Little League team
* support a civic or youth group
* set up a kiosk at community events