10 Tips To Help Make Your Franchising Journey A Success

Owning a franchise offers the perfect opportunity to dip your toe into the world of business ownership. You can manage and run a business while still having the safety net of the franchisor when things get difficult. In fact, many people prefer this model to owning an individual business, as they have the backing of a known brand.

So, if you have decided that franchising is the right choice for you, how can you ensure that it is a success in the long run? We’ve got a wealth of experience helping people buy into franchises daily, and this article looks at the best ways to embark on a successful franchising journey. Learn more below now.

1. Choose the Right Franchise

The first thing to do when beginning your franchise journey is to find the right franchise to buy into. This may seem obvious, but choosing the best franchise for you is key to making your journey successful. We suggest doing lots of research!

You should first consider what your skills are. Do you have experience in at-home care? Have you been managing a restaurant for the past decade and built up transferable skills that make a QSR franchise perfect for you? Working out where you might thrive as an owner can help you pinpoint an industry that would be perfect for you as a franchisee.

Another aspect to consider is the financial implications of owning a franchise. Remember that you will need a lump sum to buy the franchise from the franchisor, which means you must have enough cash. Make sure the franchise you choose is affordable for you.

Lastly, look at the franchise's business values and ensure they align with yours. For instance, buying into a chicken shop franchise might not work for you if you're a lifelong vegetarian. Do your research on each franchise opportunity you come across and see if their values align with your own.

2. Familiarise Yourself With the Franchise Model

Next, you should make sure you have a thorough understanding of the franchise business model. While each franchise will have a similar model, there will be differences. Once you have chosen a franchise, understanding all aspects of it is in your best interests.

You should familiarise yourself with everything from your fees and royalties to any contractual obligations. Ensure you’re comfortable with everything set out in the contract before signing.

3. Have a Business Plan

While you are part of the larger franchise, your location is essentially your own, so having your own business plan will be handy. Use this plan to outline your goals, business strategies, and any financial projections to ensure a roadmap to success.

You may even choose to share this business plan with your franchisor. They will then be able to give you handy tips based on their own experience to ensure their brand succeeds. Other people to communicate with about this business plan could include other franchisees in the area. They may also have location-specific tips for you.

4. Know the Industry

Get to know the ins and outs of the industry you’re buying into. While you may have worked in hospitality or at-home care, you’re unlikely to know the particulars of the industry, particularly from a franchisee's perspective.

Take some time to do some research into market changes, emerging technology, new trends, and more in the industry you’re moving into. Ensure there is potential and that the industry has a solid future.

5. Champion Customer Satisfaction

One benefit of becoming a franchisee is that the franchise already has customers. Most franchises are well-known brands that people will come to, regardless of who owns it. However, making customer satisfaction your priority is an easy way to ensure ongoing success.

Remember that there are many, many other franchises like yours that customers could use, and as such, you need to stand out. Make customers feel welcome and at home, and ensure customer service is at the top of your training packs.

6. Communicate

The word communicate is often found in lists like this, and it is an incredibly broad concept. What we mean by communicate in this sense is to keep lines of communication open with the franchisor and other franchisees in the area.

Your franchisor is the best person to go to with problems and issues; they can advise you based on their own experience and the experience of others in the area. They can also give you extra training, updates, and more to ensure the success of your franchise.

Other franchisees are in the same boat as you. While they may, very loosely, be your competition, they are also a source of knowledge that you should use. Keep good relationships with others in the region and ask them for advice and guidance when needed.

Additionally, keeping these relationships cordial will only benefit you in times of need. For example, as a hospitality franchise owner, there may be times when you run low on stock. Having a local contact with a similar inventory can only benefit you in these situations.

7. Use Tools Supplied by the Franchisor

As we already mentioned, your franchisor is there for you! They have countless pieces of valuable advice and guidance to give out. They also have lots of training opportunities which you should take advantage of. If the head office offers new training courses or recruitment drives, take advantage of them!

Becoming a franchisee is like becoming a business owner, except you don’t have outside support as an independent business owner. The franchisor wants your franchise to be successful just as much as you do. It is in their best interests to help you and guide you.

8. Work With the Local Community

While franchises are usually well-known brands, that doesn’t mean they can’t become a part of the local community. Often, smaller businesses can tap into this sense of community better because they are not working under a big-name banner, but it's not impossible for franchises to do it too.

A good example of working with your local community is to sponsor or become part of local events. This gives back to the community, supports them, and puts more into the economy. Not only does this benefit the community, but it also benefits you. A stronger local economy means more money to spend at places just like your establishment.

Other ways to get involved include celebrating the local community. Hospitality franchises may look to do this by offering specials that celebrate local cuisines or traditions. This is part of why it’s important to know the ins and outs of your local community. 

9. Make Marketing a Priority

Marketing is either something you love or something you hate. If you hate it, you’ll be pleased to discover that as a franchisee, most of the marketing you need is ready and waiting for you. Franchisors will provide each location with requisite marketing materials for product rollouts and more.

Make sure you pay attention to marketing, even if you hate it. Getting marketing right can ensure you retain customers and bring new ones through the door.

10. Keep Learning

Ongoing education is key to success in most business endeavours, and franchising is no exception. Keep learning, keep researching, keep educating, and your franchise will be a success.

This may involve industry trends, new tech, and more that helps to keep your franchise ahead of the curve. It could also be management styles and ways to motivate your employees or new methods of inventory organisation. Whatever it is, constantly improving will help you to stay relevant and stay excited by what you do.

Final Thoughts

Franchising is a good choice for those looking to become a business owner. You enter the frays with a solid customer base and the support of the franchisor, but still have the freedom to run your own location.

If you want to buy into a franchise, you’re in the right place. At Eden Exchange, we have helped thousands of people buy into franchises through our innovative DealXchange platform.

This space is dedicated entirely to those looking to buy and sell businesses and has all the support you need. Schedule a demo now to find out more.

Who we are

Eden Exchange is an integrated multi-channel platform, simplifying business buying and selling. We match, refer and connect business buyers, sellers & brokers in an ecosystem that facilitates frictionless franchise, business and finance transactions. Visit www.EdenExchange.com and connect with our engaged and multidimensional transaction network today.