Establishing a Top Franchise
David Rockefeller once said, "Success in business requires training and discipline and hard work. But if you're not frightened by these things, the opportunities are just as great today as they ever were." This mantra is a key philosophy when striving to establish a top franchise, no matter what industry you pursue or market you target.
Not every franchise succeeds; on the other hand, one glance at the KFCs and SUBWAYs of the world and the thrill of creating a top franchise cannot be measured.
Success in franchising is built on a number of components; your franchisor, goals, training, location. even your supplier can affect your business from the beginning. These elements all work together to illustrate another important aspect of franchising - teamwork.
Personal goals are important bricks in the road to accomplishment, especially when working towards building a top franchise. You must fully commit yourself to make your franchise work; be prepared to invest your time and your finances. However, make sure that you clearly define your goals, as this will help set guidelines when dealing with your franchisor and your staff.
Training is integral to building a top franchise. You need to know what you're doing in every situation and at all times. Verify that the franchisor's training program covers every aspect of the business. Training is an ongoing process and your franchisor should offer periodic help to promote the growth and success of your franchise. Clarify not only what services your franchisor offers at the beginning, but throughout the duration of your term.
Location is another issue. Even well-trained, goal-oriented franchisees cannot make up for poor location. Service-oriented franchises such as cleaning companies do not necessarily have to worry about location, since their services are supplied directly to the customer. But franchises selling food, products and in-house services need to know if their customers live or work nearby, if their site is easy to drive or walk to, if there is ample parking, even if the area is safe and attractive. Decide whether you want to buy an existing location or build a new site.
Be specific when dealing with suppliers. If you find your own suppliers, ensure that they meet any requirements set by your franchisor. Verify all your invoices and examine merchandise carefully; it's all too easy to lose money in a situation that could have been avoided.