Essentials for Franchise Ownership
The question is get asked most - Will this franchise be successful?
The question then you need to be asking yourself is can you be a successful franchisee?
Franchising starts with implementing a system that is already in place. Are you able to follow the playbook? Well, it doesn’t end there.
A Franchisor knows that a great system is only as good as the person who is implementing it. So using proven methods will increase your likelihood of success.
To me - running a franchise comes down to your ability to create an environment where your employees feel empowered, supported, and important. Culture!
Have you ever been to that one restaurant or hotel where everyone seems happy and serving you is their pleasure? If you pulled any of them to the side, they would tell you that they enjoy their job and the people they work with. This is no anomaly, I would also guarantee you that if you asked the same person who owns the business, they could tell you the owner’s name and what he looks like.
So many people want to own a business but not run a business. Maybe there is a business for you out there. How successful do you want to be?
Here are some common traits I have seen over the years in successful business owners. Is this you?
Decisive
Relationship Builder
Risk taker
Competitive
Compassionate
Empathetic
Building Culture is also a key!
Building a good employee culture with your brand can be achieved through a variety of strategies, including:
Clearly communicating expectations and goals: Make sure employees understand what is expected of them and how their work contributes to the overall success of the company.
Providing opportunities for growth and development: Offer training, mentoring, and other opportunities for employees to advance their skills and careers.
Encouraging open and honest communication: Create a culture where employees feel comfortable sharing their ideas and concerns, and where management is responsive to their feedback.
Recognizing and rewarding good performance: Regularly acknowledge and reward employees who go above and beyond their job duties.
Fostering a sense of community: Create opportunities for employees to socialize and build relationships outside of work, such as team-building activities and community service projects.
Emphasizing work-life balance: Encourage employees to maintain a healthy work-life balance and be flexible with scheduling and telecommuting.
Lead by example: Show the employees that the management are following the same culture they are promoting.
Maybe you don’t check all the boxes, maybe you do. Some people bring on partners which check these other boxes. being a franchisee requires good decision-making skills. Do you have what it takes?
