Starting a Franchise - Hit the Ground Running
Posted on November 10, 2010 by My Franchise Law
So you’ve decided to franchise your business, you’ve gone through the initial setup and are now seeking interested franchisees. But what key areas should you focus on in order to protect your brand and grow your business? Here are some tips to help you get started.
Keep your eye on the sales: When you start out in the franchising industry it can be easy to lose focus when assisting new franchisees and forget about the importance of the actual product or service you are providing. The key to franchising success is to ensure that you maintain consistent high standards for the products and services you are offering at each location so that you can build up brand recognition and customer loyalty down the line.
Pace yourself: Remember the old adage, “slow and steady wins the race”? Well, that should be your go-to mantra when it comes to business expansion. Rather than opening several franchises at once, which can leave you spread too thin and all locations suffering the consequences, keep it simple by focusing on getting one franchise at a time off the ground and on its way to healthy revenues.
Focus in: Keep an eye on the day-to-day operations of each franchise business to find out whether there are areas for improvement or additional training. The more communication and franchise information you get from each of your locations, the easier it will be to work out the initial kinks in each business, and keep things running smoothly.
Choose wisely: When considering potential franchisees, go those extra miles to ensure that your candidates are qualified, with all the skills and knowledge necessary to make them a successful partner. Look into finances, goals and work ethic before making your final decision—after all; you have a brand to protect.