How Can I make My Successful franchise in the UK?
With the help of great online resources, there has been a lot of renewed interest in franchises amongst budding entrepreneurs. Franchises offer up the enticing combination of owning your own business and minimizing the amount of risk that you have to take on. It seems like a win-win situation, but as Entrepreneur points out, there is still a lot to worry about. Assuming that your franchise will run itself to profitable returns is a surefire way to get yourself into a world of financial trouble.
Here’s a list of the top five things that the most successful franchises UK have in common; tips you should consider incorporating into your business:
Go With What you Know: This is a huge, sage piece of advice that could really make or break a franchise right from the planning stages. There are certain businesses that can be easily taken on by anyone with a bit of business savvy and common sense, but why would you not use starting your own business as the chance to pursue a passion or continue with your current career in a new way. Use your background, history, and experience to select the right industry and the right franchise, the pride you’ll take in your work will show through in the end.
Do Your Homework: It’s going to be really worth going over everything that you can get your hands on about the franchisor. You need to be able to trust this organization, but that doesn’t mean you should right off the bat. Snoop around, double check all the numbers, and don’t agree to anything until you are sure it’s the right decision for you.
Don’t Expect Customers: There are a lot of franchises that are going to come with a kind of built-in fan base. They’re already famous brands that people know and love, so you might feel like you can count on being popular from day one. But, this would be a mistake. Approach your business with the mindset that people might not come in at all and it’s up to you to make sure they do. The extra effort you put in will pay off in the end.
Follow Your Fellow Franchisees: In Chris Hurn’s list of 15 do’s and dont’s for franchisees, he suggests “stalking your fellow franchisees”. Don’t make anyone uncomfortable, but you should feel at ease communicating with others that are in the same position. This sharing of information will help you to better understand your business, what you can expect from it, and how to improve it.
Stay Involved : Franchisors will offer a lot of support, sometimes even the training of employees and marketing. This takes a lot of pressure off of you as the owner and boss of the business, but it doesn’t mean that you can stay on auto pilot the whole time. It’s still your business and it won’t succeed without massive effort from you.