The First Few Months in a Franchise Business
Does opening a new business sound daunting? One of the best things about choosing to franchise is that it takes a lot of the pressure off of getting your business up and running in the right direction. As a franchisee, you are not just buying a business, you’re buying a brand, a business plan and proven processes and techniques. A franchise business comes with valuable assets, such as:
- Site selection and build-out plan
- Comprehensive business model and operations support
- Wide range of marketing strategies, tools and support
- Vendor resources that are proven, including equipment and supplies, payroll, etc.
These things are all incredibly time consuming for a small-business owner to figure out and implement. As a franchise business owner, having these things in place is an enormous asset.
While independent business owners have lots of operational issues to solve, franchise business owners should take advantage of their operational leg up by focusing on a strong marketing and sales effort in opening months.
Consider the following:
1. A grand opening can have a huge impact on the success of the business. This marketing opportunity is only available once – don’t miss out! Depending on the industry, a lackluster grand opening will significantly reduce initial cash flow.
2. The stronger your sales and marketing efforts, the sooner your break-even point will come. If you’re truly concerned about operational quality in your business, hire a great operations director and focus on making the sales that will get you to a comfortable financial position. This will enable you to engage the resources you need to continue improving quality and revenues.
As a franchise business owner, your primary job is to sell the product or service and grow your business. So if you’re considering a franchise business, choose a product or service that you can believe in! Your enthusiasm for people and for your products will be decisive in driving the success of your business.
If you have any experience with how shifting your business approach has helped grow your franchise business, post your comments below. If you have an idea for a topic you’d like to see discussed here, email us at: firstname.lastname@example.org.