Simple and effective tips for running a franchise
The key to operating a franchise is to have a positive outlook and plan ahead with care. There are some rules put together below that can be used as guidelines when it coems to running a franchise.
Rule 1: Choose the right franchisor.
The primary attribute of the right franchisor is a proven track record and a respectable reputation. Find out if the franchisor is a member of the British Franchisors Association. Talk to its current and past franchisees if possible; ask them the reasons why they withdrew or pulled out of the franchise.
Rule 2: Maintain a good relationship
Communication is a two way process. It has to be maintained between your franchisor and you at all times. You should communicate with your franchisor constantly and be quick to implement any advice given to you. You have to have faith in your franchisor and let them know about any of the problems you are encountering.
Rule 3: Cash flow check
Refer to a business plan you have created previously. Review your current situations against the original plans. Review these figures from time to time and make decisions accordingly. Do not mistake poor cash flow for poor profitability in the initial days. Careful planning will help to ensure that there are no unpleasant hitches for you in the future.
Rule 4: Market your business
You should take it upon yourself to market your business. You can do this by talking to people face to face or through any other standard marketing means. Do it with enthusiasm and ensure that you put in all the passion that you have for the product when marketing.
Keep these 4 fundamental rules of franchising in mind at all times.