“The only thing that stands between a person and what they want in life is the will to try and the faith to believe it possible.”—Rich Devos
Step four and five in the Franchise Mind™ system for
“Choosing the right franchise for me”
are about selecting companies to evaluate and having a
systematic approach for evaluating the companies selected.
Thus far in our journey of the many hours of research and reflection of “Choosing the Right Franchise for Me”, we have examined the following:
As a final confirmation of your choice, be sure you can confidently mark off the items on the following checklist:
I like the business after having conducted a thorough evaluation
The business aligns with my profile by at least 70%
I have adequate financial resources for the initial investment
I have adequate financial resources to sustain the business until it generates profits
I have adequate financial resources to support my family until the business generates a profit
I like the people in the business and can see myself being able to work with them
I feel confident that I can do what it takes to succeed in this business
I am willing to follow the plan for the business as explained by the franchisor
I have the necessary support from my spouse, family and friends to go into business
I am committed to my own success#
Operating for success
You join a franchise with every intention of becoming successful. Success does not happen just because you invested in a franchise. This is the beginning of the journey and various factors contribute to success including hard work, discipline, focus, customer service, product quality and attitude.
Here are some practical pointers to keep you on the right track of success:
1
Refrain from re-inventing the wheel – Don’t try to change the franchise system. The franchisor has created the franchise system after years of testing and development, without fully understanding how all the pieces of the system fit, your effort to make changes only hurts the growth of your business.
2
Leave your past on the curb – Your past experience may be helpful but do not bring it up until you are successful. Once your business is doing well, you will figure out how your past experience can be leveraged to help grow the business further, until then follow the system and plan laid out by the franchisor.
3
Understand, believe and follow the plan completely – Your job is to enthusiastically execute the full plan laid out for the franchise. Picking and choosing what you ‘like’ to follow or what you believe is ‘good’ to follow, may hurt your business, as you may not have a handle on the complete picture.
4
Respect the brand and the brand promise – Anything you do that negatively affects the brand will adversely affect your business and the business of other franchisees. Customers expect a similar experience from one location to another.
5
Deliver ‘Wow’ service to create loyal customers – Your business can only grow if customers get a great experience that prompts them to keep on coming back and telling others about your business.
6
Aggressively acquire and retain customers – Keep focused on aggressively growing your customer base while ensuring that your existing customers stay loyal.
7
Build the right team – In order to consistently grow. A dedicated team of people with the right skills and right attitude are essential for a business to scale.
8
Watch the metrics – Know the important numbers in your business and watch them with focus. One area of business success is making a profit and watching your metrics and keeping them in line will ensure your profitability.
9
Benefit from the power of the franchise-participate and collaborate – You will gain more from the franchise system when you participate actively and collaborate.
10
Associate with winners – Be with people that want to win and succeed. Their enthusiasm, their attitude will likely be infectious, keeping you motivated to achieve your own success.
Final thoughts
Many times I have been asked the question “Which is a good franchise to join?” My answer, that ‘there are many good choices but I don’t know which one would be right for you’ is not always satisfying because from the thousands of choices that are available, selecting one that is right for you is a serious task. You cannot be swayed by what is the ‘flavor of the month’ or what your acquaintances consider a good business for them. The business has to be right for you.
Going into business is a noble undertaking and joining a franchise is rewarding in many ways. However, it is important that you choose a franchise that is right for you otherwise, no matter how great the business model, success will elude you. Go through the Franchise Mind™ 8 step process in choosing your franchise business.
Simply joining a franchise does not guarantee success. How you implement and leverage the opportunity that is in your hands will be an indicator of how successful you are likely to be. The 10 success factors outlined above have been compiled after years of observing franchisees that were both wildly successful and those that remain in a constant state of struggle. It is up to you. As Author Seth Godin says “Go! Make something Happen”.
May success be all yours!
Harish Babla is the Managing Director of Franchise Mind Corporation based in the United States, supporting franchisors, around the globe, through knowledge events and mentoring. He is a 4th generation successful entrepreneur, a business visionary, an inspiring leader, a growth strategist and an advocate for family owned and especially franchise owned businesses. He believes that business must be conducted with the highest standards of excellence and with an unwavering passion to serve the customer. Harish can be reached at Harish@FranchiseMind.com
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