Now it is time for major commitment. It is at this time that many people experience FEAR the most. The roller coaster of emotions ranging between excitement and anxiety will fluctuate on a daily and even hourly basis. While these emotions are natural at this time, you do not want them to dictate your final decision. If you have built an accurate profile and done your evaluation, you are less likely to experience wild fluctuations in your emotions.
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. Receiving a bad experience at one location could stop them from going to any location of the brand and that hurts everyone.
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.
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, Managing Director of Franchise Mind Corporation based in San Diego, USA.
Harish is a successful entrepreneur, a business visionary, an inspiring franchise leader, a mentor to many companies and a growth strategist who has honed his franchise skills in various capacities since 1983. Harish is passionate about growing franchise companies and helping others achieve their dreams of building successful global franchise companies by ensuring the highest standards of franchise excellence with a strong focus on growth and operating results.
Harish is a Certified Franchise Executive as designated by the International Franchise Association and conducts learning events and mentoring for numerous companies all over the world.
Harish can be reached at email@example.com.