Looking to be your own boss without shouldering the heavy responsibilities of running an independent outfit? Well then, a franchise opportunity is what is meant for you. But even while running a franchise one needs to keep the following things in mind.
First and foremost choose the right franchisor. Study the industry, the current and predicted future consumer demand, the competitors, the logistical challenges, the expected ROI etc.
Are you financially sound to own a franchise? Take a close look at your financial status before you invest. Also one must think long-term when it comes to owning a franchise; like your long-term personal expenses, how you much you expect to make from this investment in the coming years etc? Meet your lawyers and financial advisors, and understand what is at stake?
Honour the franchise system. All the franchisees work to keep up with the franchisor’s reputation. And for that you will need to work on a range of things starting from cleanliness guidelines, quality of service, branding guidelines, the works. You don’t want to risk your franchise getting terminated!
Most of your work is to ensure that at all times you are sharing the same vision as the parent company. Right from branding style or the philosophy of work, you should be hand-in-hand with your franchisor.
Recruitment is key. Your staff is the face of the parent company. They directly interact with your customers and so must be well trained. Make sure you don’t compromise on your hiring process in any way and hire only when you have found the right fit. And once you do, make sure you retain them. Job rotations, consistent training, incentives, strong review system & friendly work environment are some of the main factors which will help in job retention.
