7 Tips For Running a Stellar Franchise
If you’re a franchisee, chances are that you’ve invested a pretty big amount of money into your restaurant. In fact, Yahoo Finance reports that opening a Wingstop might cost from $350,000 to $400,000, while opening a McDonald’s can set you back over $2 million! If you’ve invested that kind of money, you can’t afford for your franchise to fail. What can you do to make sure your business is successful? Keep reading to learn 7 tips for running a stellar franchise.
1. Pick the right franchise.
This one might seem obvious, but you want to make sure you select the correct franchise to run—not just for you, but for your city. You need to choose a franchise that isn’t already on every street corner, but you also want to know that there is a demand for that franchise. As The Houston Chronicle reports, the largest franchise in the city of Houston is Papa John’s. You might think that means that every Papa John’s location will be successful, but it might just mean that the market is oversaturated.
2. Location, location, location.
Now that you know which franchise you want to be a part of, you need to think about where you’ll open. Many franchisees are in charge of choosing their own locations (as is the case with restaurant chain Noodles & Company). You want to make sure you choose a location that’s convenient for customers.
3. Find the best employees.
It doesn’t matter how great your food and your location are—if your employees are unfriendly and incompetent, you’ll have a hard time running a successful franchise.
4. Keep your employees.
But it’s not just about hiring employees—it’s also about keeping them. It can be heartbreaking to invest a ton of (often company-mandated) time in training employees, only to see them walk off the job after a few months or weeks (or even days). That’s why you might consider starting an employee reorientation program, as one franchise did. Retraining employees and making them feel valuable can go a long way toward keeping employees happy.
5. Provide the best service.
By becoming a franchisee, you’re taking advantage of the goodwill that customers already feel for the franchise. But that doesn’t mean you can coast on this goodwill! It’s up to you to provide high quality service every day.
6. Focus on your people skills.
Running a franchise means that you’ll have to deal with people in many different areas—your employees, your customers, and the corporate employees who run your franchise. Part of your job involves getting along with everyone and doing your best to keep everyone happy.
7. Remember—you’re in charge.
One of the perks of being a franchisee is getting the built-in support that comes with being part of a franchise. But remember that you’re the one who’s in charge of your business. Take on the responsibility and enjoy being a business owner.
Being a franchisee isn’t always easy, but by following these seven tips, you can make sure your establishment is successful!