Posted:17-August-2015
10 Top Tips: Hit the Ground Running and Get Your Franchise Going!
The ‘start-up’ phase of any business can be the most daunting, so be prepared to hit the ground running. Michael Johnson, Managing Director of Card Connection' gives his ten top tips to really get your franchise going.
1) Due Diligence
Doing due diligence is essential in any business transaction. Complete all the background checks necessary to ensure you are buying the franchised business opportunity you think you are. Follow-up references and make your decisions based on facts!
2) Take advice
Know the facts but remember talk is cheap! Discuss the franchise opportunity with others in the industry, other franchisees and even competitors – find out as much as you can about the franchise, both good and bad before you sign on the dotted line.
3) Do the Math
Forecasts are fine but ask to see real accounts of previous or similar sized franchises. Go through these with a fine tooth comb with the help of an independent accountant or financial advisor. You will be running the franchise to make a living and so the figures must add up. Understand precisely how much you need to earn and understand if the franchise you are looking at is going to deliver?
4) Follow the System
So you’ve bought your franchise and its early days. There is a mountain of information to remember and the learning curve is steep – perhaps steeper than you anticipated! Sticking to the proven system and using the guidelines within the manual will help you initially more than at any other time when running your franchise. It is the shortcut to the years of experience you will acquire over time.
5) Set Goals
Most businesses will have goals but here I’m talking about setting daily personal goals. Be sure at the start of the day what you will have aimed to achieve by the end. Have a goal for the next eight hours, the next hour, the next few minutes, this can keep you on track and motivated in the face of distractions!
6) Plan Ahead
It is good to have a plan but don’t fall in love with the plan. Organising call routes is for example essential. However, consider what might happen if you are prevented from visiting one customer by circumstances beyond your control? Being someone who is agile and adaptable when a plan doesn’t work means you are a problem solver and this is a skill to nurture in business. Accepting the need to be adaptable is necessary and can also reduce stress levels as well as introducing potential alternative business opportunities and strategies.
7) Be Positive
When you have been working all hours, planning and being agile enough to change your plans when necessary and things still go wrong, staying positive is one of the most powerful weapons in business. Positivity will give you the energy to stick at it! People (customers) also love positive people. They are much more likely to want to do business with an energetic smiling supplier who’s always prepared to go the extra mile. This outlook will earn long-term loyalty which pays dividends in tough times.
8) Attention to Admin
No one likes admin but keeping on top of it means your franchise will simply run more efficiently and therefore will be more profitable.
9) Ask for Help
The great thing about starting a franchise is your franchisor is always just a phone call away. A problem shared is a problem halved, so if you need it don’t be afraid to ask for help. Your franchisor is an expert in your industry and very likely will have already been there and done it at some point and will be able to assist.
10) Assess and Improve
When you are up and running it is easy to get lost in the nuts and bolts of day-to-day franchise activity. However, remember to take time to step back and review, reflect and assess how each aspect of your franchise is going. Ask yourself what can be improved, what would make life easier? Ask your franchisor what you can be doing better. Acknowledge your strengths and work on your weaknesses for the good of your franchise.
Interested and want to know more about Card Connection?
The Card Connection profile outlines all aspects of their franchise opportunity and allows you to contact them for further information or to ask a question.
