Business

How To Get The Most From Your Franchise Business

Many people think of starting a business as an entirely solo endeavor. They want their brand and vision to come to life. Their image of success is a self-portrait at a scenic peak.

But there is more than one way to having a successful business, and one great option you shouldn’t rule out: franchising.

Generally speaking, if you compare franchised and non-franchised businesses, franchises are valued 10-20% more than non-franchises. For example, an independent eyeglass store valued at $ 250,000 could be worth an additional $ 50,000 if it were a PearleVision franchise.

Higher value is just one of the benefits of franchising. In this type of business, you can also work with a franchisor, who can be a valuable ally. A franchisor has experience starting a business and understands what makes a business successful. After all, 90% of businesses fail within the first five years of operation. This means that a franchisor is among the 10% who made it work. They haven’t just made their business work – they have an established, credible brand that is able to grow and offer franchisees the opportunity to use their proven model to be successful.

Franchisors will invest in your growth because they want you to be successful. Your success is theirs too, so whether it is marketing or training your employees, your franchisor will be interested in supporting you.

A franchisor is like a combined business partner and coach. They will have an experiential knowledge of what works and they will be able to help you avoid the mistakes they made when they started.

Remember that 9 out of 10 companies do not go beyond the first five years. These failures usually stem from mistakes or errors in judgment made by business owners. But a franchisor can help you correct these common mistakes or even avoid them together.

How to build a solid relationship with your franchisor?
Three things that will help you get the most out of your relationship with your franchisor are:

Confidence: Your franchisor has walked around the block. They have proven methods and tips that will save you time, money, and stress. Trust their plan. Remember, they want you to be successful because your success benefits them. If you don’t immediately see the value of what they recommend, give them the benefit of the doubt. After all, they have come this far.

Care: Don’t assume that your franchisor will take care of everything. They can oversee the business remotely, but you run the show on the pitch. Put effort into operations, appearance, and your people. They can be some of your best investments. Training and incentives can cultivate an enthusiastic and motivated workforce, which your franchisor will notice and appreciate.

Collaborate: Your franchisor is not your competitor. If your hard work pays off, it’s good for you and your franchisor. Don’t think of it like the money they make with you. Think of it as seeds for future growth. A franchisor who can celebrate your success will be happy to continue working with you and motivated to invest more in your business.

Of course, you are probably thinking about how to go above and beyond your expectations in your business. Success is gained through these efforts, and a franchisor will pay attention to those who impress them.

One way to stand out is to connect with the local community. Your franchisor has a plan for success, but you are uniquely positioned to know what your customers need and want. Tailoring your offers and incentives to the community will attract locals and retain your customers. This is something that your franchisor will surely recognize and reward.

Connecting with the community can also mean offering goods or services at local events. Participating in the visibility and the memorable impact of community events make them a special marketing gesture. Your franchisor cannot replace a genuine connection with your customers, even with their budget and their methods. Relationships with the community will help your business thrive and impress your franchisor. All of this translates into growth and success for you.

Several roads lead to a successful business. Some are overgrown paths that you will need to clear step by step, with a little idea of ​​what to expect and lots of roots to trip over along the way. But the franchise course is a trail lined with signs to orient you and a knowledgeable guide to help you find your balance.

Take the guided franchise route and invest in building a good relationship with your franchisor. You will enjoy the journey and reach your destination with a partner who will truly celebrate your success.

See Veristrate for more information on how to value your business.

The opinions expressed here by the columnists of Inc.com are theirs and not those of Inc.com.

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