When it comes to starting a new business, purchasing a franchise is just about the safest investment you can make. These organizations are built on a proven system and brand that has been improved and refined over time to produce the best results - for both the franchisor and franchisees. Franchising has many advantages over independent start-ups, however nothing is easy or guaranteed! There is still a lot of hard work that goes into running a franchise business - as well as steps that must be followed if you’re going to get the best results.
In my years as both a franchisor and franchisee, I’ve seen my fair share of franchise success stories - as well as unfortunate failures. I’ve also learned that many of these failures share the same root causes - and can be easily avoided with a little awareness and accountability. If you want to have the best possible chance of success as a franchisee, here are a few key behaviors you’ll want to avoid:
#1: Not Following the Model
As I stated above, a franchise business is essentially a successful example of a proven brand and business model that is constantly evolving and getting better. Your franchisor is always going to innovate and find new ways to make the model more efficient and profitable - whether that’s through improvements in training, marketing or product development. As a franchisee, your job is to follow that model - not try to change things or experiment yourself. A franchisee should IMPLEMENT, not EXPERIMENT. To be successful, is to follow the complete franchise business model and implement new processes or systems only when they’ve been proven out by the franchisor.
#2: Not Staying Connected to the Brand
One of the best things you can do to ensure that you’re following the franchise model, is to attend all of the training sessions, read all of the emails and form working relationships with the team at corporate franchisor headquarters and other successful franchisees. In addition to keeping you informed about new and upcoming changes, it’s a great way to get support, network and learn from your peers.
#3: Not Asking for Help
One of the core reasons to join a franchise organization, is to become part of the brand’s “franchise family.” Unlike starting your own business, being part of an established franchise brand gives you access to people who can help you succeed: the team at headquarters, many key vendors and fellow franchisees. The point here is that you’re not alone - so make sure you’re taking advantage of all the support a franchise organization has to offer! When people fail as franchisees, it’s typically because they forgot to or refused to ask for help.
One of the core things to remember as a franchisee, is that if you want to go into business for yourself - and work alone - then don’t join a franchise! A franchise is all about teamwork and helping each other succeed for the good of the entire organization and shared brand. By following the model, staying connected to the brand and asking for help when you need it, you’ll be putting yourself in the best possible position for success, and everyone involved wins!