How To Be A Successful Franchise Owner: 10 Helpful Tips

If you want to learn how to be a successful franchise owner (franchisee), this post is for you.

Keep reading, so you can join the ranks of successful franchisees.

The Top 10 Tips On How To Be A Successful Franchise Owner

1. Follow the procedures that are stated in the operations manual.

I mean follow them to the “T.” Don’t get creative.

2. Follow all the rules and regulations stated in your franchise agreement.

Your franchise agreement…your franchise contract, is a legal agreement between you and your franchisor.

And if you were smart, you hired a competent franchise attorney to go over it with you. In it’s entirety.

If you didn’t like or agree with something the franchisor stated in your agreement, that was the time to say so and request a change.

Note: it’s difficult to get specific language changed. If you succeeded great. If you didn’t, you’re stuck with it for the entire term of your contract. And that’s normally 10 years.

Finally, a huge part of being a successful franchise owner is having a clear head. Because focusing on stuff you wish you could have changed wastes brain-space and hurts your business.

3. Take the suggestions given to you by your field reps; remain coachable.

If your franchisor provides live assistance, you need to take advantage of it as much as you can. Why?

Because nothing beats a set of outside eyes. Especially from someone who knows what to look for to make your business run better and more profitably.

4. Use the technology that’s made available by your franchisor.

The right technology and/or software, can change everything.

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For instance, great payroll software can free up your time to focus on business building.

And top-shelf email marketing software can notify customers of promotions and sales that will help you increase revenue.

5. Follow your franchisor’s marketing plans.

I’m going to reword that.

Use the marketing templates and techniques your franchisor provides. Why?

Because in most cases, it’s been proven to work!

And if you have doubts, ask some of the other franchisees about it. They’ll be more than willing to tell you if the marketing works or not.

Plus, getting expert local marketing assistance is part of what you’re paying for as a franchisee.

It’s also a good idea to post quality intro video on your website to grab visitors’ attention right away. Choose an award-winning video production company to create one and begin building a rapport, leading to more sales.

Finally, and I almost forgot about this, a digital signage system can be an effective addition to your franchisor’s marketing plans, enabling them to display dynamic, eye-catching content like promotions, announcements, and branding messages across multiple locations.

Additionally, they allow for consistent implementation with established strategies while offering customers engaging ways of connecting. Not only does this modern method enhance in-store experiences, but it also reinforces your brand presence visually. And it makes your business stand out from others. 

6. Become obsessive about your numbers; track everything.

The good news is most of today’s franchisors have tracking mechanisms in place.

Not only that, these tools help find the holes in your business or marketing.

That being said, I encourage you to be as obsessive as franchise headquarters is about numbers. Because doing so will help you succeed as a franchise owner.

And if you’re not comfortable with “numbers,” take an accounting class.

On Relationships And Franchise Business Goals

7. Create and maintain close relationships with other franchisees.

In the hope that you wisely talked with existing franchisees as part of your research, you’ve already created relationships.

So find the list of franchisees you called, and reintroduce yourself to them as a franchisee. Thank them for providing the information you needed to buy the franchise you now own. Then ask them if it would be okay to stay in touch and reach out if you have a problem.

Bottom line?

The most successful franchisees…the most successful businesspeople know that it’s okay to ask for help and they do. Often.

8. Get super-involved in your local community.

In other words, don’t open your business and stay in your store.

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Get out of your cocoon and shake some hands.

Join a local networking group. Join your local Chamber of Commerce.

Teach some free classes about an aspect of your business that folks in your area may be interested in.

For example, if you own a pizza franchise, offer a class on how to make pizza! It’s a form of goodwill that brings awareness to you and your business.

That said, there’s a lot you can do to increase your chances of being a successful franchise owner. Interacting with your community is a big one.

9. Set monthly store goals with your staff. Big goals.

They can be based on amount of things sold, profit margin increases, total sales, or anything else you can think of.

And make sure to setup an employee bonus plan that pays employees when your goals are reached.

Check out these employee incentive ideas

10. Take time off.

This tip is especially important if you’re…I’m going to be blunt here, if you’re a control freak.

You need to clear your head. You need to find a way to NOT think about work. To not think about your business.

One way to make sure you can getaway, is to find one employee you can trust. This is a must. And finding that employee needs to start early, so you can take some time off. Now check this out.

According to the folks at Allina Health®, “studies have shown that taking time away from the job and everyday stress can have physical and mental health benefits. Vacations are linked to:

• Lower stress
• Less risk of heart disease
• Better outlook on life
• More motivation to achieve goals”

But there’s one more thing that will help ensure you can be a successful franchise owner.

How To Be A Successful Franchise Owner: Choose The Right Franchise To Own

If you don’t choose the right franchise to own, you’ll never be successful as an owner. So make sure you do everything in your power to make the right choice in a franchise. This may help.

One of the ways to increase your chances of success as a franchise owner is to ignore the conventional wisdom.

In franchising, the conventional wisdom (sometimes) is to find something that aligns with your passion.

For example, if you’re a pet lover, conventional wisdom suggests that you look for a franchise that’s focused on pets.

Or, maybe you’re a lover of pizza. Some franchise industry types would suggest that you find a pizza franchise you like, and buy it.

Don’t do it. I rarely suggest that tact when I work with clients.

So instead of focusing on your passions, focus on your skills.

Also, make sure you focus on your unique personal traits.

In a nutshell, you need to put together a list of things you’re really good at combined with a list of things that describe your personal traits.

For example, my list would look like this:

Skills: Sales, Marketing, and Public Speaking

Personal Traits: Outgoing, Determined, Personable, Royal (Kidding)

Those are the things that I bring to the table.

What do you bring to the table?

If you’re looking to buy a franchise anytime soon, start your list.

Then, once you have it, look for franchise opportunities you can best utilize them.

Other Things Your Need To Get Right

Ignoring the conventional franchise industry wisdom by focusing your search for a franchise on the awesome things you bring to the table, is only the first step towards becoming a successful franchise owner.

Another thing you’re going to want to do is find out how much money you’ll need to buy a franchise-and then come up with a budget.

Because staying within your budget improves your chances of success to.

Once you’ve determined the upper limit of what your investment in a franchise should be, you can start your search for the right one-as long as you have that trusty list of all of those great things you bring to the table…right by your side.

Finally, I hope you follow my tips on how to be a successful franchise owner!

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