Unlike starting a business from scratch, franchising lets you hit the ground running with a brand, a product or service, and a proven business plan.
Putting those ingredients together, however can take a little work––especially for first-time business owners.
Here are X tips to help you get your franchise out of the red and into the green as fast as possible:
1. Find a business that fits your skillset
Before you look for a business to get into, consider what you’re good at or could be good at if you chose to learn something new.
Once you have a few things in mind, narrow your list to focus on three to five kinds of businesses you’d enjoy most. Use this list to target specific kinds of businesses during your research.
2. Follow the franchisor’s business plan
When you buy a franchise, you’re not just buying the rights to operate a business, you’re also buying a business plan that’s worked for others.
One of the biggest mistakes new franchisees make is straying from that proven plan to build the business “their way.” As the old saying goes, if it ain’t broke, don’t fix it.
- During onboarding, absorb all the information you can and follow-up by re-reading manuals and handbooks.
- Immerse yourself 100% in training. Since most franchise training sessions are short and to-the-point, it’s extremely important to ask questions and learn from example whenever possible.
- Don’t try to be a rebel. Put your confidence in the system that’s been laid out for you. While you might stumble on better way of doing things later, following the leader is the safest and quickest path to profitability.
3. Put a plan for growth in place on day one
Aside from the business plan you’re handed by the franchisor, it’s also important to assess where you are and where you want to be with the business.
Although it can seem like a lot to consider before you get started, identifying your goals and laying out a plan to monetize them is key to tracking your success as time goes on.
Be realistic about your goals. It’s far better to be conservative with your expectations and take the time you need to get there rather than promise yourself the world and fall short.
If time and budget allows, get in touch with a financial advisor to talk through your plan and get help if you need it.
4. Market your franchise relentlessly
It isn’t good enough to simply have a great product, service or location. Even the biggest brands market themselves to capture the attention of new customers.
While your marketing strategy depends in part on markets you serve, be sure to take both traditional marketing channels (TV, radio, print) as well as digital channels like a website, social media and email marketing.
Click here to learn more about using social media to grow your franchise.
If you’re new to marketing, ask other franchisees what’s worked best for them. Put a strategy in place and allocate a percentage of your earnings to ongoing sales and marketing efforts.
Most importantly, measure and analyze what methods are having the biggest impact on your business and optimize your strategy accordingly.
5. Pick a recession proof industry
Put in the time to research your industry and predict where a franchise will be five or ten years from now. Ask yourself:
Will people still need or want this product or service in the future?
Take senior home health care for example. Since there are so many baby boomers entering seniority, many care-driven entrepreneurs are capitalizing on their need for a system of ongoing care.
Here at The Groutsmith, we’ve built a similar franchise opportunity. With more and more homes and businesses using tile to line their bathrooms, kitchens and other indoor surfaces, we’ve created a unique cleaning, repair and restoration service these homeowners need to keep their interiors in good condition.
Click here to learn more about why The Groutsmith is the perfect recession-proof franchise opportunity.
Interested in a low-cost franchise opportunity offering low startup costs and minimal monthly overhead? Click here to learn why The Groutsmith stands out as the leader in grout and tile cleaning, repair and restoration. Want to connect with us one-on-one to get started? Contact us today.
Looking to learn what it’s like to own a Groutsmith franchise? Get a first-hand look from eight franchisees in our free Q&A guide. Click below to download.