Franchise buyers are all looking for a successful franchise system. So what does it take to run a high performing, well-oiled franchise network that will attract top quality franchisees?
10 top tips for franchise success
1. Maintain a positive attitude. Follow your instincts (and proper research), ignore the knockbacks, and stay focused.
2. Focus on the brand. Any business developments and implementations need to enhance your brand. Understand your target market and don’t try to be everything to everybody.
3. Invest on essential elements such as your franchise agreement from the start.
4. Keep it simple. Replication is at the heart of a franchise so develop a business model that can be duplicated across your franchise system.
5. Develop a team culture. Does your work environment encourage team work? Create a high energy environment where passion and dedication are valued.
6. Lead by example — do what you say and say what you do.
7. Be flexible. It’s important to ensure franchisees comply with the basic principles and processes of your franchise model but you can probably afford to allow them a little flexibility in their business.
8. Challenge and set goals: keep striving for excellence in all areas of the business and avoid complacency.
9. Celebrate success: when big milestones are reached, ensure your franchisees are a part of the celebration.
10. Hire to inspire: don’t just recruit staff and franchisees with talent, but hire those who have passion and inspiration so this energy runs through your organisation.