Your first year as a franchisee can be one of the most exciting, and also one of the most challenging. Whether you’ve managed a business before or this is your first time in the owner’s seat, you’re sure to face learning curves. To help you survive year one, we’ve put together a list of tips.
Expect the Unexpected and Plan for Problems
Let’s face it. Even if you own a franchise with an established system, challenges are likely to occur, especially when you’re first starting out. Ask questions and attend trainings provided by your franchisor to become better prepared for a range of situations. Seek advice and best practices from fellow franchisees and your area developer.
Surround Yourself with People You Trust
One of the most important first steps when starting out is hiring qualified professionals you trust to represent your business, interact with customers, and handle day-to-day operations. Franchisors may provide a business and marketing plan, but it’s up to you and your team to implement them successfully. Use your first year to recruit, train and establish an extraordinary team that can execute those plans.
Stay On Track and Get Organized
Keep track of spending, cash flow, strategies and processes. Then monitor results regularly to determine what’s working and what’s not. Make adjustments in areas that need improvement and expand on business opportunities that work well. Establishing this organization in the beginning will allow you and your team to stay efficient through the long haul.
Understand That You Won’t Have it All Overnight
Keep your expectations reasonable. You’ll want to gain thousands of customers and be profitable right off the bat, but it’s important to understand that building your customer-base takes time, even with a well-known franchise. Provide great service to those you have and their referrals will go a long way. Remember that your first year is only the beginning of the long-term vision of your business. Work hard from the start and your hard work will pay off.