7 traits of a winning franchise
What does it take to really make a franchise successful in today's American economic climate? If you're a franchisee, or you're thinking about becoming one, you need to know how to increase your chances of success.
But what exactly are the traits of a successful franchise? Here are seven must-haves:
1. A Strong Brand
Part of the draw of franchises is the chance to invest in an established brand.
Someone else brings the brand, the creativity and the concept; your job is to bring the investment, the business smarts, and the drive to make it work.
For a franchise to be successful, a strong brand is vital. A well-established brand with plenty of goodwill from customers is a particularly good choice.
2. Support from the Franchisor
The relationship you have with your franchisor can make or break a franchise.
As the article "What Really Makes a Franchise Successful?" says, really good franchisors work very hard to support their franchisees.Your franchisor should provide you with clear guidance and support, a comprehensive manual or guide to your franchise, and any training you need.
A good franchisor will be invested in your success, and will be willing to invest time and money in supporting your franchise.
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3. A Great Team
Your employees are the backbone of your franchise. Their day-to-day work, their commitment to your franchise, and the level of customer service they provide, are all keys to the success of your franchise.
Having a great team is a two-way street. It's up to your employees to bring the commitment and work ethic, but it's up to you to bring the support, training and willingness to listen.
Put effort into building a strong team with good leadership and plenty of motivation for your employees, to make sure you are all invested in making the franchise a success.
4. The Right Location
Location can be a big factor in a franchise's success.
A location that is rich in the target demographic for your franchise is a must. Good passing footfall matters, too. High traffic areas will bring plenty of customers to your door.
More out of the way locations can work, depending on the franchise. Your customers might travel for good quality home supplies, but aren't so likely to travel to grab lunch before heading back to work.
Wherever your location, make sure it's easy to get to and clearly sign posted.
5. A Solid Support Network
Your fellow franchisees can be some of your best supporters.
A good support network will give you a boost when times are tough, or when you simply have some questions or need to talk to someone who understands.
Look for a franchise that fosters camaraderie rather than competition between different locations. It's good to know you can reach out to other franchisees if you need to, to benefit from their experience and insight, or offer the same to them.
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6. Effective Marketing
Good marketing is a must for any franchise.
No matter what you sell or where you're located, marketing will help get those customers through the door.
Your franchisor will take on a certain amount of marketing themselves.
On a local level however, they should support you in marketing your specific location, with materials or training to help you do just that.
7. Your Own Commitment
Your franchisor can provide support and marketing materials, and your team can bring the customer service, but only you can bring the commitment.
A good franchise has the potential to be a rewarding businesses, but only if you commit to it one hundred percent.
Make success your priority, and take a hands-on approach. Get involved and invested in the day to day running of your franchise.
Franchising can be an enjoyable path to business success.
Be sure your franchise has these seven key ingredients to help you reach your franchising goals.
About the Author: Tristan Anwyn writes on a variety of topics including social media, how to build customer relationships, content marketing and how to make your franchise a success.