Setting the foundation for your success in franchising could lead to one great adventure for you and your family.
Denver, Colorado (PRWEB) September 04, 2012
America's Best Franchises is the premier franchise opportunity web portal featuring top franchise opportunities along with franchise advice to aspiring franchise entrepreneurs. Bill Bradley, Founder and CEO at America's Best Franchises, announced today ABF's "Top 10 Secrets to Success in Franchising."
"Success in franchising is attainable but entrepreneurs must make all the right choices early on to make it happen," according to Bradley. Further, he states, "We know success in franchising is elusive so we reached out to Marc Kiekenapp to collaborate on determining an early stage plan for success. Marc's credibility in franchising speaks for itself with over 30 years of franchise experience. He has been a master licensee and owned and operated multiple national franchise units as a franchisee."
Marc states, "Starting a new franchise and owning and operating a successful small business is a challenge for even the best of entrepreneurs. If you set the foundation properly, the experience will be second to none in your life and a great adventure. Owning a small business inherently offers a set of obstacles you will have to overcome. But, if you follow the "Top 10 Secrets to Success in Franchising," and if you start with the right franchise for you, there is no limit to the level of success you can achieve."
TOP 10 SECRETS TO SUCCESS IN FRANCHISING
1. Follow the System: The franchisor has taken years to create systems that work and are designed to give you the best chance of success. The reason you purchased a franchise vs a new business venture, is to take advantage of a tried and true operating system and marketing program. You do not have to recreate the wheel. Listen and follow the lead of the franchisor.
2. Real Estate: The franchisor is the expert in site location and understands what location will allow your new franchise business the ability to prosper and grow. Follow the real estate guidelines give to you by the franchisor, and don’t vary.
3. Lease Negotiations: Hire a real estate agent that is active in the market and use a real estate attorney to assist you in attaining tenant improvements, free rent and an attractive lease that will last as long as the term of your franchise agreement.
4. Construction: Hire a reputable contractor that is familiar with the type of build out that is required for you franchise concept. Again, this is not an area that you want to try and save money by having the wrong contractor hired. You will lose valuable time and money and possibly delay the opening.
5. Initial Training: Included as part your franchise fee is a training class for you and usually a key employee or a manager. This training becomes your road map for the success of your franchise. Don’t short cut training while trying to save costs. Many new franchisees don’t take the training seriously and miss out on vital information.
6. Hiring your Staff: Follow the guidelines that the franchisor has provided during training. Take your time in the interview process! Don’t hire the first person that you think can work. Be sure to involve your employees in the business and treat them well.
7. Grand Opening and Ongoing Marketing: This is the lifeblood of your business. Because the franchisor has a track record of opening several units they know what it takes to drive customers to your business. This is an area where most franchisees try to save money. Most franchisors will suggest minimum amounts that should be invested. That is only a bottom line guideline. Generally well-financed franchisees that invest additional money wisely will ramp up their franchise business quicker.
8. Time Commitment: When you first open your franchise you will need to commit to long hours to ensure the success of your investment. Until your small business franchise is stable and you have confidence in a key employee you should not leave your investment to chance. Stay involved, learn all the different positions and functions that need to be conducted. You will be a better manager in the future if you’ve done it yourself.
9. Working Capital: Stay liquid and make sure you conserve you cash everyday. It’s easy to have a great week and spend that money on something you don't need. New franchise opportunities are a roller coaster ride for the first year. Stay conservative early on. You'll be glad you did.
10. Use the Support Services Available to You: The franchisor will conduct on going training seminars. Take advantage of the dedicated support person assigned to you for questions. And most of all draw on other franchisees in the system to understand what works for them everyday.
Marc states, "The most important top 10 secret to success in franchising is to follow the system. If you don’t follow the system you’ve not invested your money wisely and your chances for success will drop dramatically."