Franchises are the backbone of the American economy.
The country’s 800,000 franchise establishments employ millions of people, deliver critical goods and services, and allow their owners to pursue the American Dream.
But it isn’t always easy.
Running a flourishing franchise requires both tangible and intangible qualities. Here’s a look at the winning recipe for making the most out of franchise business opportunities:
The Tangibles
Operating a franchise requires some tangible skills that are common among all business owners:
Business skills. Franchisees benefit from the systems and support the franchise company’s corporate office offers, but they still need to possess the ability to hire a talented team, market their business, balance their books, and communicate with customers.
Having a basic understanding of business is the first ingredient needed for a flourishing franchise.
System sense. Common sense is always a virtue, but system sense might be even more important when owning a franchise. Franchises offer the opportunity to leverage tried and true systems designed to deliver both consistency and quality. Operating within a proven system reduces risk and allows you to focus your time and energy on the things that make your franchise flourish rather than figuring out the best way to accomplish something.
Being able to follow a proven system is a key to making the most of franchise business opportunities.
Community connections. Even with support from the company’s corporate office and a proven system, franchisees still need to lean on others to make sure their franchises flourish. This means building connections—with other business owners, government officials, and your customers. Connections lead to marketing partnerships, sales opportunities, and customer loyalty.
Building connections in the community can go a long way toward making your marketing and sales efforts more effective.
The Intangibles
There are some attributes required for running a franchise that cannot be measured, but that doesn’t make them less important:
Hard work. All franchises that flourish share one trait: an owner who has an affinity for hard work. Even with all of the support and resources from the corporate office, there are still likely to be long hours, multiple tasks, and less-than-glamorous duties. This is especially true when a franchise has just opened.
If the franchise owner isn’t willing to do whatever it takes to get the job done, many jobs simply won’t get done. That’s why hard work is the key to maximizing franchise business opportunities.
Dedication. Many franchisees think of themselves as entrepreneurs. They like to dream big. They like to innovate. And they often like to work on several projects at once. But when it comes to franchising, dedicating yourself entirely to the business is a necessity.
It’s fine to have a lot of interests—personal and professional—but being entirely dedicated to the new business venture helps ensure that you’ll be ready to do whatever it takes to get it off the ground.
Passion. You don’t necessarily have to be passionate about ice cream, fast food, promotional products—whatever the industry in which your franchise operates—but you do have to be passionate about running a business. You can learn the ice cream industry’s ins and outs, but you can’t teach yourself to be passionate about doing the everyday tasks it takes to have a flourishing franchise. Passion is intangible, and it is often what separates those who are willing to dedicate themselves to hard work, systems, and building connections from those who are not.
In short, passion for business is the secret sauce in the recipe for building a flourishing franchise. Interested in learning more? Contact us at Fully Promoted today!