Keys to obtain franchise business success

FranchiseeDo you have the ambition and drive to be your own boss? Starting a franchise business is not something to be taken lightly, but it’s a calculated risk which can truly pay off in the end. Franchising is a great way to reduce threat of failure while increasing your odds of succeeding in the business world. However, just because you bought into a franchise model doesn’t mean you get to go on permanent vacation. You still need to put in the effort to execute a proven business model in order to be successful. So how do you ensure you optimize your business and succeed? I’m glad you asked!

Research franchises

Before selecting a franchise, research the pros and cons of the different franchise models out there and find franchise systems which interest you. There are numerous brands to consider, so find one that fits your interests and aligns with your personal Core Values, so you can believe in the business and enjoy the work while making money.

Once you have the list narrowed down, it’s important to dig a bit deeper and see how the franchisor supports their franchises. Do they have dedicated training and development, marketing, human resources, and sales teams as well as business consultants to help you along the way? What do their reporting dashboards look like relative to depth, benchmarks, and system transparency? What tools by way of programs, platforms, and training can be leveraged? Ask for franchisee contact information and ask them about the pros and cons of the business along with the state of their partnership with their franchisor. Verify the ways the franchisor demonstrates a commitment to continually investing into the business to help their franchises grow.

It’s also important to ascertain the kind of marketing programs and ROI-enhancing lead generation strategies the franchisor offer to assist  your business not only once you’ve opened your doors but beforehand to promote the new franchise. Our teams at the TWO MEN AND A TRUCK® Home Office are dedicated to help our franchises thrive in their marketing areas.

Startup franchises: We have a First Gear team whose sole purpose is to work with new franchises 12 weeks out from their opening date to ensure they are prepared in every area of the business. But it doesn’t end there! They will continue to work with the franchise for the first full year; this is called the Second Gear process. If a franchise is struggling, the team will help them develop a plan to overcome each challenge. Our training and development team is there the help franchises get their teams ready to go opening day by designing and delivering training programs for all levels of the TWO MEN AND A TRUCK® system. Our team also supports all employees in the system through STICK MEN UNIVERSITY®, offering instructor-led training, online training, and career development programs. Additionally, reporting dashboards and metrics are transparent and multi-faceted, providing visibility about performance by franchise, operating unit, or system-wide, and each department is dedicated to help franchises along the way.

Mature franchises: Once a franchise has become established, our franchise business consultants work with the franchises on a regular basis to ensure they continue to grow, hit their goals, and become profitable. Our consultants do regular onsite field visits so they can interact with the specific location in order to help the franchise with business opportunities through system best practices that ultimately lead to profitability. What these visits also allow for is the opportunity for the consultants to glean new ideas from the field and identify emerging best practices they can share with the rest of the system – a huge benefit of the franchise model.

Build a business plan

When you’ve selected your franchise, immerse yourself in the processes and tools the franchisor has created and engage yourself with the partnership. Invest in your organizational structure to ensure you have enough people to capture the business effectively. Equip yourself based on two potential outcomes: (1) Customer volume is slower than anticipated; and (2) Customer volume is more than anticipated.

In the business world, it’s vital to be focused but still remain flexible. To accomplish this, have a fully implementable business plan, and constantly refer and adjust it on both a monthly and quarterly basis.

At TWO MEN AND A TRUCK®, the most successful franchises who stand out from the rest have a business plan and a budget they refer to on a consistent basis. If a tactic is successful, they know why. The same goes if something falters or fails. They take notice quickly and work to address it. We cannot stress how eminent it is to have a business strategy and work to execute it in order to achieve the goals and the vision set by the franchisee.

Develop a winning team

Growing and developing your team is significant to achieving business success. Your frontline staff are the team members who interact with customers on a daily basis. Make sure they not only know how to do their job but love it as well. Promoting a positive work culture, establishing employee incentive plans, creating a pleasant work space, as well as providing up-to-date equipment are key ingredients to guiding employees toward job success. Also, giving them defined job descriptions and expectations, setting obtainable goals, and mixing in stretch goals will also help drive your business and its potential for growth. Another critical component to employee retention is showing them a possible career path within your organization. This will give them a clear picture of their future career so they envision sticking with you long-term.

Meet with your team on a regular basis. This is a critical time to review what they are doing well, any areas of opportunity, hurdles they may be experiencing and then discuss how can you can overcome them together. Open communication with your team gives you fresh a perspective of your business from the frontline view.

There are many tools and resources continually being developed by the TWO MEN AND A TRUCK® human resources department to help franchises not only find quality employees but retain them by creating a positive work environment.

For information on starting your own TWO MEN AND A TRUCK® franchise location and to access performance information which is available to prospective owners, click here.

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