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Thursday
Feb072019

3 Helpful Tips For Starting and Running a Successful Franchise

Running a successful business requires hard work, extensive research, and financial backing. Running a successful franchise requires even more, but the rewards can be that much more significant.

With over $800 billion in annual sales, 50% of all consumer purchases are made through a franchise, a number that will likely increase to as much as 70% in years to come.

A franchise is a more structured form of business, where the organization's owner creates a proven replicable business model and works alongside a franchisee -- one who takes the franchise -- for royalty fees (profit shares from business that the franchisee pays) in lieu of support and systems that enable profit gains. Businesses simply involve any form of profit exchange for products or services. In other words, all franchises are businesses whereas all businesses are not and cannot be franchised.

If you're thinking about starting your very own franchise, you need to remember a few important things:

  1. You need working capital -- Whether you're just starting out with a small business or are hoping to build one of the largest franchises in the entire world, without cash flow, failure is your only option. You have to have enough money to not only invest, but handle essential financial tasks like payroll, quality assurance, advertising, and more.
  2. You need a strong brand -- Without a strong brand and image, you can't have a successful franchise. You need to do everything in your power to not only build a strong company brand, but preserve it, as well. Strengthening your company's advertising department is a great way to way to improve your brand. Well-placed signage, for instance, can expose local consumers to your brand about 50 to 60 times per month. Conversely, focusing on inhaling your digital marketing strategy will enable your brand to reach a much larger national and even international audience.
  3. You need a great team -- You can have all the money in the world, but if you don't have a team of hardworking individuals who share your vision, you'll be overwhelmed in no time. Good help is difficult to find but its imperative to an organization's success. Make sure you aren't hiring employees who don't want to be there just for the paycheck. Once you do find quality team members, treat them with respect at all times, keep them informed, and provide the kind of challenges that keep them engaged and hard at work.

Starting a business is one thing, but starting a franchise is a major step toward financial security and a rewarding career path -- good luck!

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