Keys to Franchise Financial Success 1/2

Keys to Franchise Financial Success

You’ve done your research and you know that the industry you’ve selected for your franchise is the best around. You’re confident that your approach is going to be successful because as a veteran or transitioning service member, you know that making any business reach its full potential requires grit, determination, and hard work.

Follow the system
There’s no getting around it. Franchise models work, and they’re proven to work – this is why you bought one in the first place. They come prepackage with everything you need to succeed. All you need to do is plug in the formulae and sit back and watch it work.

Unfortunately, that’s not what happens when many enthusiastic, first time franchise owners open their doors. But as a transitioning service member, you’re not built mike most franchise owners. You know how to follow an SOP and you know it exists for a reason. But it bears mentioning that however much you think your changes will benefit your franchise, stop, drop, and walk away. Don’t deviate from the SOP. It exists for a reason, and part of your role as a franchise owner is to honor the SOP. Resist the urge to change, add, or modify existing services or products.

If you’re starting to get the itch, refer back to the commitment you signed when you opened the franchise. In most cases, as the franchise leaser, you’re not authorized to make the changes. Equally as important, the changes don’t need to be made in the first place. They’re not going to be of any benefit to you in the long run. Not only could this put you in violation of your franchise contract but avoiding making unnecessary changes means that you preserve the integrity of your brand. You’ll be protecting your investment.

Stay in touch
When it feels like you’re just a hundred percent sure that whatever change – big or small – will be of incredible benefit to the franchisor, know that you have a vast network to lean on, just like in the military. Stay in touch with the franchisor owner of your brand and explain your interest in change. Most often, the franchisor will suggest some additional training classes, regional meetings, or that you attend a conference or convention. Not only does this help plug you back in with the existing franchise community, but it also helps to serve as a reminder that things are done they way they’re done for good reason.
Especially in the modern digital age, it’s easier than ever to stay in touch with other franchise owners. It’s also very likely that your idea, brilliant as it might be, has already been considered, either on a region or national level. When you connect with other franchise owners, you build yourself a platform network from which it’s simple to grow and learn.

If it’s possible in your community, consider a franchise mentor – this is a person who can help guide you through the nuance of owning a franchise. Most often, this mentor will also help you make the right choices, even when it seems difficult.

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