14 January 2016

The first three years - how to make your franchise a success

Franchising can take much of the risk out of starting a business, as you’re investing in a trusted business model with expert support. However, as with all new ventures, getting it right in the first three years is critical for future success. Here are some tips to help you get it right.

Have a business plan

Have a plan and stick to it. This seems like the simplest of success strategies but surprisingly many business owners do not have a plan, and if they do, they don’t stick to it. Your franchisor can be a great support in drawing this up with you, and then it’s important to keep it front of mind to make sure you’re doing all you can to reach your goals. Your business should always be evolving to meet the needs of customers and the marketplace, and likewise, the business plan should be a working document that constantly evolves.

Lean on your franchisor for training and support

Your franchisor should be your best friend, especially in the first three years. They’ll be able to support you by helping get all the initial processes in place, but the contact shouldn’t end there. It is important that you keep talking to your franchisor and share your financials regularly, so they can help you with any potential problems before they develop. Cash flow is a vital component of any new business and it’s important to work in partnership with your franchisor to ensure it remains healthy.

Learn how to manage your time

Time management is absolutely critical. You will require discipline, planning and flexibility for successful time management as it is far too easy to become distracted when you are working for yourself with no one to report to. Break up your day into manageable chunks, and always include a buffer if possible for unforeseeable occurrences. This can help you stay on track and focus on the things that matter.

Learn to delegate

For business owners delegation is an essential skill to avoid being stretched too thin and burning out.  Look to master this skill early by hiring great people, training them well and trusting them to do their job. Make sure you understand your weaknesses and strengths so you hire people who are able to complement your skills. Do this, and you and the business will benefit.

Check out these Bedshed franchisees that have got it right