05 April 2018
Want to get more out of your business by doing less? Tips for budding franchisees
This article originally appeared in Dynamic Business
There’s a common misconception in the small business world that being your own boss means you sacrifice a healthy work/life balance. While putting in extra hours can be important, particularly in the early stages of your journey, there are certain tricks and systems you can put in place to ensure your business will thrive in the long run. Successful profit turnover can and should be coupled with reasonable working hours, but how can you make it happen for you?
The great thing about joining a franchise is while you’re your own boss; you also have the safety net of a proven network behind you. This means you choose how things are run – within reason – but you have the guidance and support of trusted professionals who have a vested interest in seeing you succeed.
Here are a few tips to ensure you’re getting the most out of your franchise business.
1. Have a plan
Clearly defining your objectives and milestones as part of a business plan is one of the best ways to ensure you actually achieve them, while sticking to your set deadlines. This is just one of the things that your franchisor can work with you to develop.
While having a plan is essential, remember that things won’t always go your way. The best business plans are those that continually adapt and evolve.
2. Get smart about your product
While it’s all well and good to have a solid business plan in place, you must consider what it is you’re going to be selling every day. Will that product still be in demand in 10 years’ time? Equally important is considering the time and energy it will take you, both physically and mentally, to sell that product.
As an example, compare selling mattresses to cups of coffee. Certain luxury mattresses retail for around $10,000. On average, someone working in a coffee shop would need to sell 2,857 coffees’ to match this price, which is almost 8 years’ worth of coffee for one person! (Number calculated based on one coffee per person, per day at $3.50.)
3. Utilise your network
Being your own boss can at times feel draining, with pressure to constantly be making the right decisions. Joining a franchise network means you have a wealth of knowledge you can tap into, you just need to ask the right people!
One of the great things about franchising is you’re not out on your own, and you’re not starting from scratch. You’re able to join a network that has a proven track record and longevity in the market, which means more security and less risk for you. Things that would typically take up a long of time for small business owners, such as marketing and advertising to site selection and finance, are largely taken care of by the franchise network. A good franchisor will help you with all of these things and more, and can promptly assist with any potential problems before they arise.
You also have the ability to build relationships with existing franchisees in the network. Here you can share tips and tricks on what is and isn’t working, essentially learning from each other’s mistakes and success.