So you are thinking about joining a franchise, but how do ensure that your investment in to the franchise pays off?
This is important, particularly as it is estimated that as many as 90% new start ups fail.
First and foremost, the benefit to joining a franchise is that you’re using an established brand, a proven business model and have not had to make the mistakes that many start ups have faced before you have developed. But how else can you ensure success?
- Business Planning – An essential part of the application to join, a business plan will also form the fundamentals of running your business. Here you’ll outline everything from budgets to staffing and business objectives
- Marketing Planning – This comes hand in hand with business planning and supports your business objectives with smaller marketing objectives to be achieved and a plan of how you will achieve them
- Utilise support – Being a part of a franchise gives you access to support of not only a team of franchise professionals, but a network of experienced business owners too. Use the support on offer, it really does help!
- Be proactive – Find your customers! – Being a B2B business, they generally won’t come to you unless you’ve attracted them someway. Generally in this type of work you would utilise sales and marketing skills to reach out and sell to your customers direct. Direct marketing, networking and prospecting are our most favoured ways of generating new clients
- Keep track – Don’t let time, money or work (or lack of it) run away with you. Remember to measure against your original business and marketing objectives to ensure that you’re progressing and if not, that you can put something in place to get you back on the right track!
The above five simple tips can put you on to the path to success. Ultimately it is down to your attitude and motivation to succeed.
If you believe that you have what it takes to be a great business owner in our Rosemary Bookkeeping network, we’d love to hear from you at 0116 275 9005 / email@example.com