Whether operating as a franchisor or franchisee, franchising can give you the opportunity to be your own boss and to call the shots.
But it’s also important to take a balanced approach to your business. For example, it can be easy to enter into franchising armed with enormous drive and determination, only to find yourself feeling burnt out down the track from poor management of the business or from overdoing it.
Here are some basic things you need to get right when running a franchise:
1. Good planning and organisation are essential.
For success in business, hard work is not enough. You need to be able to plan well and also manage your time effectively. This can be done using daily or weekly planners, to-do lists, calendars or diaries. Good planning and organisation in running a business can help reduce your stress levels and also save you time and money.
2. Take your time with recruitment.
It’s important to have the right people in your team. Make sure to put a good recruitment process in place, and to provide quality training, feedback and appropriate rewards.
3. Get to grips with your financials.
We’ve probably all come across the business person who is brilliant at what they do, but who can’t balance a cheque book for nuts! Get to grips with things like cash flow, daily and weekly sales targets, breakeven points, profit margins, productivity levels and so on. Understanding these concepts and knowing how your finances are faring will help to make you a much better business manager.
4. Chill out a bit!
There’s no need to do everything yourself. You wouldn’t expect your employees to work long days seven days a week, so don’t expect it of yourself either. Overdoing things can lead to burnout, so get used to delegating, and make sure to roster in some days off and holidays so you can recharge.
Running a business takes a lot of financial and personal commitment. Get the basics right from the very beginning to give yourself the best chance of success!