There are many business decisions that a new business owner is presented with when starting up. One of the first might have been the decision to be a franchise owner. This decision leads to a critical point after one’s franchise is established.
One of the best resources most franchisers have for their franchisees is a consultant. These are people who know the tools of success for this particular company and how to execute them. A consultant can be available in person or even over the phone to assist a new owner in the beginning phases of their business start up. Also, because of the nature of a franchise, there is also more versed owners that could be of assistance and can give insights on what worked for them in the beginning as well.
Another critical first step a franchise owner should take is setting short term and long term goals for themselves and the company. This is the clearest way to find out what other steps and how much one should invest in said steps to ensure success. A new owner will be able to see, from their goals, what their bottom line will be and then be able to execute a plan from there. For instance, an owner can see from their goals that they need to make $X dollars to break even the first 6 months and therefore need Y amount of customers. They could then use a formula to see what marketing tools would be the most effective in bringing that amount of needed customers to hit that goal.
It would make sense, then, that the next step is to ensure that the new owner carefully creates the marketing plan that will set their business up for success. This is something that gets the new business name out there, and lets potential customers know they are there. This could be anything from door hanging advertisements, grand openings or even a spot on a local television show.
Lastly, ensuring good visibility and thus highlighting convenience to the potential customers is another essential key. Because it is a franchise, the company will have a well thought out and recognizable brand and logo that will be utilized in the previous marketing. This would make sense then to utilize logo in the store front, sandwich board signs, and in the establishment. The potential customer should be able to notice the convenience factor due to location and ease of finding the location.
A franchise is a wonderful business opportunity for an entrepreneur. They have tried and true methods that are great tools for the new owner to use to ensure their own success and the steps they take in the beginning is the springboard to that path.
Latest posts by Jonah Engler (see all)
- The United Federation of Teachers Works to Make School Lunches Free - May 10, 2017
- The Iconic Rumble in the Jungle Fight - May 5, 2017
- UFT Helps Members Improve or Change Their Careers Through PIP - May 2, 2017