5 Tips to Start a Successful Franchise

A franchise is an ideal opportunity to own a business and live out your dream of being an entrepreneur while still having the support and backing of a large company. When a large company offers franchise opportunities, they create a business model that nearly any individual can pick up and make successful.

Use these five tips for helping you start a franchise.

1. Work with a lender that understands how franchises work.

2. Network with experienced franchise owners.

Once you buy a franchise, you will be a part of a community of business owners. Take the time to go to networking events, meet other franchisees, and learn from them. Experienced franchise owners are often more than happy to offer advice and insight to those new to the business. While buying a franchise provides you with a better foundation than starting a business from scratch, there are still many hurdles to overcome, and it can be intimidating. Knowing people in the business who have found success will alleviate some of your anxiety by providing a sounding board for new ideas or challenges.

3. Utilize the tools and resources offered by your parent company.

Your franchise company will have many tools and resources available for the franchisees to help them as they start and grow their business. However, they can’t make you use them. It’s your choice to take the steps necessary to be successful in business. Take advantage of everything your company has to offer to new franchise owners. There may be incentives you can work towards, coaching or mentoring opportunities, or annual conferences filled with classes and workshops. Additionally, most companies have a layer of support personnel, so don’t be afraid to reach out to the company if you face a specific challenge and need assistance.

4. Find software that will enhance your business.

There are so many different software solutions available for business these days. It can be overwhelming to learn about them all and determine which ones are good for your business and which ones are irrelevant. For example, you can take advantage of a peer to peer texting software that will allow you to present your sales message to your target demographic. A brand like Peerly is at the frontline of this industry with their peer-to-peer texting software. While traditional advertising and marketing approaches are still critical, it’s vital to target newer marketing techniques that have been proven effective. Text marketing is an effective way to get in front of your customers without being overbearing. It’s widely utilized among the more innovative sales teams.

5. Never stop learning.

While much of the business is designed and set up for you when you buy a franchise, continuing to learn about business and best practices will benefit you greatly as you grow as a business owner and leader. You can take business classes, attend workshops, and network with others to learn best practices, innovative marketing techniques, new software options, and more. As a business owner, you never want to get trapped into thinking that there is nothing new worth learning. Keeping up with the time will keep you ahead of the game.