This lesson is part of our free Franchise 101 course.
Working with a franchise can give your business a huge head start, but it’s important that you know the limits of that support, in terms of hard work and understanding. As a franchisee, your success will depend on you, not just the franchisor.
Putting in the Hard Work
A franchised business is still a business, taking hard work and dedication to run. To succeed, you need a strong work ethic, with the willingness to show up every day, put in long hours, and commit whatever effort it takes to making the business work.
The franchisor has crafted a brand and a support structure, but you have to put in the long hours and hard work on the ground.
Understanding the Area
That work comes in before you even start your business. A franchise and the people working with it will understand who it appeals to and how, but they can’t understand every place that business might go. You have to investigate the local area where you are thinking of setting up, understand its economic and demographic situation, and work out for yourself which franchise could work there. Perhaps you’ll even have to pick a different location.
This is a critical task. If you don’t do it properly, then you will be setting yourself up for failure.
Understanding Your Business
Once you start setting up your business, the franchise will offer some structure and guidance. That gives you a general framework, but not the specifics of how your own business will work.
To do that, you have to go through a careful recruitment process, finding and hiring the right people from those available. You want hard workers with the right skills or the potential to develop them, people who will commit to the work you offer them in return for its rewards.
Once the business is running, you’ll be the one who sees it best of all. This means that it’s your responsibility to evaluate every aspect of how it is working, to identify which areas are weakest and how you can improve. In the modern economy, you can’t succeed by being “good enough”. You have to constantly evaluate your business, looking for ways to make it even better.
How to Gain That Understanding
There are no shortcuts to hard work, but there are ways to develop your understanding more quickly. Franchising forums can help, as can Franchise Chatter. By providing you with an unbiased comparison tool, we deliver greater understanding of the available franchises, helping you to select and run the best business for you.