Being your own boss is appealing because of the freedoms it brings. You get to call the shots, and the sky’s the limit. You’re not bound by someone else’s schedule. You get to do the kind of work that excites you. Plus, you have more say and control over your income.
But with all those freedoms come choices, which ultimately translate to responsibilities. Starting and running a business is far from a piece of cake. And you can choose the solopreneur, mom-and-pop, or franchise path. The franchise model can be attractive because it offers the best of both worlds. You can be your own boss backed by the power of a proven system.
Franchising is an established business model that has allowed countless brands to scale efficiently while maintaining quality and consistency. Any business can learn from successful franchise methods, including streamlining operations and building a strong brand. Whether you’re a C-suite leader or a small business owner, franchising principles provide a roadmap for taking a company to the next level. Get ready to discover what some of them are.
1. Use Three Steps To Attract And Keep Customers
If you don’t have a healthy customer base, your business isn’t going to last for long. It doesn’t matter how brilliant your ideas are or what you hope to achieve. All companies must drive and sustain growth. You might think that’s the job of marketing and sales. You’d be partially correct, as it’s up to those at the helm to ensure there’s a sustainable system.
According to Brian Cook, franchisor of Get in Shape for Women, “No matter what stage of growth you’re at, you’ll need to drive that growth and keep customers coming back. The most important considerations for attracting and retaining customers involve a three-step approach. Those three steps are free introductory sessions or trials, transparent pricing, and an exceptional customer experience.”
The first step seems self-explanatory. Offer something for free to remove the barrier of resistance. What might prevent people from trying your product or service? Then, depending on your business model, offer something to overcome that friction—a month of service, a complimentary session, or a sample product.
Be transparent about your pricing so you build trust. Ensure customers know what they will eventually pay so they don’t feel disappointed or misled later. Finally, let your team show their genuine enthusiasm instead of focusing on sales. Make sure they’re focused on helping the customer, not on selling clients more products or sessions.
2. Develop A System
Growing from a single location to several means you’re doing something right. There’s enough revenue and market demand to scale. However, you can’t deliver a consistent brand experience for your customers if you don’t have a scalable system. The people running the multiple locations carrying your brand’s name need to all be on the same page.
If you think about fast food chains like McDonald’s or nationwide auto service repair shops like Firestone, what do they have in common? Customers can go to any location across the country and be confident they’re getting a seamless experience. They can’t tell whether the store they’re in is operated by independent franchisees or corporate employees. It’s because they’re all using the same system right down to the uniforms and service principles.
People need to be able to run the business in your absence regardless of how many locations you have. An operations manual and product/service consistency are key. So is a unified training program that goes beyond the basics. You want the people to understand the system well enough to find ways to improve it across all locations.
3. Have An Exit Strategy
When you’re developing a business, are you thinking about what will happen to it once you’re not leading it? As a corporate executive, you might not be as concerned about the company’s exit strategy. You’ll retire and someone else will take your place. The business will go on and you’ll be off sailing near the Greek islands.
If you started your own company, you might think of handing it down to your children or another close relative. Perhaps you could sell it, but you haven’t cemented a plan. The franchise model always considers the exit strategy from the beginning. It’s the power of the brand, client base and business model franchisees have to sell once they decide it’s time to move on.
They’re not just recouping their investment in the company while they’re knee-deep in operating it. Their investment also extends to what lies beyond their time there. When the torch passes from one Starbucks CEO to another, what are they transferring? Likewise, what is the value a Molly Maid USA location has to offer a new owner? Planning for how the business investment will continue to benefit you and others in your absence elevates long-term performance.
The Franchise Blueprint For Success
Franchising removes some of the risks associated with being your own boss. You have the freedom and responsibilities of running a company. However, you’re implementing proven ideas with the backing of a well-recognized brand.
While franchising isn’t the path for every business leader, you can still learn from its core principles. It comes down to having fool-proof, scalable methods with long-range goals in mind. Once those practices are established, you’ll create transferable value that anyone with the right work ethic can pick up and run with
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