It's no secret that franchising is one of the most popular steps to take for thriving businesses. Successful franchising acts as a catalyst for growth, recognition, and longevity. This makes it an enticing option for business owners across the country. The fact remains, however, that a franchise is only as successful as the summation of its parts. It is the franchisee's job to carry on the business practices and systems that helped put a company's name on the metaphorical map in the first place; while there are countless tips and tricks that can be employed in order to stay on top, there are a few tried-and-true skills that can be found in almost every thriving franchisee's repertoire.
Sticking with a Working Model
First and foremost, franchisees are able and willing to follow the business model outlined by the franchisor; after investing money and countless hours into a working system, the franchisor's agreement generally stipulates that franchisees will follow systems and procedures that stick to approved products, practices, and values. One of the ways some of the best franchisees find success is by following the guidelines required of the company they're working with. If a person is not comfortable following a specific and oftentimes lengthy set of regulations, franchising might not be the best route to take. However, being willing to adapt to a changing market can also be a beneficial attribute for franchisees because these adaptations can help the overall business.
One of the most famous examples of this instance occurred in the development of McDonald's long running Filet-O-Fish sandwich. After noticing that his market base was largely Catholic, franchisee Lou Groen understood why his 1960s McDonald's franchise was taking a big dip in earnings on Fridays, the day on which Catholics traditionally do not consume meat during Lent. Groen noted that his customers were instead taking their business to a competitive chain with a fish sandwich unlike anything offered at McDonald's at the time; so, Groen created his own fish sandwich, presented it to McDonald's headquarters with the intention of saving his franchise, and ended up creating a permanent spot for the sandwich on the company's menu.
Groen's story is an example of how successful franchisees don't just stick to their company's regulations; they also maintain a high sense of business intelligence geared towards ensuring that their franchise is running smoothly and efficiently. After all, the overall goal of a franchise is to sustain and grow a business; to achieve this, notable franchisees are masters at communication, leadership, and organization. Communication skills are a must because they enable franchisees to interact with others to accomplish tasks of all types, ranging from day-to-day operations to system-modifying suggestions for improvement. Communication ties directly into leadership, which franchisees must exhibit if they are going to effectively motivate others, delegate work, and spot problems before they form.
Organization is believed to be what ultimately holds a business together because time and project management skills are necessary topics to master if maximum efficiency is to be reached by a modern business. In regards to franchises, organization is what gives franchisees the chance to devote the time and energy required to get a new business to where it needs to be. Plus, this skill can help franchisees track their progress - and seeing how far a business has come can be especially empowering on hectic days.
For successful franchisees, the factors that ultimately lead to their triumph can vary depending on the business, leaders, and location. Ultimately, a commitment and passion for the franchise is what provides the motivation people need to continue to work towards achieving a thriving business.