You might be excited since you are a brand new franchise owner. You got approval with your application to be a franchisee of a specific company. Before you get too excited, remember that it is just the beginning of the process.
You still need to go through a lot before you can grow your franchise and succeed. The worst thing that might happen is things don’t go as expected. Your business fails to get traction, and your franchisor starts threatening you to revoke your license. Don’t give up just yet since there are actions you can do to save the franchise.
Ask for assistance
You are still under the supervision and guidance of your franchisor. It is the beauty of buying a franchise. You won’t feel like you are on your own since you can count on the parent company to help you when you are not doing well. Your failure is also their failure, and it could damage their brand. Therefore, they will do everything to assist you until you get through the obstacles you are currently facing.
Focus on marketing
The good thing with franchising is that you benefit from their national marketing campaign. The problem is that you still need to deal with local audiences, and those marketing efforts might not be enough. Focus on having your marketing strategy to ensure that you will appeal to local audiences and attract their attention.
Retrain yourself and your employees
You will undergo training as a new franchise owner. You will receive training to know the business model and implement it well. At the same time, you will also practice being an ordinary employee. If you are operating a fast food business, for instance, you will receive training on how to prepare the food and serve the customers. Perhaps, you need to retrain along with your employees to improve customer service satisfaction. It is true especially if other franchisees nearby are doing well, but you are not. Perhaps, they provide better services than you do, and it is time to step up.
There is an opt-out strategy for franchisees who feel like they can no longer carry out the responsibilities. The franchisor will find someone to take over the business from you. Before you resort to this option, you need to try everything first. Rearrange the place and make it look better than it is now. Hire more qualified employees and retrain the ones you already have. Read the franchise manuals in detail again until you understand things that are unclear. Don’t give up just yet because it is natural for your business to move slowly like any other business. Soon, it will take off, and you will do well.
Many people might feel jittery after buying new franchises, and it is perfectly fine. Don’t put too much pressure to succeed as a business owner overnight. Once you find your rhythm, your business will soar.