How to Manage a New Franchise in 6 Easy Steps

If you need guidance on how to manage a new franchise, you’ve come to the right place. A franchise is an investment that can provide you with predictable recurring revenue while maintaining a support system for your new business. If you’re tired of investing your time in a company that doesn’t fit your lifestyle, starting a new franchise is a great way to build your wealth.

Advantages of Franchising

When you own a franchise, you get to reap the benefits of an established brand. Here are some of the many advantages of owning a franchise:

• Pre-built customer base.
• The opportunity to own your own business.
• Lower business failure rate and lower risks than independently established businesses.
• Guidance from experts who have already built successful businesses in the same industry: Franchisees receive ongoing business assistance from franchisors.
• Higher profits than independent businesses: Some franchises require a hefty initial investment, but you can get it back in no time. Even when an initial investment is high for a franchise, often the ROI is also high.

Franchising, however, comes with its share of challenges too. For example, franchisees may not have complete control over their operations. Also, the initial cost of the investment may be too high for some applicants. All of these hurdles can impede people on how to manage a new franchise. That said, the advantages of franchising often outweigh these challenges.

The New Franchisee’s Guide to Success

1. Time management

The first step to managing your time is to create a schedule. List the tasks you need to do every day, and then assign timeframes to them. The second step would be to divide your tasks into categories. Urgent tasks should take precedence, followed by important tasks, and finally, low priority tasks.

You should set an alert to remind you of tasks due for completion. The best tech franchises often use productivity software like ClickUp, Trello, or Slack to facilitate priority tasks.

2. Determine your core values

Core values are essential to a company’s culture − they are the foundation of how it operates. When you own your own business, you should be clear on your core values to create a culture aligned with them. It will help your team members feel more connected to the company and be more productive in their work. Core values are your foundation on how to manage a new franchise.

3. Make sure you have a strategic vision in place

To be successful in the long run, you need to have a clear vision of where you want your business to go. This vision will help you create a plan that will guide your marketing efforts and help you reach the goals that you have set for yourself. The best successful franchise management services include an ambitious roadmap for hiring, marketing, and revenue.

4. Follow the proven system already set up

It’s important to your business’s success that you get the best chance of getting off on the right foot. One of the greatest advantages of franchising is the reputation you inherit, since developing a sales process from scratch can take up unnecessary time. If your franchise has any buyer personas or marketing funnels, you’re on the right track for how to manage a new franchise.

 

5. Market your product or service to your target audience

Marketing can help you get your products and services noticed by potential customers. In contrast to cold calling, proper marketing will have prospective sales leads come to you. Let’s cover a few of the best ways to dive into marketing when you own your own business.

Online Branding

The internet is a powerful tool for promoting your brand. Start with a website. Make sure it looks professional and current without typos or broken links. Your website should be accurate, up-to-date, with information that’s easy to find.

Next, be active on social media: Social media marketing is a powerful tool for franchise management services to increase exposure. Many people try out Facebook marketing to get started. You can also take advantage of Instagram, LinkedIn, Twitter, and YouTube to reach customers. These platforms offer different features and benefits for how to manage a new franchise.

You can also use influencers to promote your new franchise. The idea behind this strategy is to work with people who already have an established following – just like owning a franchise.

Paid Advertising

There are many forms of advertising like adverts on print media, television, radio, and online advertising. You can use advertising to raise awareness about a product or service and generate more demand. Other marketing strategies include public relations, events, email campaigns, and more.

The best tech franchises have a built-in fee and network for marketing. However, you can also rely on local sources like magazines and newspapers to get your brand out there.

Referral Networks

Referral networks, sometimes called affiliate marketing, are a great way to expand your franchise’s brand. Plenty of franchise management services and conferences can get you in touch with other like-minded franchisees. Furthermore, organizations such as Business Networking International (BNI) and local Chambers of Commerce can also introduce you to referral partners.

By referring your vendors and clients to other companies they might conduct business with, you can greatly increase and diversify your sources of revenue. Affiliate marketing is one of the best advantages of franchising. Together, these three forms of marketing can help you become a successful franchisee.

6. Hire the right team

The one area that franchisees often have to manage independently is employees. A key component to owning a franchise is hiring the right team. The right people will help you own a franchise that prospers. Here are three tips on finding the perfect employees for your new franchise.

Look for the Right Skills

The best hires are the ones that naturally fit into the company culture and have the skills you need in your organization. To establish how to manage a new franchise, you should look at different hiring platforms like LinkedIn, Indeed, and ZipRecruiter.

Interview in Person

The best way to get a sense of someone is by meeting them in person and observing their demeanor and how they interact with you, your team, and the people they would be working with on a day-to-day basis. Where possible, you should have your applicants meet the rest of your franchise management team and any direct supervisors.

Ask Questions

Go beyond the applicant’s resume to better understand their goals and ambitions. Asking about what they did at past jobs can give you a better idea of who they are as an employee and what they can bring to the table.

When you own your own business, you have to juggle many different aspects of running their businesses in the past. But today, with digital tools like franchise management software, they can focus on what they do best while still having the ability to oversee all aspects of their business. Many franchise management services can help manage inventories, projects, finances, tasks, and workflow.