Have a business plan

Set goals and do a financial projection for the next year or detailed enough to take to the bank for cash. When in doubt, ask you franchisor or fellow franchisees for advice on how to proceed.

Play well with others

Corporate employees are dedicated people who are doing everything they can to make franchisees successful, but first and foremost, they are people. Your efforts to respect and listen to them will pay dividends for you. 

Take control

Part of the appeal of a franchise system is the support a franchisor can provide. However, the ultimate success or failure of your franchise is largely your responsibility. Yes, your franchisor is going to train you on its system and give you the tools to build a business—but you will be on your own to run the day-to-day operations of your outlet. Embrace and enjoy this freedom—it’s part of the appeal of entrepreneurship.

Never stop marketing

As a franchisee, your job, first and foremost, is the sales and marketing of your product or service. Don’t wait for your franchisor to remind you—get your marketing out there all the time, analyze the effectiveness of each method and share effective techniques with your fellow franchisees.

If you can’t sell, hire someone who can

Sales are an inevitable part of almost any franchised business. If you don’t feel comfortable handling this task, you need to find someone who will. Ask for help from your franchisor and fellow franchisees who have effective salespeople on staff. 

“Hire people smarter than you—that’s the key to forming a great team.”

Avoid credit cards

The incredibly high rates on this expensive form of credit can slowly eat away your profits and cause you stress. Real financing at a reasonable rate is hard to get, but not impossible—unless you wait too long and you’re in financial trouble. Make sure you have plenty of cash before you launch your business, and seek financing immediately if you see a downturn in your future.

Learn your industry

Once your franchise is up and running, learn as much you can about your new industry (in addition to what you learned during your franchise research). Almost every sector has associations and meetings where business owners gather and share ideas. Trade associations and local boards of trade bring together new and established businesspeople, providing a great forum for learning and networking. Your fellow franchisees can also offer great insight into your industry; don’t ignore this valuable network.