As much as the rewards of owning and operating a franchise are emotional, the bottom line is the franchise must be financially solvent to work. It might be appealing to think you are investing in something for the greater good or to feed an emotional need, but for those loftier goals to occur, the business must also allow you to make ends meet.
What are some of the best things you can do to harness to full potential of your franchise?
Respect the Manual
Every franchise has a manual and it is the responsibility of the franchisee to understand the manual and the responsibility of the franchisor to make sure the manual is updated and able to address the most important concerns of franchise owners.
Both franchisee and franchisor must keep the lines of communication open for a franchise to succeed. Franchisors should put into place a communication system that makes it possible to honestly and openly share information about the business. It is also important to have a system for documenting and for ensuring that any policy decisions are easily accessible and easy to understand.
Understand the Brand and Protect the Trademark
These are valuable tools both franchisees and franchisors have and they should be treated as such. A brand helps a franchise build a consistent reputation. Everyone involved in the franchise must understand the importance of consistency and respect for both the brand and trademark, and franchisors should take the time to lay out a clear set of guidelines for using trademarks and anything else associated with the brand.
Finally, it is important to keep tabs on the condition of the franchise. Is it still relevant to the market? Do changes need to be made to bring the franchise model up-to-date with current standards? The economy is an ever-changing thing and unless a franchise evolves it will eventually fail.