You’d love to buy a franchise and be your own boss, but you don’t have any experience. That’s OK – many franchisees build super successful businesses without ever having worked in the franchise industry before.
But HOW do you build the best franchise business you can? What do you need to know about franchise management before you start? And how much support can you get along the way?
You can find the answers to all these questions and more in our franchising guide below.
Your quick franchising management guide
You can take many actions to increase your franchise business’s chance of success. Here are our top seven tips.
– Develop your skills and mindset
Buying a franchise means you’ll receive support from your franchisor, although the exact amount will vary from franchise to franchise. Use whatever help they make available to develop your skills in each area of running your business, like:
- managing your team
- customer service
- business and financial planning
For example, if you choose an Oporto franchise, we provide you with support and training – both initially, and going forward – to develop your skills. Take advantage of whatever’s available and learn everything you can.
Regardless of the franchise business you choose, it’s critical to have an open mind as you access their support. You need to be ready and willing to absorb a huge amount of information from experts in the business. Accepting that there’s a lot to learn and being open to asking for help is an essential mindset to have.
– Trust the process
There’s a reason you choose to join a given franchise: you’ve done your due diligence and concluded it’s going to give you the best chance of business success. So trust that the franchisor’s systems and processes will work for you – just like they did for all the other franchisees who came before you.
Of course, if you have ideas outside of the standard procedures, discuss them with your franchisor… but then take their response on board. They might have already tried your ideas in the past without success. Or you might have come up with something totally new that they’re keen for you to test. If it works for you, they might want to roll it out to their other stores.
Either way, their reaction is coming from the perspective of years – maybe even decades – of experience in their industry. And good communication with them is key.
– Focus on your employees
One of the biggest requirements for a successful franchise is a supportive environment where your staff genuinely love to work and can thrive.
To create this environment, make sure you give your team members clear responsibilities. Then trust them to fulfil those responsibilities without micromanaging them. This helps to build their sense of ownership in the business and significantly increases employee satisfaction.
Some franchisors, such as Oporto, offer comprehensive training programs for frontline staff and managers. So make sure you look into what support is on offer from your franchisor. Training and supporting your staff is vital to your business success.
You need to also grow a strong management team that you can trust. This lets you step back when you need to, knowing that your business will still thrive. Having a career management path in place will also help you to attract and retain great staff.
– Manage your administration
Effective administration is the backbone of your business. It helps to keep everything running smoothly – and without it, your business will quickly flounder. From accounting to rostering, strong back-end processes lead to a far better experience for you, your team and your customers.
Experienced franchisors will have already developed their own set of proven administration processes that they use in every store throughout their franchise. They’ll set you up with and train you on these standard systems, so take advantage of all that knowledge and experience before you open your store.
– Know your numbers
As with any business, knowing your numbers is vital to run a successful franchise. In particular, you need to keep track of your income and expenses, your profit and loss and your cash flow.
A big advantage of owning a franchise (rather than starting your own independent business) is that you don’t have to struggle with the numbers on your own. An experienced franchisor will help you to analyse your figures, then brainstorm strategies to improve with you if needed, like our Business Consultants do with Oporto franchisees.
– Work in your business
It might be tempting to assume that once you’ve hired a store management team, you can run your franchise hands-off from a distance. However, working in your business each day lets you clearly see problems and opportunities first-hand. Being on the floor together with your team and working alongside them has been proven to lift standards.
That said, it’s also essential to have a good management team, so you don’t need to do everything yourself. That enables you to regularly step back, look at the big picture, and spend time on your business’s strategy and vision.
As you do though, remember that YOU are the linchpin of your franchise business. As an owner-operator, you drive performance, customer experience and operational excellence.
– Have clear goals and strategies
The most successful franchisees are those who have clear goals and visions for both their business and themselves.
What do you want your franchise business to achieve? Why do you want it? You need a clear vision and strategies to grow your business and take it to the next level. If you’re not sure of the answers to these questions, talk them through with your franchisor. They’ll be able to detail successful franchise business stories from the past and present, and share the goals and visions that other franchisees have.
Could an Oporto franchise help you to build your best business?
If you choose an Oporto franchise, you’ll get both support and training in everything you need to know about franchising management and running your business. This includes:
We ensure you get the best start possible with a ten-week initial training program for new franchisees. It combines time working in stores alongside an experienced franchisee, with time learning in the classroom.
We know you might not have run a business before, so we’ll also teach you about financial management, and help you to develop strategies and business plans. You’ll learn how to run the back-end of your business, and manage the ‘back of house’ processes, including rostering and payroll management.
This training makes it possible for you to run an Oporto franchise with no prior industry or business experience. The curriculum also maps onto small business and retail qualifications, so it’s future-proofed and recognised in the wider community.
Of course, the support doesn’t stop when you graduate from your induction training. Once you launch your store, we’ll allocate you one of our Oporto Business Consultants. They’ll be your first point of contact for whatever support you need going forward, whether it’s marketing, administration or IT.
Your Oporto Business Consultant will help you to discover what’s working and what isn’t, and work together with you to execute your strategy.
You + us = a great franchise business
At the end of the day, successful franchise management comes down to you and how much you’re willing to put into your business. However, you can massively increase your chances of success by taking advantage of all the established processes and support that your franchisor offers.
Want to know more about Oporto franchising opportunities? Our Franchising Team is here to help you with any query you might have.
Get in touch today!