The Four Foundations You Must Lay to Have a Successful Franchise

 

Owning a franchise business is one of the most promising and rewarding opportunities in Australia. It can be a great way to get your independent business thriving, and to make some good money. It is, however, a large commitment, and there are a number of things you need to keep in mind. Here are the four foundations you must lay to ensure the success of your franchise.

Marketing and Promotion:

Make sure that all of your marketing and promotion is organised well and truly before your business hits off. Speak to your franchisor and see if they provide any publicity packages. It may be that they do this anyway, or it might be part of an added package. If not, think about ways that you can do this yourself. It’s vital that your business receives enough publicity to start making an income as soon as possible. The sooner you have your marketing organised, the more successful your franchise will be.

Set Goals:

Before you even start thinking about opening your business, it’s essential that you set goals. These can be both long term and short term. Think about where you want your business to be in a year, as well as where you hope it will be in a month. By doing this you ensure that you can implement steps to reach these goals efficiently. Set deadlines, for example if you owned a Coral Homes franchise you would need to make building deadlines to get the job done in time and on budget. Talk to your employees or potential staff about these goals, so that everybody is aware of the direction they should be heading in to make the most out of your business.

Ongoing Support:

For a first time business owner – as well as experienced ones – it can be extremely helpful to have ongoing support from your franchisor. The wonderful thing about owning a franchise is that you can be independent, but also have a safety net. Speak to your franchisor well in advance so that you are clear about the support services that will be provided to you.

Finances:

Franchises won’t make you stacks of money straight away – so it’s important that you have your finances organised before you even thinking about buying the business. You need to have enough money to keep you going, no matter how much of an income you make, for at least twelve months. By assuring yourself that you have this money, you are safe until your franchise hits off and you begin making a profit.
These foundations need to be in place prior to the commencement of your business. A franchise takes time and effort – and a lot of planning needs to be considered. Think long and hard about these things until you’re sure that you are ready to begin. By laying down the foundations listed above, you are far more likely to be a successful franchisee. For an example of one of the most successful franchise businesses in the country, have a look at a Coral Homes franchise business.

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