The franchisee business is normally a successful business model in the business world. The actions needed to kick start the franchise business are either fully taken care or shared by the franchisors.
Franchisee also has the responsibilities to double ensure the success of the franchise business. With the simple business plan, regular follow up, minimal marketing spending and the periodical review the franchisee can double up the revenue and reduce the return of the investment timeline.
Define your own Business Plan
Irrespective of the Franchisors business plan, being a franchisee, you shall record your business plan. Sometimes the franchisors made business plans are unrealistic and doesn’t go well with every franchisee.
Create the business plan with the pessimistic approach, define the business goals, various spending parameters including the onetime investment and recurring spending for operations.
Set the Key Performance Index
Set the KPI for your franchisee business, employees, vendors etc the KPI shall have the various target parameter like financing, quality of the services, customer ratings, Heath, safety etc
Set the timeframe to review the KPI, it can be reviewed every three months or six months. Record the performance findings in the KPI
Don’t Rely on the Franchisor marketing alone
Most of the franchisee doesn’t spend much fund in marketing. Yes, Franchisors is spending some money for the marketing but in most of the cases being a franchisee you won’t ripe many benefits from their marketing. Thus, you shall always allocate some fund for the marketing in the operations. 10% of the gross profit shall be invested on the marketing is the golden thumb rule followed by the successful ventures across the world.
In any business employee is the major stakeholder who should treated with utmost respect. Launch employee encouraging program (KPI) and reward them upon achieving their goals. Keep them in comfort level and make them to think they will grow along with your franchise business. This thought would help them to bond with your franchisee business and take ownership for various responsibilities.
Customer Engagement Program
And finally, the customers are the one who is going to take your business at any level, keep in touch with the local community. Engage with the community for the welfare, launch reward programs etc. These are all the indirect marketing which gains you lot of attraction and popularity in the local market.