Want to Know How to Make the Most Out of your Franchise?
Jeanne Geldenhuys , Managing Executive of Scooters Pizza, shares some insight as to why franchising is an industry that presents countless business possibilities for entrepreneurs.
Franchising has become an attractive business venture for many entrepreneurs as they are not only investing in a proven business model and a functioning support basis, but essentially, franchisees are also buying into a known brand with an existing customer following. While the franchisor’s brand and established name is what attracts customers through the door, it is important to remember that, as with any business, the franchisee is still managing his or her own business and therefore needs to ensure that it operates smoothly, successfully and outstandingly.
To grow the business as a serious contender not only against competitors but other franchised stores within the group, the entrepreneur has to consider his or her store’s unique selling proposition. While still always following the franchisor’s method and recipe for success, it’s the small stuff that separates an average business from an exceptional store.
Here are three tips to think about:
- Staff incentives: Even though you are the boss of your business, it’s important to keep in mind that your people drive your profits. Your team is responsible for making the food and delivering the service. If your employees are treated well and their devotion is acknowledged, their standard of work will increase. Happy employees equal happy customers.
- Be involved: As an entrepreneur you can either decide to be hands-on and lead by example, or you can spend your days in the back office pursuing other potential ventures while a business manager is in charge of managing the day-to-day operations. Franchise owners are ultimately responsible for ensuring customer satisfaction and subsequently, driving their own business success. I would therefore strongly suggest the former option.
- Give back: You may have read or seen the principle that states that 80% of your business is generated by 20% of your customers. While this might not necessarily be true for fast food consumers, one thing that is clear is that customers are responsible for your revenue. Attracting, gaining, retaining and rewarding customers is therefore crucial for long term business success. Occasionally providing your regulars, your “20%”, with a free drink or even a free meal will go a long way and will definitely not go unnoticed.
“True business success can only be accomplished through personal dedication, proper management, a desire to succeed and of course, the hunger to have a happy customer base,” concludes Geldenhuys.