Franchising is a huge industry with over 750,000 franchised establishments currently in operation, representing over 3,000 franchised brands. Yet, franchise success, while achieved at a higher rate than starting a business from scratch, is not guaranteed. 

What is Franchise Success? 

Franchise success can be defined as achieving sustained cash flow and profitability, having effective and stable operations, and gaining positive customer reviews. For many franchise owners, franchise success is the realization of a dream. 

Franchise Success—the Starting Points 

Becoming a successful franchise owner starts with selecting the right franchise among the wide variety of available brands. The right choice aligns with an owner’s skills and personal traits. You want to make sure the work you do is something that you can do, enjoy, and continue doing for a long time. So, research carefully and choose wisely. Once you have made your tentative choice, determine how well you will fit with the franchise culture, how strongly you can relate to and rely on the brand’s leaders, and how deeply you like what the brand offers to a potential franchise owner. 

Second, make sure that you can get the financing that you need to take care of startup and continuing costs to avoid running out of capital. 

10 Tips for Franchise Success 

Use the franchise system and follow the defined procedures that are stated in the operations manual. Don’t “go rogue.” 

Take the suggestions of the franchisor’s field representatives. Remain coachable to make suggested improvements. 

Recruit the best talent possible, treat them well, and train them continually. 

Use the brand’s technology. 

Follow the franchisor’s marketing plans. 

Constantly strive for exceptional customer service. 

Be obsessive about key operating and financial numbers. 

Develop good relationships and good communications with the franchisor and other franchisees. 

Get deeply involved in the local community. 

Be consistently enthusiastic about your business. 

Seek Expert Financing Assistance 

Contact Masters Commercial Capital Group, based in West Hartford, CT. We offer a wide variety of financial solutions that help you master business growth.