There is no doubt that being part of a reputable franchise has the potential to provide massive advantages to any new business owner. Benefiting from high quality marketing, enhanced IT and operating systems, easily recognised branding, plus an established reputation within your chosen industry are just some examples of how a franchisee is able to hit the ground running once their new business launches.
What is interesting is that, although these benefits are available to all franchisees, and every individual journey is different, there will inevitably be some franchisees that succeed more than others. Some franchisees start off with the speed and enthusiasm of Usain Bolt on the trail of his next gold medal, but then run out of steam, finding it difficult to maintain the necessary momentum for long-term success and business growth.
Is there a mystery ‘X factor’ ingredient that enables some new franchisees to take the market by storm, shooting up the rankings amongst their fellow business owners and maintaining consistent progress over the years? How can you develop the staying power to become a rising star within your franchise network?
It is over 25 years since Belvoir launched its first franchise, and there are now several brands within the Group, but I can categorically state that the most successful franchisees have not relied simply on luck, previous experience or timing (although these can be helpful of course!). Looking back at Belvoir’s most successful franchisees – some of whom have hit over a million pounds of turnover – it is clear that the key to their success is not just left to chance. And the good news? Many of the necessary elements that have contributed to their success have cost nothing.
Firstly, it is important for any new business owner to determine that they are joining a franchise network within a company and an industry that they really believe in. This is something that can be determined in the early stages of a franchisee’s research, but also during the recruitment process. Belvoir’s recruitment process is comprehensive and designed to help ensure that the franchisee and the franchisor are ultimately a good match, that will result in a win-win business scenario. In other words, your franchisor should want you to succeed and do everything possible to ensure that you do. If you don’t get that impression, walk away.
Belvoir’s franchisees come from all walks of life, and are of different ages, with varying levels of experience. Some have even worked in the industry for several years as independents before realising that a franchise model offers more security and chance of success. Others have no former industry experience but are able to benefit from in-depth training. What they do have in common is the fact they are all dedicated, determined and excited at the prospect of a new business opportunity with the potential to give them the lifestyle and opportunities to fulfil their ambitions. Importantly, these characteristics alone will not guarantee lasting success. That being the case – what will help?
The new franchisees that tend to do exceptionally well are highly ambitious, and always hungry for the next idea that will move them closer to their goals. They embrace all training opportunities and are willing to network extensively with other franchisees and Business Development Managers, who are happy to share solutions to similar challenges that they have faced. Once an idea has been shared, an ambitious franchisee will go out of their way to introduce it into their business, constantly monitoring whether or not this works for their area, and their client base.
The most successful new franchisees are willing to work closely with their Business Development Managers, taking advantage of all the free advice that is on offer. They are compliant with branding and operational systems, because they recognise that the brand and systems are all part of a highly successful and proven business model. There is no point in joining a franchise if you are determined to ‘break away’ and introduce your own spin on the branding that your franchise support team will have heavily invested in. That being said, a good franchisor will always welcome new ideas from a franchisee, as new ideas are the lifeblood of success! There are many more secrets to success, and I look forward to sharing them next month.
