How to Build Out a Successful Franchise Plan

Successful Franchise Plan

If you have decided you want to purchase a franchise, or have already done so, then congratulations! Although there should be an employee manual to follow and general guidelines in place to guide you in running your franchise, it is still your business. Everyone runs their personal franchise a bit differently, so the first thing on your list should be to create a successful franchise plan for optimal success.

Step 1: Create a company infrastructure

If you are switching your current operating business into a franchise, then you will need to examine how you are already running your business, and the aspects you can change. You might find that some of your employees have talents that could be used in other areas of the business, or even that they are holding the business back from its full potential.

Consider that, although your manager is performing adequately at the moment, they may not have the potential to properly grow into managing a franchise. You may need to provide some of your current workers with added support and training, as well as hire more experienced supporting staff.

Step 2: Examine your marketing

Although your current marketing might be doing a great job at the current level you are at, this may need to change when turning your business into a franchise. Because simply owning a business is different than a franchise, your previous experience in marketing may need to be improved upon. In addition to this, most franchises already have large ad campaigns happening that will, in turn, provide you with free advertising. In the beginning, you can avoid wasting money on new advertisements. Instead, see how your business is influenced by current campaigns, and build upon them later.

Step 3: Understand your buying power, organize with your approved suppliers

One main benefit of purchasing a franchise is that your buying power aligns with that of the franchise you belong to. This means that you will save money on products as well as supplies and services. Understanding your buying power will allow you to save money on products you may already be purchasing. For instance, Checkers & Rally’s has the best burger franchises. When becoming part of this franchise, you then can purchase from their suppliers and at their cost, as you are a part of the Checkers & Rally’s family.

Know that organizing your approved suppliers should be done when you complete your franchise disclosure documents. After purchasing your franchise, you should contact your approved suppliers. You may end up finding that your suppliers will offer you a better deal than you had planned for. This is important because it will help you to budget properly and know how to plan out your finances.

Step 4: Evaluate your facilities and prepare for opening

Whether you already have a facility that is ready for business, or you need to do some renovations, confirm that it flows with the theme of your franchise. If you are a family-friendly franchise you might consider having highchairs available, or a setting in which children won’t hurt themselves. Before opening, you should evaluate your facilities and prepare to accommodate all your customers. This might include confirming that all your bathrooms contain a changing table and that your business is wheelchair accessible.

Whether you are already in business, planning to open or considering purchasing a franchise, plan and utilize the tools that you have. Any person or business owner can be a successful franchise owner, simply put in the work and the rewards will come. Good luck!