Life as a franchise owner can be exciting, rewarding, and incredibly motivating. But to enjoy these benefits, new franchise owners must be prepared to overcome challenges that may arise during their journey to success. Below is a look at some of the lessons that can help newcomers make a smooth transition to franchise ownership.
Lesson 1: Utilize the Resources Available to You
"Simply put, a franchise is your coach and your playbook, and you are the player executing the plays. We are here to be your mentor and your guide and educate you on the highly focused activities you need to execute and master in order to become a thriving business owner." - Caring Senior Service
One of the many advantages of owning a franchise is the availability of resources to help you operate your business. Your franchisor will provide the support you need from the day you commit to ownership until the day you retire.
Here is a look at a few of the many resources new business owners can depend on for guidance:
- Training and coaching: Top franchisors offer several weeks of training followed by ongoing coaching by industry experts to help you start your business.
- Cost breakdowns: There are financial commitments when buying a franchise, including the initial fee and monthly royalties. To avoid surprises, review cost breakdowns and your franchise agreement.
- Marketing campaigns: As a franchisee, you have access to professional marketing tools that will drive prospects to your business. Plus, you have access to an established brand. The franchisor may also run broad brand awareness campaigns that your small business can benefit from.
- Technical support: Franchise systems typically have an experienced technical support team to help ensure your day-to-day operations run smoothly.
There are other resources available through your franchise opportunity. So, reach out to your franchisor or other franchisees to discover what type of support and tools are available to you.
Lesson 2: Don't Venture Too Far Off the Beaten Path
Leading franchisors did not become a successful business by accident. They developed a business model that new franchise locations have used time and time again. They also establish best practices that have proven to be instrumental in helping new franchise owners avoid rookie mistakes and achieve business goals.
But it still may be tempting to try to do things your own way. Before you leave the established path, take these things into consideration:
- Your franchisor knows more about running the business than you do.
- You agreed to adhere to the franchisor's business model.
- Other franchise owners have become successful by adhering to the established business model.
- Achieving success as a franchise owner typically takes time.
As you move forward, remember the franchisor is available to support you and listen to your concerns and ideas. That being said, it's best to propose any suggestions for improvement after you acquire some operational experience and gain traction within your industry.
Lesson 3: Hire Dependable Employees and Take Care of Them
"Throughout the industry, home care providers have taken several measures to curb turnover rates and keep their caregivers on staff...In general, experts say, specialized training programs help with turnover because they offer caregivers a career ladder and, in theory, opportunities to make more money." - Robert Holly, Home Health Care News
Hiring and retaining dependable employees can be a difference maker for new franchise business owners. But hiring and keeping top talent is sometimes easier said than done — especially in the senior home care industry.
Here are some measures you can take to attract and retain good employees:
- Create a positive work culture that communicates franchise values.
- Ensure employees receive plenty of training and ongoing support.
- Use recognition and bonuses to show your employees you value their contributions.
- Support professional development activities and continued education.
- Stress the importance of work-life balance.
By having a strong team in place, small business owners can increase their chances for success!
Final Thoughts
Building a prosperous franchise requires effort, planning, and dedication. The three lessons above can help you overcome challenges early on and position your new franchise for success.
We invite you to contact us at Caring Senior Service to learn more about the path to franchise ownership today. Our community of leaders and franchise owners share a passion for improving the quality of life for seniors. Most importantly, we offer a wealth of resources and a proven business model to help you hit the ground running. We look forward to helping you realize your dreams of becoming a franchise business owner!
