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 some of the challenges that may arise during their journey to success. Below is a look at some of the benefits of owning a franchise and three lessons that can help newcomers make a smooth transition to franchise ownership.
What are the benefits of owning a franchise?
"The ever-present risk of business failure is reduced when the business program has already proved to be successful in the marketplace; the use of an established trademark saves the business owner the cost of creating and advertising a name that customers will recognize; and the advantages of group advertising and purchasing make operations more profitable." - Entrepreneur®
Franchise ownership is an ideal option for aspiring business owners who value independence, yet don't want to invest a large amount of time conducting a market analysis, developing an advertising strategy, and tweaking a business model. The franchisor takes care of this essential legwork, providing the franchisee with a framework for success. Here are some of the specific benefits of owning a franchise:
- Experience is often not required. The franchisor typically provides the training needed to run the business.
- Franchise owners are more likely to be successful. Compared to startup owners, the rate of failure is low among franchise owners.
- Securing financing is often easier. Lenders are more apt to lend money to a business with a proven track record of success.
- Advanced tools are readily available. Top franchisors ensure new business owners have access to the latest tools and support.
- Enjoy the perks of a good industry reputation. When you own a franchise, you don't have to spend years developing an industry reputation.
What are three lessons to help you prosper as a franchise owner?
Clearly, there are many reasons to explore franchise ownership. But establishing a profitable franchise does not happen automatically. The single best thing you can do to prepare yourself for these challenges is to familiarize yourself with some common challenges that may arise and the steps you can take to overcome them. Below are three lessons to learn before embarking on your journey to franchise ownership:
Lesson One: 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. America's World-Class Franchises make sure that you have the support you need from the day you commit to ownership until the day you decide to retire. Here is a look at a few of the many resources you can depend on when you need guidance:
- Training and coaching: Top franchisors offer several weeks of training followed by ongoing coaching by industry experts.
- Cost breakdowns: There are few unexpected financial surprises with franchise ownership, as current owners share cost information.
- Marketing campaigns: As a franchisee, you have access to professional marketing tools that will drive prospects to your business.
- Technical support: Franchisors typically have an experienced technical support team to help ensure your operations run smoothly.
Lesson Two: Don't venture too far off the beaten path
Leading franchisors did not become successful by accident. Most of them developed a business model that has been used time and time again by new franchisees. They also establish best practices that have proven to be instrumental in helping new franchise owners avoid rookie mistakes and achieve business goals. If you are tempted to venture off the beaten path established by the franchisor, take a step back and ponder these things:
- 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 on your franchise journey, 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 Three: 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
Building a prosperous franchise requires effort, planning, and dedication. The three lessons above showcase how important it is to make use of available resources and to treat your employees fairly. By utilizing the tools available to you and investing in your most talented employees, you can position your new franchise for success.
We invite you to contact us at Caring Senior Service to discover how you can put yourself on 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!