Dos and Don’ts of Owning a Franchise

When you decided to open a store, you decided to take on the responsibility of owning your own business. First, congratulations on stepping into the independence of being your own boss!

Owning a franchise can mean a lot of work, and once the initial set-up and training is over you might feel like scratching  your head, wondering what to do next. Franchisors are extremely helpful as you start up and get going but they let you take the reigns once the setup is complete. Don’t worry, this is a good thing! The first step to enjoying owning your own business is taking ownership of the responsibility.

Still, it may be a little scary to go forward without direction. We can help with that. Follow these tips—a few Dos and a few Don’ts—to get an idea of how to maximize your business once you’ve gotten started.

Do Use the Resources Available to You

Chances are that you invested in a franchise because you wanted to take advantage of a built in support system while being your own boss. A lot of the time becoming a franchisee can give you the best of both of these worlds. But if you aren’t utilizing the resources that are available to you, then you cannot be making the most of your business.

Let’s say that you invest in an ice cream franchise with a nationally known brand. But then, when it is time to order your ice cream supplies, you do not go through any of the preferred vendors, but spend time seeking out your own. Then, to put the figurative cherry on top, you spend more money on this new vendor than you would have had you used the corporate one. Not only have you spent extra time seeking a new vendor, but you are also spending extra money.

Using the resources that your franchisor provides to you—preferred vendors, support teams, marketing materials, or any number of other things—is an easy way to maximize your profit. The franchisor has been in business a long time. Trust them to know what works.

Don’t Neglect Your Marketing

It is likely that the company that you franchise with has highly effective marketing strategies created by an experienced marketing team. These materials are a great way for corporate to help franchisees by making the brand name recognizable on a national or international scale.

That being said, it is your responsibility to market your franchise on a smaller scale. It is impossible for the corporate marketing team to develop marketing materials specific to each franchise, so it is your job to do that. Ultimately, you know your customers and your area, so you can add the personal touch that is key to marketing.

Do Work Hard

Owning a franchise is a lot of work, and it is important to recognize that. As great as it would be to just open your store, sit back, and let the money come in, things just don’t work that way. As an owner, it might be easy to become complacent thinking that the hard work is done for you because the business is already built. This is not the case.

Owning your own business means working a lot of hours. As you are building your business, be prepared to spend a lot of time there; you will have to spend time balancing books, figuring out processes, dealing with hiring, managing employees, and so much more.

Even though being your own boss means a lot of work it is some of the most rewarding work you will ever do. There can be nothing as satisfying as seeing a business that you built with love and sweat grow into something strong.

Don’t Run Yourself Down

As we’ve already mentioned, owning a franchise can be a lot of work, and the work that goes into opening and owning a thriving business can be stressful. Because of this it is so important that you take time for yourself.

Take care of your health, enjoy a hobby, spend time with your family. In the long run these are the things that matter most. And isn’t personal happiness and fulfillment what got you interested in starting a franchise in the first place?

Owning a business is exciting! Take advantage of all the resources available to you, do your part, work hard, and take time to enjoy it.

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