Key Principles to Owning a Successful Franchise

There can be many benefits associated with buying a franchise in NZ, such as having the full support of the franchisor, a proven business model, and even a potentially higher chance of securing finance to start your new business venture in earnest.

However, as desirable as franchise ownership can be, you still need to put time and effort into making it a success. For the best chance of doing just that, you might like to take note of these key principles.

Choose the Right Franchise For You

When you make the life-changing decision to buy your own business, it’s easy to get lured in by the profit potential of several options. They might offer significant earnings beyond your wildest dreams, and it seems like the perfect business for you.

However, there can be more to owning a successful franchise than buying one with significant profit potential. You also have to consider whether you’ll like the job you’ll be doing and have skills and passion for your daily work.

For example, a lawn care franchise might catch your eye if you love being outside, dabbling in a bit of gardening, and mowing the lawns. You might not have the same passion for a fast-food chain or cleaning company.

When you think about the type of work you’d like to do when working for yourself, you might be surprised at how easy it is to narrow down your franchise purchasing options.

Follow Franchisor Guidelines

Franchisors have generally been in the business long enough to know that their business model is one that works. They provide marketing and branding guidelines and basic operating procedures to ensure consistency across the brand.

If you want your franchise to be a success, familiarize yourself with franchisor guidelines and requirements before signing on the dotted line. You can then get a feel for how the business operates and the expectations of the company to ensure you’re the right fit.

Failure to consider these guidelines might mean you’re unhappy in your new job if you find out that it operates differently than you anticipated.

Create a Winning Marketing Strategy

Even though franchisors generally provide new franchisees with all the marketing materials and branding guidelines they need to hit the ground running, you might find that you have total freedom to create promotions that broaden your reach and expand your customer base.

For example, if you decided to purchase a lawn care franchise in NZ, you might offer a half-price lawn mowing service if a customer signed up for a regular lawn mowing service. Alternatively, you might provide free lawn clipping removal, edging, or leaf blowing as a desirable benefit for new customers.

As long as you remain consistent with your branding, there can often be no reason why you can’t experience great success with your marketing strategy and unique approach.

Develop a Business Plan

Business plans can be crucial for any new business, regardless of whether they form part of a franchise. Business plans outline a company’s goals, marketing objectives, financial projections, operations, marketing, and more.

Business plans can essentially function as your road map to success, helping you to get back on track if you ever lose sight of your goals or objectives.

Alongside creating a business plan, you might also like to perform a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats and helps you put your business in the best possible position for success.

Draw a large square, divide it into four parts, and name each box one of the four terms. Under strengths, you can write down everything you’re good at, including things your business can do better than your competitors.

In weaknesses, write down anything that might stop you from achieving your goals, areas you need to improve in, and resources you might lack. Opportunities might cover any external conditions that might help you achieve your goals, and threats might describe anything that could damage your business, like the economy and your competitors.

Get Help When You Need It

Working in any new business is tough, and you might feel stressed and overwhelmed by the prospect of building up a new franchise. If you need help, don’t be afraid to ask for it because doing so might just contribute to your success.

For example, if you’re having trouble staying on top of your accounts, consider hiring a bookkeeper or accountant to assist. Or, if you’re having trouble with a particular part of your new business, reach out to your franchisor, who might be able to advise you on the best courses of action for specific scenarios.

No matter your problems or concerns, you will surely find that friends, family, and professionals will be available to lend a helping hand.

Are You Ready to Buy a Franchise?

Working for yourself can be incredibly rewarding. Is now the right time to buy a franchise? There are many different options available, including lawn care, where you’ll be able to work your own hours and be your own boss.