Neel Parekh, CEO and Founder of MaidThis, shared his own tried and tested six tips for becoming a successful franchise owner. In his experience of launching and growing his cleaning business franchise that can be run remotely, he discovered what it takes to excel in franchising:
1. Ensure you share the franchise’s core values
It is absolutely critical that your core values are aligned with those of the franchise you’re considering buying into. Make sure to research what the franchise is all about and what it stands for, as you don’t want its values to directly conflict with yours.
You want to ensure you agree with the people running the entire franchise since you may end up working with them for 5, 6, 7, or 10+ years. Make sure you enjoy interacting with them.
2. Trust in the franchise’s system
When you buy into a franchise, you are investing a lot of capital to learn from the franchise executives’ past mistakes. Through trial and error, and a lot of money spent to fix mishaps, they have discovered what truly works and have made it possible for others to reap the benefits by becoming franchisees.
That is what is so great about becoming a franchise owner — you have a successful system and blueprint to follow. It’s like bowling with the guard rails up. You don’t want to change up the whole business model and build an entirely new company. Trust the system that the franchise has in place, because it has been proven to work.
3. Become coachable
Keep in mind that in becoming a franchise owner, you are learning from someone who has already been in your shoes. They have gone through the trials and errors and have put the systems for success in place.
That said, make it a point to be open-minded and receptive to feedback. You may not even realize that you are doing something wrong until the franchise’s executives or in-house coaches tell you. Don’t let your ego get in the way — understand that they are just trying to help you succeed in your venture. It’s all about having a growth mindset.
4. Resourcefulness is key
Remember when you become a franchisee, you are not an employee at a company anymore — you are a franchise owner and business owner. Thus, you need to figure out how to fix problems that arise in your franchise yourself. You cannot rely on the franchise itself.
Things are not always going to go right in franchising, for sure and it’s Ok. Therefore, having a resourceful mindset allows you to be nimble and solve problems quickly. You may hire an employee who ends up not being a great fit. Or, one of your star team members may put in their leave notice. You will need to be resourceful and rectify these kinds of situations before they hurt the progression of your business.
5. Grow your business acumen
It is pivotal to have a growth mindset when you become a franchisee. This is because you are your own boss as a franchise owner, and a business can only go as far as its leader. Thus, constantly evolving yourself and striving for improvement will also have a direct effect on your enterprise.
6. Clarify your vision
Before you invest your money into buying a franchise, you need to know the true vision that you want for your life and be self-motivated to make that vision a reality. Then it is important to pick the franchising opportunity that accommodates the vision that you want.
For example, you won’t want to buy a franchise that will likely make you $50K a year if you want to make $50K a month. Ensure that the vision for your life would be fulfilled by the franchise that you buy into, then be driven to make your franchise a success.d what it takes to become a successful franchise owner. Here are six key fundamentals he learned along the way.
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