Millennials are considered as the next generation of visionaries and tycoons. Some of the most influential entrepreneurs today are millennials, such as Mark Zuckerberg of Facebook, David Karp of Tumblr, Brian Chesky of Airbnb and so many others. Although many of today’s entrepreneurs choose to venture into the tech industry, a profitable but relatively unexplored arena for millennials is franchising.
Franchising allows them to be their boss, while still having a capable and experienced team that can provide guidance and support. It is the perfect investment for those who understand the value of a calculated risk.
If you are thinking about becoming a franchise, here are five ways on how you can earn more from your investment.
1. Define your goals and identify the right opportunity
The first thing you need to do is to evaluate your current financial position and define your goals as to where you want to be in the future. A lot of people tend to think of this in absolute terms.
For instance, they might indicate a fixed number like $100,000 every year as their profit objective. However, it is better to think of it in relative terms. For example, you can state that your goal is to get a two hundred percent return on investment.
After you have definite goals, you need to identify the opportunities that can help you achieve them. There are excellent resources online that can help you look for a good quality, a low-cost franchise such as franchiseknowhow – click here to find great advice and tips.
These resources will help you assess the profitability of the franchise and whether or not it is a good fit for your capital, requirements, and personality.
2. Don’t be afraid to ask for support
One of the best things about investing in a franchise is the support provided by the franchisor. A good franchisor will not only provide information and advice on how you can successfully operate your business, but they will also offer practical opportunities on how you can make more money.
These include the following:
- Multiple products and services to help boost profits
- Alternative revenue streams such as memberships, online retail shops, private sessions, etc.
- Robust and creative marketing ideas to increase your customer base
Remember that a successful franchise system means that other entrepreneurs have traveled the same path as yours. Never hesitate to ask them for advice and leverage their experience to dispel your doubts. They can offer useful tips and recommendations about which apps can be used for your finances, how you can time your purchases, how to deal with taxes, and other questions you may have.
3. Make customer service a priority
One of the top reasons why any business becomes successful is the loyalty that it commands from its customers. Ensure that you always prioritize providing a superior customer experience. Keep in mind that excellent customer service leaves a permanent and positive impression of your brand and ensures that customers will want to keep patronizing your business.
Always train your staff members to treat customers as though they were the ones getting the service. From returning emails promptly to acknowledging mistakes, excellent customer service will let your customers know that they are valued.
4. Determine how to pay yourself
As the leader of your new business, you have to be diligent, motivated and committed. At the same time, you should have a solid understanding of what the owner’s earnings should be. This refers to the profits that you will collect as the franchise. One of the worst mistakes that you can make as a franchise owner is to equate your income with your business profits.
Many franchise owners choose to oversee and supervise the operations by themselves, while some would rather stay in the background. Remember that if you are planning to have a manager on staff, you will incur a higher cost for staff salary, but you will also have more time for yourself.
5. Hire the right people
Make sure that you hire those people who can embody not only your work ethics but also the values of the franchise and the brand. Keep in mind that it is always possible to train new employees to learn the skills you need, but the attitude is something that is innate.
Never cut corners when it comes to your staff selection, management, and retention processes. Most franchises will have specific guidelines on the hiring and selection process, so this should make things easier for you. Remember that even though your products or services are amazing, the key to your success is still the people behind you.
Ensuring the success of your franchise investment requires discipline and motivation. You need to make sure that the systems and processes are defined from the very beginning. Having a goal where you can measure your performance against is also crucial. More importantly, the best thing about being a franchise owner is that you do not have to reinvent the wheel. You can use other people’s experience to ensure that your business stays profitable and successful.