The Wall Street Journal online has helpful tips for those looking to own a small business and helpful tips for those looking to buy a franchise. Excerpted from an article titled How to Succeed as a Franchisee are these important tips.
Franchisees can't succeed without good employees. Winning franchisees treat employees well, so they will treat customers well. Some franchise businesses, such as fast food, have high employee turnover rates. Providing corporate-style benefits such as medical, dental, and retirement benefits can go a long way to helping workers feel as though a franchise job is a career. Making sure employees are properly trained and executing according to the rules is vital.
That goes double for your managers. Franchisers say the No. 1 reason for a franchisee's failure is that they don't hire the right managers. Franchisees who lack management skills themselves might want to choose a business that could be run by just one or two people. Or, consider hiring someone skilled at motivating others.
Don't forget: You have to follow the rules, too. Franchises aren't designed for the independent-minded. They depend on a by-the-book execution of a business plan, adherence to time-tested systems, and a willingness to follow directions.
To see more helpful tips, visit How to Succeed as a Franchisee.