Quick guide to the franchise system

When you're running your own business, it can be easy to let it take over your life. Focusing on the business 24/7 can make it seem like there aren’t enough hours in the day. It can leave you feeling like you’re constantly playing catch-up, resulting in you being tired and irritable. This is no good for your productivity or your health.

Franchising can help with this. Although operating a franchise requires the same amount of effort as an independent business, there are many measures franchisees can take to boost their business performance without affecting their wellbeing.

Here are just some of the ways franchisees can work smarter, not harder:

Move into a new sector

Franchises usually offer their franchisees the opportunity to enrol onto comprehensive training programmes and access ongoing support throughout their contract term. This makes sure they’re in the best position to launch a successful business. For this reason, you can join franchises with little or no knowledge and experience of the sector.

To do this outside of the franchising world would be extremely difficult. You’d need to do extensive research and probably complete a number of vocational courses. You would also be wise to have some level of experience in a leadership role or entrepreneurship. It can take years to gain this kind of expertise, so joining a franchise can be a fast-track route to business ownership in a new sector.

Because moving into a completely new industry is fairly simple with a franchise, you have the chance to change career paths and gain new experiences if you want to. In other words, franchising opens up a whole host of new opportunities – you just have to be prepared to follow the training scheme.

>> Read more:

• Is the Franchising Model Right for Me?
• A basic guide to franchising
• Franchising: An Exciting Alternative To Retirement
• Why Franchising Works For All Kinds Of ‘Preneurs.'
• Franchising 101: The basics
• Understanding the Foundation of Franchising
• Franchising is on the rise: here’s why

Benefit from a recognisable brand

Everyone has heard of brands like McDonald’s, Subway and Dunkin’ Donuts. With the franchising model, you can launch your own food outlet under their branding, benefitting from the huge base of customers that’s already out there. Not every franchise is as famous as these retail giants, but all franchises carry some level of recognition.

Even if the most your customers have done is spotted another branch of the franchise before, they’ll understand that the business is successful enough to launch multiple units. Just the concept of a consistent range of products or services promotes the idea that you’re part of a much larger organisation and that you know what you’re doing. So, whether you invest in a world-famous name or an up and coming franchise business, there are benefits to be had.

Of course, the investment cost is likely to be higher, the more well-known the brand is. To launch a Dunkin’ Donuts, for example, requires a total investment of £3 million. This high asking price is justifiable, given the brand’s fantastic reputation. And if you follow the business’ strict operating procedures and brand standards, you’re likely to make a return on your investment in good time. As soon as hungry doughnut fans spot the famous branding on the high street or in their local public transport interchange, they’re bound to be tempted to make a purchase.

On the other hand, if you invest in a franchise with lower brand awareness, you should be able to make a return on your investment in the same time frame, as you’ll have fewer debts to recoup.

Follow the system

One of the biggest benefits of buying a franchise is that you gain access to a tried and tested system with a proven track record of success. There's no pressure on you to come up with a unique business idea or reinvent the wheel.

If you have an entrepreneurial spirit, it may be tempting to stray away from the franchisor’s system. Don’t. This not only creates more work for you, but it also jeopardises the success of the business as a whole. Much of the success of a franchise lies in the consistency of its products, service and brand identity. Without accepting the importance of this uniformity, it’s unlikely that you’ll succeed as a franchisee.

Of course, this doesn't mean that you can't be creative or innovative when you buy a franchise. In fact, good franchisors encourage their franchisees to come up with ideas that will benefit the entire business. However, you need to ensure that you go through the proper channels to share your thoughts and opinions, rather than acting without authorisation.

Invest in local marketing

You may contribute a certain percentage of your gross sales to a national marketing fund, but this doesn’t eliminate the need for local marketing. If you want a busy business, spreading the word in your local area will help you build a customer base quickly. You can do this by marketing your unit on regional radio stations, in local newspapers or individual social media profiles (if your franchisor allows it).

It's best to run your local promotional activity ideas past your franchisor first. To protect the reputation and consistency of the franchise, the franchisor will want to ensure that your marketing is in line with brand guidelines. The franchisor may even give you templates, which will make marketing tasks even easier.

Work from home

The perceived lack of hours in the day could be down to you trying to juggle too many responsibilities at once. It can be difficult to dedicate time to your franchise while taking care of your family and having a social life.

One way you can avoid this stress is to consider one of the many home-based franchises that are advertising franchising opportunities. Having the freedom to be able to operate your business from the comfort of your own home is the ideal solution for many.

Not only will you cut out lengthy commutes and expensive rental costs from your business, but you'll also be able to achieve a better work-life balance. This is because you have the freedom to start work earlier or later in order to fit it around your existing commitments. As long as you work the same number of hours, you can choose when you work. In summary, home-based franchises allow you to have a happy personal life while running a lucrative business.

The great news is that, as well as providing flexibility, home-based franchises are also some of the most low-cost franchises opportunities out there. This is because the overheads are often minimal, making it an affordable option for entrepreneurs on a budget.

Consider a part-time franchise

If working from home isn’t for you, you could instead invest in a part-time franchise. By devoting fewer hours to your business, you will have time to focus on other parts of your life. If you have young children, another career you want to pursue, or even just a hobby or two, you can achieve a better work-life balance by committing to fewer hours to your business.

Working fewer hours can help you to be more productive. In fact, a 2016 study conducted by Vouchercloud found that office workers are only actually productive for 2 hours and 53 minutes out of an eight-hour working day. It can be much more effective to work fewer hours with focus than to try to fit too much into your day.

Again, part-time franchises are often more affordable. These low-cost opportunities enable you to start making a small investment and then expand your business as your budget and confidence grow. This is a much less risky business move, as you’re likely to make a return on investment much quicker, getting you out of the red before you have to start panicking.

Do more of the work you enjoy

Remember the reason why you became a franchisee and hold onto it, even when times get tough. Not everyone is lucky enough to do what they love for a living, but you probably chose your franchise because you have a passion for the brand or the industry it belongs to.

There will always be tasks you don’t enjoy doing, but try to focus more on the work that you love by delegating. If you have employees, you can train them to pick up the tasks you'd rather not do. This is one of the benefits of being the boss, and you should take advantage of it.

If you run your franchise on your own, don’t despair; there are still options for you. Rather than putting off less enjoyable jobs, bite the bullet and get them done at the beginning of the day or the week. By getting the job done and dusted, you won't always have the task weighing on your mind, affecting the rest of your work and lowering your morale.

Once the more tedious aspects of your franchise are taken care of, you can spend more time doing what you love. This will help you to feel more fulfilled, enthused, challenged and productive. This is not only essential for your health and happiness but the success of your franchise business too.