11 Key Principles Guiding Franchise - A must Know

In life, there are two things people will call you; success or failure. The successful person is a person who tries, makes mistakes many times and overcomes. whereas, a failure is person who quits trying after few times. The different between a successful business and a failed one is the principles followed by the former and the failure by the later not to follow the guiding principles. Life is unfortunately full of so many ups and downs, but if some things are done carefully there will be a sure success at the end.

However, being part of a franchise system offers tremendous advantages such as, in most cases, instant brand recognition. But it also presents some limitations. Most, if not all of your promotional initiatives must pass your franchisor's approval. Despite some restrictions there are plenty of opportunities for individual franchisees to help drive business.

Here are basic principles that will guide you as a new franchisee, please embrace them.

Understand Your Customer And Market

You as an individual franchisee must do a comprehensive feasibility study of your community before you can actually know the possible demand of prospective customers for that product. And this should be done in line with acceptable trends in your location as a new business owner.

Know What Franchising Means

You must be prepared for the business before you venture into it. Franchise business is not what you can just enter and leave anyhow, once you are in, you are in. Since you are in for business, be ready for any challenge that comes along with it.

Involve Your Family

The best you can do is to practically involve your family in any business you are doing. Your wife and children should be part of the shareholders of that franchise you purchased. The success or failure of that business lies in the neck of your family. Let them know what it entails in starting up a new franchise business. What they need to sacrifice in terms of time, finances and involvement as your family.

The Product Can Be A Tool Of Marketing

The way you look is the way people address you. Your product must look very good coupled with your name,  creating a good image for you (the business owner), Your product and giving you the profit you desire.

Promoting Your Product Through Advertising Campaign And PR

At times, you may decide to run an advert campaign in terms of commercial jingles, Public announcements, direct mails, public relations campaigns, media buy, product launch, etc. These campaigns will make your products known to many customers who will ultimately become loyal to your franchise product at the long run.

Corporate Positioning

As an expert in that your field, you must as matter of importance write articles, books, feature in different journals; writing various topics in your area of concentration. This will make you stay relevant in your line of business and field of study. You must always plan to be ahead of your competitors in the market.

Loyalty Programs For Sales Promotion

The best way to keep old and new customers is to give them some incentives and rebates which other similar stores or business owners may not think of doing. Organizing customer royalty day, reward day, special discounts on goods purchased etc. All these are part of royalty, social responsibility to loyal and means of bringing back old customers.

Creating A Webpage will Help Your Business

With about 7 billion in the world and 2 billion internet users globally (approximately), internet is one of the best marketing avenues/tool in reaching your target customers today. No one can undermine what the internet can do and how much social networking tools can, in promoting any product or service. So, as a franchisee, you must have your own website linked to other social media and blogs.

Have Marketing Kits

This will provide your prospective customers the basic information they need about your business in line with the law. Basic collateral like business brochures, sales videos, etc. However, is not all franchise businesses that requires these marketing tools.

Develop A Marketing Database

Developing a marketing database for logging your customers details and keeping a track of the new and old customers can also help the business grow. And this will at all time, help you to know your sales leads.

Do A Feedback For Your Customers

Establish a two way communication atmosphere whereby your customers can comment, criticize and suggest relevant recommendations. If your service is fair, they will refer other customers to patronize your business and thereby making you better and stronger in terms of improvement and profit.

Research New Business Concepts

Last but not the least, as the world is revolving so is the business. The best way in doing a business is to be dynamic in your marketing plan or strategy. If you remain static, you might not reach your target customers. And you must also know that there is a very stiff competition in the business world, so get new concepts that will help promote your business in your location.

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