Looking back when I started my own franchise business, I somewhat think “Is this really for me?” The beginning of my journey was like driving into a rough road. It’s quite challenging. The fact that I started without any experience in running a franchise business brought a lot of risk factors.
How did I pass that stage? I have seriously performed my duties of being a business owner. These top four franchise owner responsibilities will help you start your business successfully:
- Attending franchise ownership training
- Finding the perfect location
- Seeing myself fit the business
- Organizing my franchise opening
Together with these major responsibilities, I maintained a positive outlook. From the start of my franchising career, I prefer to be a hands-on owner. I organize my team. I focus on the things that I can do.
We all like to dream about our future; it’s this vision that drives us to go the extra mile when we feel bogged down by the tedium of daily life.
If you’re considering being a franchisee, you can first imagine what it’s like to be a franchisee. It’s always exciting to visualize your future. Planning is everything in life and in the franchise business.
Let me elaborate on the responsibilities of being a franchise owner.
Top 4 Franchise Owner Responsibilities
Commitment is always accompanied by responsibilities. If you’re committed to owning a franchise, that means you are ready of taking on the duties of a franchisee. What are these important responsibilities?
1. Attend franchise ownership training
One of the franchise owner responsibilities you need to consider is to attend the required training. There are many things you learn during the training. Therefore, a lack of knowledge in your newly bought business will put it at stake.
During the franchise training, you will learn how to manage and turn it into a successful business. The understanding and experience you will get benefit you along the way.
So to give you an idea of what you will get in the training, here are some of them:
- Details on the accounting system and record maintenance workflow will be provided.
- Free coaching regarding employee qualifications, and how to manage the team.
- You will have assistance on how to run pieces of equipment with troubleshooting techniques, manage inventory, and timeframe in ordering supplies.
I know you agree that these are the details you don’t want to miss before starting your franchise. Once you pay franchise fees and finish training, you need to get your business going.
If you are a first-time entrepreneur, the franchisor will tell you that your next most important task is to find the right location for your business.
2. Find an ideal location
If the franchisor requires you to find commercial space, then there is a lot to do before you are ready for business. To secure a space, you will need to meet with landlords, real estate brokers, and lawyers.
You don’t need a franchise consultant to tell you that there are some tough negotiations coming ahead. Negotiating leases can be difficult and some landlords can make it tougher for you than is necessary.
You will need a lawyer that is well-versed in real estate contracts. Besides, an ideal location is part of the franchise territory indicated in the franchise disclosure document.
What are the components of a perfect franchise location? Your franchise location should be:
- Accessible to customers
- Much preferably has parking space
- Costs friendly
- On a safe area
It is best if you take the time of finding an ideal location portraying an intellectual property. Much better if you take this responsibility as seriously as possible because the volume of your customers depends on your chosen location.
Remember, even how nice it seems to build a palace in a mountain but if your business is to sell a boat, it would be impossible to attract a lot of customers on a daily basis.
What’s next?
3. Build your franchise as you see fit
You finally visualize a space to do business from. Now is the time to build out and customize your franchise to the needs pertaining to your business. There will be a lot of foot traffic, with all types of workers coming and going.
Your physical presence at the business is just as important now as when everything is finally set up. You are the only one that can ensure that all your workers stick to the scheduling plans you have laid out.
Aside from the oversight responsibilities you may have, there is a lot of paperwork to go through as well. Before you got to own a business in franchising, you can start with these little steps:
- investigate a business model
- do a market research
- run through a rigorous evaluation process
Carefully do these steps before deciding of giving out with an initial investment. The clearer reason for doing these is the fact that you know you are the best fit to run a franchise.
What is the fourth responsibility of a franchise owner?
4. Organize grand opening
Want to leave a lasting impression on your target market, you have to make sure that your franchise’s grand opening is well-organized. To do that, check all the details in the preparation process.
When your grand opening day comes, you’ll see that you have potential customers walking around. Taking in the environment, and some are already making purchases.
The cash register makes an inviting “ding” that lets you know that things are just starting to take off. At this time, you should expect to be running around all over the place like you are losing it.
One employee needs some help with pricing and measurement, another in an aisle close by is trying to explain to a client what sizes they can get a packet of this or the other thing in. Your son, who is manning the cashier’s box, is out of receipt paper.
You hurriedly rush to replenish the cash register with receipt paper, noticing the line growing longer and with irate customers. Before you know it, the day is over, and what a day it has been!
What does a franchise owner do day-to-day?
After learning the main responsibilities of franchise owners, it is also vital for you to visualize what would it be like to live as a franchisee. No matter how many managers you hire and pay to operate the business, you are still the franchise owner. So, be mindful of what’s going on with your business.
Learn the most franchise owner job description:
To secure effective and updated marketing strategies.
From time to time, the parent company cascades marketing and business plan to inline with the trend. Your alertness is necessary for receiving and implementing these protocols.
Conduct the hiring and training process.
The first person to handle applicants and newly hired employees should be the franchisee. Franchise owners are expected to do this task to maintain high standards in employee qualifications.
Hands-on to business finances and other tasks.
Buying a franchise means paying royalty fees. Paying constant royalty fees means budgeting money. Keep your eyes on your franchise finances and review the details of your product inventory.
Provide excellent customer service.
Meeting the customers’ expectations is the most protected of popular franchises even to that small business administration. Without a doubt, you will do your best to keep your loyal customers by providing good customer service.
On a regular basis, you’ll see a huge benefit if you are a hands-on franchisee. Many franchise owners find it easier to solve any outright problems if their employees see them every day at work. If not possible, other franchise owners consistently organize virtual meetings to discuss the status of the business with the team.
Research more on the things you can do to handle your business with success. You already sell an established brand which is a great franchise opportunity.
The biggest role you can take is to devote your time to the business. This is whether you are a small business owner or acquiring more than one franchise in multiple locations.
Key Takeaways
From that rough road journey I’ve been through, I learned that success in owning a franchise business depends on how I manage the tasks in every single step. Since then, I got to get hold of 4 characteristics in running my franchises.
- I am a hands-on business owner
- I organize my team
- I focus on the things that I can do
- I manifest a positive mindset
Once you decide of owning a franchise, make sure that you have thoroughly understood the franchise agreement. It all starts there.
Remember, buying a franchise needs your full commitment. Investors would be franchisees if they have this dedication. New franchisees who started small businesses will eventually grow with hard work.
Your income now might be on an average salary but if you step out of your comfort zone and make an investment, you will see that your money will pay the costs of your time and effort in learning franchise information.
A successful business owner owns big bucks now. Experience that kind of life as you become a franchisee. Just make sure to follow the key franchise owner responsibilities.