Business — March 22, 2017 at 9:55 am

A Quick Guide to Successfully Running a Franchise

Running a FranchiseGetting a burger franchise can be profitable. But, you need to think about it carefully. Having the funds for it right now does not mean you will be successful. While many franchisors claim they have a turnkey solution for you, it is not as simple as you may think.

Here are some of the things you will need to do to be a successful franchisee of restaurants:

Read your franchise agreement thoroughly

The franchise agreement is a contract between you and the franchisor. It spells out what you will get for your money. More importantly, it tells you what you will not get. Make sure the terms of your agreement is what you expect. Read the fine print. It could make the difference between making it big or going down the tubes. If in doubt, consult a franchise lawyer before signing anything.

Start networking

As soon as you get your foot in, you will need to start building connections. Do not limit network to just your franchisor. Building business connections with fellow franchisees is like building a family. When you get into trouble, they can help you out. These people are in the same boat as you so chances are they deal with the same problems you do. While you are at it, try to build connections with more senior franchisees because they have the most experience. In this case, no man is truly an island.

Keep your workers happy

While you are the brains of the operation, your workers are the body. One cannot function without the other. Hire people you are sure will work well with you and each other. Once you have your staff, you have to make sure they stick around. Always treat them with respect, these people are not just your workers, they represent your company. Honesty is very important to your staff. Whether you promise a day-off or a raise, never go back on your word. Finally, never take out the frustrations of the day on your workers.

The beauty of a franchise is that it is a business model that works. The only question is whether you are ready to do the work.