Maintaining the success of your franchise

If you would like to own your own business, managing a franchise has great potential to be an incredibly fulfilling venture.  However at times, like any business, it can also prove to be challenging.  Ensuring your success will ultimately require competence, dedication, a clear strategy and a willingness to accept change in the external operating environment. 

According to a survey conducted by Johnson Franchise Consultants, 18 per cent of US franchise operations fail within the first three years of operation.  To make certain the success of your own franchise, it is therefore imperative to do your homework and ensure you have the correct infrastructure and processes in place when considering opening or growing your business. 

Planning and preparation can substantially lessen the chances of your franchise running into trouble, and you of course need to be ready to dedicate time and effort to the business building process.   It is also usually worth giving consideration to the practices exhibited and material provided by your franchisor, be it CENTURY 21 Australia or another company, especially during the early stages of your development. 

Taking heed and adapting to your own purposes CENTURY 21’s policies, goals and strategy will help you to associate yourself with a positive reputation in the market, as well as offer you a valuable network of support.  A combination of following particular principles from CENTURY 21, as well as an internal desire to succeed, should offer you many opportunities for success. 

When it comes to internal, non-real estate related tasks, do not feel uncomfortable outsourcing help if you feel you lack the skills required, or simply do not have the time.  Undertakings such as bookkeeping and administration are key building blocks for success, but can be easily handled by hiring skilled people from outside your company (if you can afford to do so), as opposed to doing it yourself either slowly or incorrectly.  Outsourcing can help to ensure efficiency, as your time will usually be better spent on other tasks, such as selling real estate!

Starting a new business from scratch and successfully maintaining it can definitely be a challenge.  However, as the operator of a franchise, you have a head start and a strong support network.  The combination of your real estate selling skills, along with the example provided by your franchisor (as well as other franchisees) and the availability of skilled external help, should help to ensure the success and longevity of your business. 

If you require assistance or advice, utilise your relationship with CENTURY 21.  With over twenty years of experience as a leader in Australia’s real estate market, an abundance of knowledge is at your fingertips.   Opening the channel of communication between your business and the parent franchisor can only enhance your franchise and its success.

Posted by George Tarbey on 10/01/2011 at 10:05 AM | Categories:

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