{"id":8159,"date":"2023-08-05T04:17:06","date_gmt":"2023-08-05T04:17:06","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/five-lessons-learned-in-franchising\/"},"modified":"2023-08-05T04:17:07","modified_gmt":"2023-08-05T04:17:07","slug":"five-lessons-learned-in-franchising","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=8159","title":{"rendered":"Five Lessons Learned In Franchising"},"content":{"rendered":"
\n

Chris DeJong, Founder and President of <\/em>Big Blue Swim School<\/em>, is a five-time U.S. National Champion swimmer. <\/em><\/p>\n

I\u2019ve been asked several times why I decided to take my swim school business to a franchising model. There are two main reasons:<\/p>\n

First, franchising can allow a business to expand more quickly. Second, I was certain my company had the tools and technology to support our tried-and-true business strategy. The appropriate personnel to execute it were all that remained to be done.<\/p>\n

Franchising is as much a relationship between franchise owners and the franchisor as it is a business opportunity. It requires the franchise owner to carry out the business mission and the franchisor to provide the knowledge, resources and support to help them do it. With that, we have to have a certain level of trust with our owners and be good stewards to our franchisees and listen to their feedback.<\/p>\n

Since beginning my franchising strategy in 2017, my company has made continuous optimizations to our franchise process in order to better support franchise owners. After opening 25 franchise locations, here are some of the important lessons I\u2019ve learned from my franchisees:<\/p>\n

<\/fbs-ad><\/p>\n

1. Start With The End In Mind<\/h2>\n

When it\u2019s your first franchise, your opening is a celebratory milestone and probably something you\u2019ve been dreaming about for a while. But have you taken the time to think about what\u2019s next?<\/p>\n

The opening is only one step in the business journey. When going into franchising, it\u2019s important to look at the end of your investment as much as your beginning. Having some idea of where you\u2019re headed will help inform you of what to do next. Do you want to pass the business to your kids? Even if your end plans ultimately change, it\u2019s good to have a goal to help guide you along the way.<\/p>\n

2. Find A Good General Manager Right Away<\/h2>\n

While it\u2019s important to have enough staff, filling seats just to get the doors open isn\u2019t the way to go. The sooner you put solid leadership into place, the quicker you can lay the foundation of your business and start growing.<\/p>\n

Think of management as an extension of your investment. A good manager, one who can manage people and operations with equal skill, will give your staff the support they need to succeed and enjoy their job. Employees who do well and like what they do will then stay longer. Long-term employees mean less turnover and an improved customer experience, ultimately improving your profits.<\/p>\n

There are some things that can wait until later when opening a franchise location, but hiring good management isn\u2019t one of them.<\/p>\n

3. Keep An Eye On Utilization<\/h2>\n

Everyone wants their business to be busy, but there is such a thing as being too busy. It doesn\u2019t matter how great your customer experience is; if people can\u2019t get their foot in the door, eventually, they\u2019ll stop trying and go somewhere more convenient. You should always leave some flexibility in your schedule to accommodate walk-ins and schedule changes. Making yourself more accessible to customers is rarely a bad decision.<\/p>\n

4. You Can\u2019t Always Wait For The Perfect Real Estate<\/h2>\n

We all know real estate is about \u201clocation, location, location,\u201d but it\u2019s not the only factor at play. Yes, there is an ideal market for every business, but the reality is prime real estate won\u2019t always be available, and you have a business to open.<\/p>\n

I always recommend that franchisees look at multiple locations in a market. For instance, if the number one spot won\u2019t likely become available, but the third-best location is available now and at a lesser price, it may be a smarter move to open there. When it comes to meeting demand, opening on time and on budget are more important to the community than waiting for the perfect location to become available.<\/p>\n

5. Look For A Solid Mutual Evaluation Process<\/h2>\n

Franchisors are interviewing you as a potential candidate, and you should be interviewing them as a potential investment. It is in their best interest for your business to succeed, so as you research potential investments, take a long hard look at what sort of support and resources they offer.<\/p>\n

Talk to other franchise owners\u2014and not just ones that come recommended to you either. Don\u2019t forget to ask plenty of questions and pay attention to the ones they don\u2019t answer as much as the ones they do. Transparency is important. Any seasoned franchisee will tell you ownership comes with ups and downs. You want a franchisor that will stick with you for both.<\/p>\n

Hopefully, my experience can help other franchises as they expand and break into new markets. When venturing into franchising, it is crucial to consider the end goal and have a clear vision in mind. Other properties like finding an experienced general manager early on and maintaining a balance between customer demand and accessibility can better set you up for sustained success. Additionally, thoroughly evaluating franchisors, their support systems and seeking insights from existing franchise owners can contribute to a successful and enduring partnership.<\/p>\n

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chris DeJong, Founder and President of Big Blue Swim School, is a five-time U.S. National Champion swimmer. I\u2019ve been asked several times why I decided to take my swim school business to a franchising model. There are two main reasons: First, franchising can allow a business to expand more quickly. Second, I was certain my […]<\/p>\n","protected":false},"author":1,"featured_media":8160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-8159","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"\nFive Lessons Learned In Franchising | Brandiary<\/title>\n<meta name=\"description\" content=\"Chris DeJong, Founder and President of Big Blue Swim School, is a five-time U.S. National Champion swimmer. 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