Devin Haman in Forbes – 7 Steps to Running a Successful Franchise
Devin Haman, the co-founder of the Beverly Hills Rejuvenation Center franchise, recently shared his thoughts with the Forbes Business Council on what it takes to run a successful franchise. If you ever considered buying into a franchise, then this article is for you. Below are the 7 steps to running a successful franchise, which Mr. Haman covers in his article in more detail.
1. Be Passionate About Your Product or Service
You can’t succeed in business if you don’t truly believe in the benefits of the products or services that you offer. Whatever your industry, passion for helping your ideal customer goes a long way.
2. Find Out If Your Community Needs Your Chosen Franchise
Even a successful franchise can flop if it’s opened in the wrong location. Researching the market to make sure there are enough of your ideal customers to sustain your business is key.
3. Make Sure You Have Plenty of Capital
You’re going to need enough money to run your business for at least six months. The amount can vary wildly, as some franchises are more expensive than others to buy into and keep running.
4. Hire a Good Team
You can’t work every single hour of operation for your business, or you’ll quickly burn out. Hiring a team that is competent enough to get results without you there is crucial.
5. Pay Attention to Your Reputation
Monitor what people are saying about your company on social media and on review platforms like Yelp. You need to address any unhappy customers to show other potential customers that you truly care about their experience.
6. Be Prepared to Make Marketing a Top Priority
Without marketing, you have no leads to sell to. Running a successful franchise requires you to invest in marketing to make sure people in your area know about your business.
7. Focus on Customer Retention
Customer loyalty is what sustains a Franchise. Do whatever you can to build a base of loyal customers.
Check out the full article for more details on the seven steps for running a successful franchise.