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Beat the Competition
By Pamela Gold
Whether you already own your own franchise, or are pondering which business would be right for you, your main ambition is to be successful. Success includes being profitable, popular, and beating your competition. And to beat your competition, you will probably need to be both popular and profitable. So, how will you go about gaining an advantage over your competition and growing your dream business?
You Have An Advantage From the Start
Why do businesses succeed? Success is a complicated matter, but there are a few integral conditions that a business must meet to survive and prosper. A major factor is product and branding. Another factor that plays a huge part in an entrepreneur's success is how quickly the businesses can start turning a profit. In choosing to own a franchise, you've gained an advantage from the beginning. Statistics say that 80% of small businesses fail each year, while the average franchised business will still be alive and prospering years later. In fact, nine out of ten franchisees said that their business was at least moderately successful. Why do franchises typically succeed at a much higher rate than the average small business? Even during hard economic times, franchises tend to survive and prosper. People want familiarity and franchises offer just that - the consumer can be in California or England and receive a product or a service that is consistent and familiar. Time has proven that consistency and quality sells.
Branding: Franchise systems help their franchisees by creating a strong brand. Brands are basically psychic real estate. Almost everyone in the developed world knows what a Mail Boxes Etc. or a Dunkin' Donuts sells. It is etched in our minds that when we see a Dunkin' Donuts sign, we can find a familiar cup of coffee at a moderate price there. It doesn't matter what town or country we're in, the product will be the same.
Time and Experience: Your franchisor has already made the mistakes for you. By the time a franchise system is developed, the business has been perfected and the water has been tested. Franchisors know which markets to cater to, which locations are both affordable and sell the product, and what advertising works. You will typically also have the support of more experienced franchisees and their mistakes and advice can save you time and money.
The Groundwork Has Already Been Done: Many businesses fail because during the opening year, the business owner has to build up a brand, learn about the industry and the business, get a feel for the local market, and mistakes are often made. Trial and error works for some, but many businesses cannot survive financially. With a franchise, all of this groundwork is done for you. Experts will help you find the perfect location. You will be trained in every aspect of running the business and learning about the industry. And the mistakes have already been made and corrected.
What Else Can You Actively Do to Beat the Competition?
Customer Service: If two businesses offered a similar product, but one store had employees that went out of their way to get you exactly what you wanted and the other store only helped minimally, where would you bring your business? Think about the highly successful hamburger franchises in your area- they all cater to their customers and encourage them to customize their orders and have their burgers prepared the way they want it. Excellent customer service simply stated, works.
Make Your Business Unique: Even if you're one in a system of many identical franchises, find one factor that you believe is truly unique about your business and stress it - constantly. If the level of customer service you offer is exceptional, stress this point in everything you do for your business. Remind your employees, use it, if possible, in your marketing and advertising, and make sure your customers are aware of this strength.
So many factors play a part in whether your business will succeed and rise above your local competition. Timing, location, market, and product are just a few of the factors. Mix in hard work, effective marketing and advertising, the best customer service, and experience. As a franchisee, the system you choose should have most of these details built right into the business system's design. Franchise systems help entrepreneurs set themselves up for success and although not every franchise will ultimately succeed, you have a strong opportunity to beat your competition and live the lifestyle you desire.