20 Nov 4 Tips for New Franchise Owners
You might ask yourself as you start your new franchise, why do some franchised businesses thrive while some others end up closing within a year? While there are always a variety of factors that go into a businesses success, such as a location, or local need for your service, it has a lot more to do with the franchisee (and that’s you)!
Making smart choices at the beginning of your franchise career can make a drastic difference to your success. To help you make sure you are on the right path, read on to see our 4 tips for new franchise owners:
Tip Number 1:
Set up resources for your managers and employees. Make it easy for them to ask for help and get it quickly! Whether you have an online guide or a direct line to a consultant, they should always have someone there to answer their questions. This will help them make the best decisions possible while enhancing your bottom line.
Tip Number 2:
Make accounting standard. Whether you require a franchise owner to use your preferred accountant or you have an in-house bookkeeper, making sure your business franchises have accurate books is one of the most important things a franchisee can do. When your books are in order, you always know where your business stands!
Tip Number 3:
Make sure you are legally prepared to run a franchise. No matter if you are franchising across state lines or it is a local, in-state business, you need to make sure that you are always in compliance with local and federal rules and laws. Get legal help every time that you are branching out new franchises. Remember it is always better to be safe than sorry!
Tip Number 4:
Make sure you can be there to help with the daily tasks. Many franchisees think they can jump feet first into the world of franchising without getting their feet wet! There may be a time in your business’s growth that you have to be a hands-on owner. Keep in mind that the success of your overall business is not on your franchisor’s back, its on yours!
It is safe to remember that it is okay to ask for help. If you need any advice or tips, reach out to other professionals around you, from accountants to legal professionals, people are always there to help put you and your new franchise on the best path possible!
Do you know where your business is heading? To learn more about how we can simplify your accounting process, call us at 727.828.9945 to schedule your free consultation.
About Accounting & Business Partners
Accounting & Business Partners is a CPA firm with an efficient bookkeeping department. We believe that success lies in numbers. However, the drive behind the numbers is what truly matters. That’s why we look beyond the financial statements.