How to start an additional franchise business successfully
If you have successfully started a franchise business which is now well established, you may be considering taking on another exciting franchise opportunity through buying a franchise. Many people thrive when their time is pushed, and they are continually challenged, which can be very rewarding, both financially and personally. Perhaps you wish to run this franchise alongside your existing business in the long-term, or maybe you want to try out a new business without making the leap right away.
Regardless of your motivation, you are not guaranteed to run a successful second or third business. It can be very challenging to manage separate franchise businesses, even if they are in the same sector. In this article, we provide our top tips as to how to start and run an additional franchise business successfully.
Identify your strengths and advantages
A key aspect of starting an additional franchise business is that you have already developed many of the critical skills necessary to be a successful franchisor. As an existing business owner, you might:
- Have excellent experience and understanding of the sector you choose to operate in
- Understand how franchises work and know how to operate within a network of franchise businesses
- Have experience in making mistakes and resolving difficulties within a business
- Be confident in delegating tasks to members of your team and trusting them to do a good job
It would be best if you considered your strengths an experience when choosing a franchise opportunity as it may make those first few months of setting up your business a whole lot easier.
Ensure you give each franchise the time it needs
According to a recent analysis, more than three-quarters of UK businesses have only one person with significant control – but you can’t be in two places at once. One of the biggest challenges that those operating multiple franchises face is ensuring each business receives an adequate amount of attention and care. When you start a new business, it can be very easy to spend all of your time on this exciting new opportunity. However, you must continue to look after the business that brought you success and pays your bills. Make sure everything is running smoothly in your existing business before you start work on a new franchise and continue to check in with the health of the business regularly.
Build on your existing experience
Arguably, starting a second or even a third franchise business should be easier – you have already made the mistakes before. Having faced challenges and difficulties in the past, you need to be sure you don’t repeat any of your past follies. Even before you choose your franchise opportunity, take the time to reflect on anything you would do differently this time around and plan for how to avoid any pitfalls you fell into in your last franchise. Consider whether you might need to seek professional advice or assistance to make the process easier, perhaps a business coach or a lawyer. Or maybe you would like to be less hands-on from the outset. Whatever difficulties you faced setting up your first franchises, you have the chance to avoid them this time around.
Make sure you have a team you can trust
Running multiple businesses means you can’t always be present in each part of your network. But, this needn’t be an issue when you have a team that you trust to work hard and make sensible decisions. You should strive to build a team of managers that are reliable, experienced and motivated. It can be challenging to find the right people for your business, but it is worth spending time analysing the skills and personalities of the people who will help you to run your operation. When you trust your team, you can focus on growing your business network, developing your brand and the broader business plan while your team take care of the day-to-day running and decision making.
Once you have found the right team members, make sure you put them to work! It can be hard to relinquish control of some aspects of your business. However, the more you give up, the more time you free up to work on growing the business. You will likely find that the people you hire are in fact, better at some of the elements you were trying to take care of yourself, for example, HR, marketing or social media management.
Ready to start a new franchise business?
No matter whether you are looking to start a business in the same sector as your existing franchise, or whether you are ready to take on a whole new challenge, we are confident you will find the right opportunity to match your skills and experience here on Quality Franchise Association. We have an excellent selection of accountancy franchises, home-based franchises, pet franchises, van-based franchises, plumbing franchises, fitness franchises, cleaning franchises, management franchises, white collar franchises, computer franchises, education franchises, care franchises, and many many more. Browse all franchise opportunities here or get in touch with our team to discuss your specific needs.