Monkey Puzzle Franchise News
5 Top Tips For A Successful Franchise
Here at Monkey Puzzle Nursery Franchise we pride ourselves on the effort and preparation we put in to assist our franchisees to succeed with their new business. This is one of the reasons we are the largest nursery franchise in the UK.
Yet no matter how hard we work to make a success of each new franchise, the approach of the franchisee is just as important. That is why we stress the importance of every aspect in the run up to opening a new nursery franchise, with particular focus on these 5 tips for a successful start in franchising.
5 Tips for a Successful Start in Franchising
The Business Plan. It is important when you begin working with your franchisor and, preferably, an accountant to compile a detailed business plan using existing data from other successful franchises within that particular franchise.
It should be based around the specifics of the industry, including site size, potential customer demographics, revenue streams and your marketing activity. Be sure not to over inflate potential earnings, so that your plan is flexible and realistic when ascertaining your objectives and targets.
Training is Key. Monkey Puzzle Nursery Franchise offers what we consider to be the best available training for our new franchisees. It is therefore important to utilise it to the maximum. Absorb all the golden nuggets of information, asking plenty of questions and shadowing, where possible, experienced employees and other successful franchisees.
Marketing is King. Market your new business correctly and maximise your revenue streams. Ultimately having a dedicated marketing team will produce the best results. Monkey Puzzle themselves provide elements of marketing as well as a specialised SEO company, to help each individual franchise, but it is important that each franchise carefully consider their own local marketing campaigns.
It is important that the franchisee communicates with their potential customer base regularly, evaluating the success of each campaign so that you spend more time and money on the elements that provide the best return on investment.
Build the Best Team. It’s a fact, your employees can be your greatest asset, but make mistakes in your recruitment policy and they will soon become your biggest liability. During your recruitment drive, get advice from your franchisor on how best to achieve your staffing goals.
Once positions have been filled ensure contracts are put in place, employees are thoroughly trained and they are fully aware of the high standards you will be expecting.
During the process do not lose sight of customer service as this is essential for any company. Any employee that deal with your customers in a polite and helpful manner will always be an asset.
Cash Flow. This aspect is crucial to any business. Make sure that you maintain cash flow at a suitable level, and DO NOT take your eye off the ball, monitor it on a daily basis initially as this will help you remain in line with projections as well as making decisions on developing the business in the future.
Do not forget to have a contingency fund in place either. This may be crucial should any unforeseen issues arise, both when starting up and, potentially, at any time in the future.
Franchising is a solid way to starting your own business, make sure you do your due diligence in the first place before selecting. Follow the franchisors guidance and training, take heed of the above 5 top tips for a successful franchise and you will give yourself every opportunity to succeed!
For further information on Monkey Puzzle’s Nursery Franchise simply get in touch.
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Monkey Puzzle Day Nurseries Ltd
Herts, HP4 2UB
Telephone: 01442 878887