10 Tips for Becoming a Million Dollar Franchisee

Many franchisees have differing goals, but hitting that million dollar mark is one that most can agree on. While the path to the big leagues is different for every franchisee, there are some universal steps that should be made. Here are ten tips for reaching that million dollar mark.

Choose the right franchise. Don’t just pick the hottest franchise; find something you can truly care about. It’s easier to put in that extra time and effort when you are enjoying your work.

Choose a franchise you can afford. Staying within your financial limitations will allow you to grow your business without putting yourself under unnecessary stress.

Do your research. Be sure to do your due diligence. Talk to current franchisees and see if the system is one you can excel in. Do other franchisees have a good relationship with the corporate team? Is there enough support from up top at the early stages? How in-depth is the training program?

Follow the procedures. Chances are you are buying a franchise because it’s a proven business model. In order to succeed, you will need to follow that model. Don’t let your ego get in the way; there’s a reason the franchise is successful in the first place, so don’t question it.

Follow the franchise agreement. A solid relationship with your franchisor and fellow franchisees is important. Stay within the guidelines of your Franchise Agreement and trust that the franchisor has your best interest at heart. After all, they only succeed when you do.

Remain coachable. This is incredibly important, especially once you have a couple successful locations under your belt. Always be willing to learn. Go to your brand’s yearly conference and participate. Engage with your fellow franchisees and listen to how they are growing their businesses.

Utilize social media & PR. Many franchisors have a PR Agency on retainer; be sure to use it to your advantage. It’s the people behind the brands that make a franchise so successful. Don’t be afraid to put yourself out there.

Follow the marketing plan. Your franchisor knows what works when it comes to marketing, so trust that. But don’t be afraid to experiment on your own a bit. Creating something as simple as a weekly special could set you apart from the competition.

Don’t be afraid to delegate. Once your franchise is up and running and generating a profit, take some of the weight off your shoulders. You don’t have to do everything. Hire managers you can trust to help you grow your business and expand to new locations.

Get involved in your local community. Make sure that once your business is a well-oiled machine that you give back. Offering to host a fundraiser for the local school or donate food to a charity event can solidify your place in the community and make your franchise a destination to the locals.