We\u2019ll risk making a few assumptions as to why owning a B2B franchise business might appeal to you. In your Google searches you\u2019ve learned that franchisors promote the size and demand of the market, the awareness and value of their brands, their comprehensive training and ongoing support, their fine-tuned operating model, and the benefits of working with like-minded business professionals.<\/p>\n
Consider those the basic must-haves for any consideration. To push forward, here are five key risks and five opportunities that are up to you to seize to be successful as a franchise owner.<\/p>\n
One more thing: Risks and opportunities require equal time and effort. There will be risks\u2014they\u2019re seemingly right in front of you. And there will always be opportunities. But, they may not be as obvious. Mining them is just as important for growing your successful B2B franchise business.<\/p>\n
RISKS<\/strong>\u2014how to minimize<\/p>\n 1) Turnover.<\/strong> The wasted time and financial costs of hiring, training and losing employees can be a speed bump in your growth path. To earn their loyalty, hire team members who are qualified and fit your culture\u2014however long it takes; communicate your vision for the business and make your employees feel that we\u2019re all in this together, and, reward and acknowledge employees for their contributions and results.<\/p>\n 2) Economy.<\/strong> The franchisor will preach \u201cfollow the system\u201d to be in compliance of your franchise agreement, but it\u2019s never more important than when coping with the mood swings of the economy. Trying to reinvent the wheel will only add to your stress. Trust the business model with its built-in solutions.<\/p>\n 3) Capital.<\/strong> Don\u2019t start your business on a shoe string. Create a realistic business plan then chart \u201cbest case\u201d and \u201cworst case\u201d scenarios. Work your plan to achieve a best case, but have ample funds available to safeguard against possible adversity and the unexpected.<\/p>\n 4) Customers.<\/strong> Don\u2019t put all your B2B eggs in one basket. Pursue clients and businesses that fit your culture. Before you start work set expectations with the client on what you\u2019ll need from them and what you\u2019ll deliver. And watch the clock. Don\u2019t let restless, micromanaging, inexperienced clients demand more hours than are justified.<\/p>\n 5) Support.<\/strong> When you own your own business it will become a part of your everyday and hard to divorce from your personal life. You\u2019ll need the emotional support and many times the participation from family members to run the business. Make sure each member of your family understands the commitment necessary to achieve success.<\/p>\n OPPORTUNITIES<\/strong>\u2014how to capitalize<\/p>\n 1) Network.<\/strong> When you join a franchise you\u2019ll be the face of the brand in your community. Kevin Cushing<\/a>, president of the Marketing & Print Division<\/a> for Alliance Franchise Brands<\/a>, offers this insight: \u201cYour focus should be on business development more than operations. Yes, operations are important, but if you\u2019re immersed in the detail of the business and you\u2019re not supporting ongoing business building, it can make success a challenge.\u201d<\/p>\n 2) Resources.<\/strong> As a franchise owner, you\u2019re not alone. A typical B2B franchise support team has been where you are and solved similar problems. Take advantage of all the resources that the franchisor offers you. And network within the franchise system. Your owner peers have answers, too, and do live by the rallying cry: \u201cOne for all and all for one.\u201d<\/p>\n 3) Community.<\/strong> Expand your base and build your stature by participating in local business organizations and industry trade associations. Your team members will feel more secure, and existing and potential clients will respect your counsel and recommendations and applaud your dedication to a greater good.<\/p>\n 4) Plan.<\/strong> There is an operating model\u2014the what to do. There\u2019s also the annual marketing plan\u2014the how to do. Make it a team effort. In addition to franchisor support, involve your employees in the process. Get their buy-in and they will have a vested interest in achieving shared goals.<\/p>\n 5) Social Media.<\/strong> Become fluent in social media to increase your brand awareness, build market share, and to manage and protect your reputation. Also, creating loyal B2B clients is not only about producing results-driven work, it\u2019s about forging lasting relationships that requires continual personable, personalized attention. That\u2019s social media.<\/p>\n Another opportunity is to become an Allegra franchise owner. We asked Kevin to again draw on his industry experience and share what makes Allegra an outstanding B2B franchise opportunity: \u201cAllegra uniquely blends marketing, business development, and manufacturing. Our brand is strong, and we give you many tools to go to market with. At the same time, our concept is flexible enough that owners are able to put their own stamp on their business and in their communities.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" We\u2019ll risk making a few assumptions as to why owning a B2B franchise business might appeal to you. In your Google searches you\u2019ve learned that franchisors promote the size and demand of the market, the awareness and value of their brands, their comprehensive training and ongoing support, their fine-tuned operating model, and the benefits of…<\/p>\n","protected":false},"author":2,"featured_media":4636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-4271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-franchise-how-to"],"_links":{"self":[{"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/posts\/4271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/comments?post=4271"}],"version-history":[{"count":0,"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/posts\/4271\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/media\/4636"}],"wp:attachment":[{"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/media?parent=4271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/categories?post=4271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.allegramarketingprint.com\/franchise\/wp-json\/wp\/v2\/tags?post=4271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}