If a marriage is going to succeed, the early months, between the honeymoon and the first Christmas with the in-laws, are critical. It is the same with franchising.
If a marriage is going to succeed, the early months, between the honeymoon and the first Christmas with the in-laws, are critical. It is the same with franchising. You need to establish a sound foundation for the future. Here is our mini-guide to thriving during the first three months of setting up a new franchise:
- Clear your diary of other commitments. The earliest months of a franchise are likely to be the busiest, for obvious reasons. You might be learning on the job and establishing new relationships in your local community. Commit yourself heart, body and soul to making a success of your new project.
- Break down your long-term strategic business plan into a series of mini-goals, which you can use as benchmark of your progress. What do you hope to have achieved after your first month as a franchisee? Your first two months? Set targets. Draw up to-do lists. Think of yourself as Alastair Cook accumulating a century at Lord’s, getting to 10, then to 20, then to 30…
- Make sure you have a trusted confidant who is available 24/7 as you take your first tentative steps as a franchisee. It could be your wife/husband/partner or a close personal friend. It need not be someone with masses of business experience, just someone you can ring at any time and share your progress.
- You need to develop a strong sense of independence.
Try to strike a balance between drawing on the expertise of the franchisor when appropriate and over-reliance on their expertise. Don’t be reticent about asking for advice from the people best placed to offer advice. They want you to succeed. Winkworth offer numerous training courses that will make your life simpler.
- Make team-building with your staff a key priority. They will be your most important allies in your efforts to build your franchise. Spend time with them outside office hours, too.
- Immerse yourself in the local property market. You may think you know the area of your franchise reasonably well, but the more detailed and extensive your knowledge, the better equipped you will be to take on the competition. Mug up on every street and what price properties are fetching. You will become an invaluable source for local knowledge. Someone who is to be trusted and relied upon.
- Your first three months will be an exciting time. Set the right parameters for your franchise, be clear and sensible in your goals, and you will survive the teething period unscathed.
Have you been thinking of starting a franchise? Winkworth is looking for new franchisees to continue their successful growth.
Contact Gina Piper (Business Affairs Manager) on 020 7355 0200 or via email at firstname.lastname@example.org to find out more about starting your own Winkworth franchise. All conversations will be strictly private and confidential.
Learn more about franchising with articles, tips and advice on taking the next step in franchising: www.winkworth.co.uk/estate-agent-franchise