If you’re planning to purchase a printing franchise, then there’s more you need to do than a simple cash out. After all, launching and running any kind of business requires preparation, hard work, and dedication. While you’ll have the support of your franchisor, there’s still so much that you need to take care of yourself.
If you’re just starting out, here are management tips to become successful in your first franchise business.
Manning the Front Lines of Your Business
In many businesses, being hands-on is an essential feature of success. While you will have employees to run the shop, understand that being profitable requires a more personal approach. As the franchisee, you have an interest in seeing the business prosper.
Meanwhile, some staff may be sabotaging profitability by stealing and damaging inventory. Make sure to pay close attention to your employees and connect with your clients. Being on the front lines also means you can make everyday decisions about the business.
Drawbacks of Absentee Ownership
Some business owners have other projects and activities that they can’t spend a large portion of their day on-premises. However, not being close to the manager and employees could have several repercussions. First of all, you won’t know how things are being operated.
You may be surprised to find that your printing machines haven’t been working smoothly because of poor upkeep or that customers have been unhappy with the services they’re getting. Enforcing standards is a real issue for absentee owners.
A franchisor may impose a contractual obligation for the franchisee’s direct involvement in the business. Still, franchise contracts should be flexible enough to accommodate the different lifestyles of individual-unit owners.
Whether to be hands-on or hands-off largely depends on your trust in the people operating your business on a daily basis. If you have experienced managers, then you may be able to free up a bit more of your schedule. But remember, no one cares about your business more than you do.