Five Keys to Become a Successful Franchise Owner

How to Become a Successful Franchise Owner: Five Keys

The decision to become to be your own boss is a milestone event for anyone. Business-minded individuals very often turn to franchise opportunities to achieve success. With proven business models and national recognition, those who join franchises have a better chance at long-term success than those who choose to start their business on their own. 

So how to become a successful franchise owner? What are the keys to long-term success and what should you focus on? Here are some key elements to consider before taking the plunge into franchising.

Develop a Business Plan

A well-thought out business plan serves as a roadmap to guide you and your franchise location toward your goals. This should include how much capital you need to get started when you plan to break even, and details about your product/service and target audience. Your overall business plan should also include sub-plans outlining your marketing, public relations, and sales efforts. Many franchisors, like MY SALON Suite, will provide you with a business plan template to help you get started.

Love What You Do

Owning a franchise can be a sound investment, but it also takes a lot of time and hard work. Make sure you’re passionate about the type of business you’re starting. Even passive income opportunities need a lot of work to get off the ground. If you’re not excited about the work you’re doing, it’ll show in the way you manage your business and your team – and could very well hurt your bottom line. 

Surround Yourself with a Strong Team

While you are the name and face of your business, your team is also going to be interacting with customers each day. They are the difference between a customer becoming a one-hit wonder or becoming loyal, repeat business. Choose the right people to represent your business. You’ll want to recruit experienced, dedicated, and friendly team members to great and service your clients every day. 

With MY SALON Suite, our franchisees don’t recruit employees. Instead our investors recruit members to fill their salon. These individuals rent a space from our owners so they can service their own book of business with lower overhead costs. Our business model allows our franchisees to not have any payroll costs – and instead collect rent from their members.

Give Back and Get Involved

Becoming involved in your business’ community is a great way to get your location’s name out there. Donating your time and services to local causes and charities allows you to network with potential customers as well as fellow business owners. It also demonstrates that you care about the community you serve.

Be Open to Support

You cannot achieve the goal of becoming a successful franchise owner on your own. You need a strong support system to guide you through the various situations that will come up throughout business ownership. At MY SALON Suite, we train our franchisees in all aspects of our business, from recruitment to marketing and everything in between. We have dedicated franchise business leaders available for you to reach out to at any time to answer questions or provide support.

Franchise with MY SALON Suite

At MY SALON Suite, our franchise owners benefit from the backing of a leading salon suite brand with a proven track record and more than 250 locations across the country. To get started with MY SALON Suite, we require our franchise candidates to have a net worth of $1.5 million and at least $500,000 in liquid capital. The initial investment range to start a MY SALON Suite is between $664,738 and $1,479,827, which includes our $50,000 franchise fee. If you’d like to learn more about starting a salon suite business with MY SALON Suite, fill out this form, and one of our representatives will be in touch.