Knowing what success means to you and reminding yourself of it every day is one of the most important tips in running a good business, according to a leading franchising specialist.
Gary Farrer, managing director of care franchise business SureCare (pictured), has drawn up a list of advice aimed at helping new franchisees get off to the best possible start.
EXPERT ADVICE
Among Gary’s top tips are:
• Rid yourself of negative people and surround yourself only with ‘can do’ people.
• Focus on where you want to be in five years - eg, bigger house, sports car, financial security - and pin it on the wall, so you see it every day.
• You cannot plan your success enough - fail to plan, plan to fail.
• Work from a five-year cash flow plan - this allows you to plan for icebergs on the horizon.
• Borrow more money than you need at the start and maintain a positive working relationship with your bank.
• Take short breaks to stay fresh - even a walk to clear your head can be a good thing.
• Keep your wife or husband updated about the new business - you need your spouse on board, so they understand any stresses you may be under.
• Talk with other franchise opportunities owners regularly and make sure you get the most from your franchise support team.
• Recruit the best people you can afford and look after your team - it is easy to let the long hours and stress wind you up.
• Stick to the programme - you have bought a proven franchise business model, so don’t change or mess with it.
• Celebrate your successes - especially the small ones.
• Work as hard as you can from the start - and never give up.
• Know what your exit plan is and have this in your business plan from day one.
• Always consider what if things go wrong - what colour is your parachute?
• Listen, listen and listen some more.
Gary says: “I have met and worked with many good franchisees over the years and the ones who succeed are the ones who have put in place the best possible plan from the start.
“Buying a proven franchise business model is only the beginning. This is when the hard work really starts.
“Having a clear vision, knowing your numbers, surrounding yourself with great people, sticking to the plan, taking regular breaks to recharge the batteries and, ultimately, knowing how you want to exit are all essential ingredients in becoming successful.”
FRANCHISING SPECIALIST
Before joining SureCare, Gary and his wife Stephanie founded and grew integrated care provider Safehands Group into a £5.5 million turnover business, before exiting at the end of 2011.
Farrer now oversees SureCare and its network of 27 franchises and three branches.
The company has franchises for sale across the UK.
It plans to more than double the number of franchises to 50 within two years and to have a presence in England, Wales, Scotland and Northern Ireland.
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