The Business Model Your Successful Franchise Needs
Rick Porter gives expert advice he has learned in his role as Owner, President and Founder of Cinch I.T.
If you’re looking to start a company that will lead to franchising, a successful business model will get you there. The key factor to any company for continued revenue and growth stems from an established business model. The type of business model that your company creates will either break you or make you in your industry. Creating the right model for your company will set you up for future success.
Rick Porter has some advice for future franchisees, business owners, CEOs and presidents, based on his company's proven successful business model that has created one of the fastest growing I.T. service providers in the United States.
Narrow Your Niche
Find ways to differentiate yourselves so that you would be noticed and earn the opportunity to demonstrate how great you are. Narrow your niche by focusing only on what you do best, such as VOIP phone systems, computer support or website creation. The goal is not to be average at everything, but to be great at one thing! When you try to serve everyone, you serve no one. This is especially true with service-based businesses in the I.T. support industry.
Adapting a business model for a wide variety of businesses is not cost effective and it makes it harder for people to know if your company is a right fit. The best way to stand out is to narrowly define whom you serve. For instance, Cinch I.T. provides computer support to businesses with 10-100 employees, and they specialize in the health care and manufacturing industries. Because of that, it makes it very simple for a health care company to know if they would be a good fit for their company. A business model like this allows your company to become experts in your clients’ fields which provides even more value to your customers.
Create a Memorable Culture
Once your company starts to get noticed and begins to add on client after client which only meant it was time to learn your next lesson. Culture is everything!
First your company needs to attract top talent, but why would anyone come to work for a small company or one that is just starting out? I have learned that people are attracted to a company’s culture and social media can be the best way to showcase that to potential employees. Social media can be a great tool to show off your workplace culture and let people get a glimpse on what it is like to work for you. Creating an amazing company culture not only can help attract top talent, but it has also retained the same great employees. An unintentional benefit of having a great company culture is using it as a powerful marketing tool. Employees will be eager to share everything that is going on with your company and by this your brand recognition will grow.
Change What it Means to be a Franchisee
Buying a franchise is appealing to many because it allows people to follow their entrepreneurial drive and open their own business, knowing that the franchise already has a proven track record and seamless model. Every franchise offers support to their franchisees to a certain extent, franchisors need to make it a priority to provide their franchise partners with the support they need so that they can be successful and confident as a business owner.
In that same thought, franchisees need to make it known to their franchisors what support or tools they may need to not only be successful, but also happy in the choice they’ve made to be a part of a company.
Create a Model That Helps Bring in Customers
After the abrupt shift to remote work for businesses across the country, demand for remote tech support skyrocketed. Support calls tripled as businesses adapted to working from home and found that they needed quick solutions to help their employees work efficiently at home. This business model brought in customers because it was something that people needed. But even if your business is more of a luxury, make sure that your business is attractive and enticing to your clientele.
Corporate Support Looks Out for Its Franchisees
Not only does this business model provide corporate support to each and every customer, but it also will help franchisees operate seamlessly once their business is up and running. Designing a recurring revenue model will help give franchisees a guaranteed monthly payment from customers, while your corporate team handles the entire billing process. You also should have a centralized distribution center for hardware and software, so when you franchisee’s clients need new tools or equipment, the franchisee can order everything directly from you (and make a profit!).
Whether you’re just starting out, or a seasoned business owner, remember that your franchisees are one of your most important assets. Without them, it would be a lot harder to run your franchise. This is why it’s important to take care of them, and have a solid business model. Once you have these things, you’ll be unstoppable. Remember to narrow your niche, create a memorable culture, change what it means to be a franchisee, create a model that brings in customers, and look out for your franchisees.
About the Author Richard “Rick” Porter is the Owner, President and Founder of Cinch I.T.’s fastest growing franchise model. Rick has an unwavering commitment to helping entrepreneurs make their dreams come true. As President, he manages Cinch I.T. Franchise in delivering best-in-class customer service and driving innovation. Rick was a member of the U.S. Army’s Special Operation Community, Recipient of the Worcester Business Journals 40 under 40, named one of the Top 10 Best CEOs of 2018, Board member for the Better Business Bureau of Central and Western Massachusetts, and the Founder of Cinch Scholarship Foundation.