This could be your best investment yet
Richard Denny explains why franchise businesses that treat their clients as fans, not customers, will be the ones to thrive.
Making the move from employment into starting and owning a business takes courage. We were all brought up to believe that security is best achieved by getting a good job, and as we all now know there is little or no security in good jobs, which is why there has been a massive increase in business start-ups.
Statistically, the success rate is overwhelmngly increased when people invest in and own a franchise. I personally have worked with and helped hundreds of franchise business owners over the years and have seen the wealth and enjoyment created by being self-employed and owning one’s own business.
Probably one of the greatest advantages of owning one’s own business, is that the owner is in control as to how much money one wants to make. The owner decides how big the pay packet (salary) is and how much money they want to save and what sort of life style they want to enjoy.
Even more exciting is that it is not difficult to make a success of a franchise business; just follow the system and do exactly what the franchisor says. For those people who are really ambitious and want to be hugely successful, the biggest opportunity in today’s economic climate is to deliver outstanding customer care. It really is quite extraordinary that when people in business set out to make their customers FANS, and not just customers, how much money they can make and how their customers will bring them new customers.
Customer satisfaction has long gone past its sell-by date, as all progressive business people know. Sadly the big four British banks have just not got this message. The executives who work in those tall buildings in Canary Wharf spend most of their lives living in the clouds. The new banks, led by Metro Bank, are taking their customers from them at an alarming rate. These dinosaurs are just out of date; they are still endeavouring to achieve customer satisfaction when the rest of commerce has moved on. Eighty per cent of customers will move their custom to another if given a choice; there is zero loyalty in customer satisfaction.
I and my team spend an increasing proportion of our mentoring and training time helping our clients to deliver what customers really want, to be treated decently and even better to be cared for in every way, especially when the customer is in difficulties or trouble.
This is where the owner/occupier/franchise owner’s business really comes into its own, and that’s the beauty of investing in a franchise business. For my readers who are just starting out on their success journey, think FANS not customers. Every person who spends money with you, set out to make them a FAN and they will lead you onto more FANS. For my seasoned readers, just spend a little time re-looking at your customer care delivery; don’t be proud of what you do, challenge yourself. What could you do better? What would you like to be done to you if you were the customer? Develop an attitude to give rather than take and you will make even more money.