This is a FranchWire guest post from Joel Libava, The Franchise King. He provides tips and advice to individuals interested in franchise ownership with his guaranteed franchise ownership advisory services and to the masses via his award-winning franchise blog.
Your franchise business will have periods of low profit or no profit.
Hopefully, those times will be short-lived.
But, what if they’re not?
What can you do to get your franchise business on the winning end of things?
I’m going to tell you.
The Inner Battle
When business is slow, you must win the battle that’s going on inside your head.
I’m referring to all of that negative self-talk that’s sucking all of your positive energy right out of you.
I know you have it; we all do.
Ben Martin, Psy.D, suggests challenging it when it happens. Ask yourself these questions:
- Is the situation as bad as I’m making out to be?
- What is the worst thing that could happen? How likely is it?
- What is the best thing that could happen?
- What is most likely to happen?
- Is there anything good about this situation?
- Will this matter in five years?
Go here for even more actionable tips.
In last month’s blog post, I mentioned sales training.
Great sales training can do wonders for you if your franchise business is experiencing a down cycle. Not only can it help get your employees back on track, but it can help you bust through all of the negative self-talk that I just mentioned.
One of the best sales training companies in the world is actually a franchise.
Sandler Training has been around a long, long, time.
I actually paid for sales training several years ago, and I found the Sandler program to be very thorough and professional. One of the best things I learned had to do with establishing an agenda. From the Sandler blog:
“The Sandler Selling System refers to the concept of establishing an agenda for every interaction with a prospect as an Up-Front Contract. It means prior to the meeting knowing what both parties are planning to accomplish in the time they are together. A mutually agreed outcome is established.”
Good stuff. One caveat; if you decide to go with one their programs, make sure that you like the sales trainer-the sales coach that you’ll be working with. I didn’t like mine, and because of that, I didn’t stick around very long.
There are lots of sales training companies; I recommend looking into several so that you can find a good match. Bonus point: maybe you can convince your franchisor to offer one.
Investing in sales training could end up being money well-spent.
Take A Vacation
If you’re a hard-driving businessperson, the idea of taking some time-off may get you nauseous.
Especially if business is down.
But, sometimes the best thing to do is walk-away. (For a little while)
Some things can’t be forced. It’s not like you can will customers to enter your establishment and take their wallets out.
Sometimes, what it is – is what it is.
A question; is your business set-up so it can run without you?
If so, great; you have no excuse to not take some time off.
But, if your franchise can’t run without you being there, maybe the downtime that you’re experiencing can end up being a perfect time to train one key employee on how to run things.
Doing so would certainly keep you busy.
It would definitely help you get out of your own head for a while.
And, that would be a good thing.
Nothing stays the same. There are good times and bad times.
Today’s winners know how to work through the hard times, and enjoy the good times.