Initial advice for running a new franchise business is important, but what about the rest? 

Anthony Yap, the founder and director of discount chemist franchise, Good Price Pharmacy Warehouse, offers advice to franchisees in their first five years of business, as well as those who have been in business for between five and 10 years and more than 10 years.

Yap says he’s taken the following on board throughout his journey.

THE FIRST FIVE YEARS

Be unique – you need to find a way to offer something that is different from your competitors because that’s the only way that you’re going to stand out.

Manage your growth – you need to have the right systems in place before you expand – make sure the first site is running efficiently and effectively and profitably before you start opening new outlets.

Employ the right people – you need to surround yourself with the right people and the right team who have a shared passion and vision for what you’re trying to achieve and ensure they’ve got the skills to get the job done.

BETWEEN FIVE AND 10 YEARS

Invest in the future – make sure you build the infrastructure that you need for where you want to be, not just where you are today because you will eventually grow into it. You don’t want to be investing in infrastructure as you try to catch up, you’ve got invest first up.

Keep employing the right people – surround yourself with a great team that can get the job done.

Evolve – as customers expectations change and more competitors enter your market you need to adapt and evolve your offer accordingly. If you stay the same you’ll be left behind.

MORE THAN 10 YEARS

Improve – there’s always a better and more efficient way of doing things – this should be something that you look at every day.

Evolve – you need to continually change and evolve your model.

Create – look for new and innovative programs that can be used to build and expand on your existing customer base, because what you see in the industry today is going to be very different to what you see in five to 10 years.