<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=381035092281981&amp;ev=PageView&amp;noscript=1">
Find a bin near you: click here

10 Things the Most Profitable Franchises Have In Common

Posted by Luke Hancock

Find me on:

Sep 29, 2017 9:05:06 AM

So, you’re ready to become a Franchisee at Bin There Dump That (BTDT)! It can be an exciting transition into the entrepreneurial world, but before you do that, take a step back and determine what it takes to be successful. What is it anyways? Well, here’s a list of 10 traits most commonly found across successful franchises that can help you elevate your business and take control of your future!

1. People Skills

Are you a strong communicator? Do you have an engaging personality that can help draw people to you and believe in what you’re offering? Maintaining a pleasant and positive outlook when dealing with clients will go a long way towards procuring additional business. With BTDT the product sells itself, but doing so with excellent service can take you to the next level.

2. Location

One of the most important aspects of starting any franchise is to get a location that is primed for both business opportunity and access for you to succeed. If your service market is located in an area that you know nothing about, you run the risk of not doing as well as you could be doing. You need to know what you want, but also where you want to do it! Fortunately, with BTDT we will work with you to evaluate the most suitable territory for your needs. It is important that we work together to set you up for success prior to achieving it.

3. Market Saturation

Taking point 2 a step further, not everyone will be stepping into a territory that is completely new to the industry; however, just how saturated is it? The appropriate research needs to be done to identify how much opportunity is available in your target market. Know what you’re getting into before you commit. If you’re home neighborhood already has a few competitors, look to other markets that might offer less competition and more opportunity! The waste management industry is massive in scale and growing each year. Topping $125 Billion in 2015 in North America, there is no shortage of need for garbage removal. For the services that BTDT offer customers, the need identifies several aspects within waste management: home renovations, moving, cleaning, etc.

4. Right Amount of Risk

It is common for people to associate successful entrepreneurs as those who took risks that paid off. This is of course misleading. Truth is, they took calculated, controlled risks, at favorable times. What this means is that you are not just taking a risk for the sake of taking a risk; essentially gambling. Owners need to do their homework; identify what risks are worth taking and also know when to cut your losses. To further help owners overcome some of the startup costs; BTDT offers tiered pricing on their service vehicles.

5. A Good System

Most successful franchisees are lucrative due to following a tried and true business model that’s already established. These franchises are available for purchase because they have already proven they can be profitable by those that created them. If you believe in the product/service, and can adhere to the model already laid out, there’s no reason owners should not prosper. Strong relations between the Franchisor and Franchisee can better enable success for all involved. BTDT realizes this through their excellent Management Guidance offering, which incorporates various aspects from tactical training sessions to leadership advice for fostering development.

6. Adaptability

Every day the world is changing: new technology, new demographics, new needs for customers, etc. You need to be able to adapt to this ever evolving world, and learn how those changes could impact your business. BTDT is providing an edge with its better bin technology, and reliability. As a new Franchisee you can reap the rewards!

7. Growth

Once you’ve dipped your feet in the water, it’s time to swim. You’re generating revenue and learned the basics of the trade, but to truly achieve success you need to grow. Growth can be quite literal in the sense of attaining more market share in the industry, and earning more; however, it can also be internal in the growth you have as a leader and owner. Just as your BTDT franchise grows over time you should as well. Thus, no matter what you do, no matter how treacherous the road ahead may seem, keep moving forward.

8. Passion

How bad do you want it? Do you love what you are doing? Who you are doing it with? Why you are doing it? Passion breeds motivation (another key ingredient) and is an absolute must to take your business to the next level. BTDT is passionate about its product, and cares highly about the service its Franchisees provide. Similarly, BTDT needs to know you are as well! This is addressed right off the bat in the screening process in step 1, and further validated in the subsequent steps.

9. Discipline

“Discipline is the bridge between goals and accomplishment” – John Rohn
If you want to succeed embarking on a brand new journey such as becoming your own boss. You must have discipline. Do not run before you crawl. Exercise caution and patience (i.e., point 4 ‘Right Amount of Risk’). As you build your build your business the opportunities will steadfastly present themselves overtime, but you need to ensure you are adequately prepared for scaling your growth. Customer needs and expectations need to be maintained with the same level of service and satisfaction as when you first started. Discipline will help in the growth and maintenance stages.

10. Motivation

Continuing to build on the last 2 criteria, motivation will help propel you during those rough patches, where things may not be working out as expected, or when obstacles get in your way. You are in the driver’s seat, and control your fate. It’s one of the most rewarding things when done right, and everything is good, but one of the most challenging to fight through when the opposite is true. With BTDT, the resources are available to you to help you succeed, during good times and in bad, with telephone or electronic support at your disposal, when you need it!

If you’re thinking about taking the next steps and/or have more questions with regards to embarking on franchise ownership, please inquire with a BTDT customer representative and see why more and more Americans are purchasing BTDT franchises today.

See for yourself why Forbes Magazine continues to rank us as one of the Top 500 franchises to invest in!

Statista. “Projected size of the North American market for waste management from 2010 to 2020 (in billion U.S. dollars)”, 2017, https://www.statista.com/statistics/246192/projected-size-of-the-north-american-market-for-waste-management/

Topics: Franchise, Profitable Franchises, Franchisees