The franchise industry certainly doesn’t lack the resources for guiding individuals towards making the right franchise decision. There are countless articles, numerous books, the FTC, State and franchise industry websites that provide advice and strategies for prospective franchisees. The Internet is replete with articles both favorable and unfavorable about franchisiors and franchisees. These resources if utilized can help to lower the risk of failure faced by potential franchisees. However, in spite of this, some franchisees will still fail. In many cases, these failures are the result of other factors, rather than the result of a lack of information, guidance and resources. A prospective franchisee needs to avoid the pitfalls that can result from choosing and investing in the wrong franchise.
Pitfalls to Avoid:
When individuals decide to pursue a franchise opportunity, it’s important that they any avoid obstacles to their success. This begins by choosing the right franchise opportunity. They can achieve this by taking a balanced approach to the franchising process and recognizing the pitfalls to avoid.
When it comes to franchising, Murphy’s Law comes into play more often than desired. In many cases, a new franchise takes off slower than anticipated.
The emphasis on franchise system growth is as old as franchising, having been accepted as the indicator of a quality franchise.
After owning 4 successful businesses, in different business sectors, there are two common attributes my good hires have shared; Curiosity and Tenacity.
In the franchise industry, franchisors can view comparisons and relationships between consumer satisfaction for the products or services a franchise offers.
These traits lead to low franchisee turnover, an attractive investment opportunity, outlet growth and brand recognition and consumer satisfaction.
Owning a business is hard. Each venture has its differences – different customers, different go-to-market strategies, different business partners.