Failure is definitely a real possibility in franchising no matter how skilled a person is, especially since failure rates for small businesses are rather high, particularly in the United States. Being in charge of your own business, while an exciting thought, may not be an easy feat no matter what line of work you’re in. In fact, failure should be treated the same way you treat any other competitor; with defiance and determination.
While failure rates for franchising in particular, are relatively low in comparison to other businesses, that doesn’t mean that failure isn’t a possibility. Small scale businesses have a tendency of coming and going on the radar of the business world along the years. The tendency of a large number of copycat businesses to appear following an initial spark of originality in the market doesn’t make things any easier when it comes to keeping your business afloat amidst the fierce and ever increasing competition.
The thing is, if you do succeed in competing with the numerous identical businesses around, that just means that you may have won the battle but definitely not the war. This because, likely an unbeatable mythical creature, you just kill it and ten more like it will pop up out of nowhere. This is mainly due to the unfortunate fact that for each innovator, there are about two dozen imitators waiting around the corner to steal ideas and then compete for rewards. However, the good news is that copycats will certainly not put as much heart and soul into their stolen ideas as much as the original creators do. If people are too lazy to come up with their own ideas, chances are they’ll be too lazy to follow any sort of ideas through to success. This leaves plenty of room to outrun the competition and defend your place in the market, even if this may take a while and an extra bit of effort.
That is mainly how the successes and failures are separated; by creativity, hard work and dedication. Keep this belief strong in your mind and you’re sure to have a successful business that will withstand the test of time and maintain a strong position in the ever changing and fickle marketplace. At the same time you will be able to maintain your integrity and self-respect as well as the unwavering respect of your peers.
Franchise and the Risk of Failure - To learn more about this author, visit Sebastien Page's Website.
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Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations,
networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business
ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Sebastien Page
(Visit Sebastien's Website)
Sebas
tien Page is Director of Marketing for
Wo
rldFranchising.com, the most
comprehensive information resource for
potential franchise buyers. The company
also publishes franchise best sellers such
as Bond's Franchise Guide, and Top 100
Franchises Guide. Before joining
WorldFranchising.com, Page was Marketing
Manager for Franchise.com where he
successfully led the Marketing Department.
Sebastien Page is very active in the
franchise community and he often writes
about franchising, sales and marketing.
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