The 7 Essentials For Franchise Success
The 7 Essentials For Franchise Success
1. Passion
If you’re not passionate about the business you’re entering into, then you are wasting your time and money. You have to absolutely love the business and everything involved in it, otherwise you simply won’t want to put in the effort required to make it a success. So before you start looking at franchise opportunities, think about yourself and the things you enjoy doing, then base your decisions on that.
2. An open mind
In my experience, someone that already thinks they know everything there is to know will not be a successful franchisee. You need to enter into business with an open mind and a willingness to learn from the experts around you. Also, as simple and clichéd as it sounds, you need to have a positive attitude - rather than seeing challenges as a solid brick wall, view them as a door that can be opened to lead you to new opportunities.
3. Strong financial position
We’re talking about business, so of course money is a factor. If you can only just scrape together enough money to buy the business, then you’re putting yourself in a dangerous position – once you’re behind, it’s hard to catch up. As well as the initial purchase price, you also need to consider running capital to fund your ongoing business operations, because it will be a while before you start making money. There are numerous options for financing a franchise, so make sure you get expert advice before you commit to anything.
4. Basic business skills
There are some basic skills that anyone running a business needs to have, such as day-to-day finance skills, the ability to manage customers and staff and an understanding of business strategy and planning. If you can’t do these basics, you should get help from someone that can teach you or reconsider your decision to buy your own business. Without these skills, you simply won’t be able to run your franchise business, no matter how much support you get from your franchisor.
5. Family support
Buying and running a business is not a solitary thing – it will affect everyone else in your family too. So it’s important that you have their support before you invest in a franchise. Even if you don’t need them to actually help in the running of your business, you will need their moral support and their encouragement to help you succeed, so make sure you involve them in your decision-making and listen to their opinions.
6. Expert advice
When buying a franchise, there are lots of complex financial and legal issues that you will be confronted with during the purchase process and while you’re running your franchise. I strongly recommend that you seek independent professional advice from your accountant and lawyer before you sign any agreements with the franchisor, and then continue to work with these experts when you are running your franchise. If you don’t have a good lawyer and accountant, find one before you start negotiations with a franchisor because you will definitely need their help.
7. Work ethic
This may seem obvious, but if you are lazy and unmotivated then franchising (or running any business for that matter) is not for you! To make your business a success, you will need to work hard and be 100% committed. To really get the most out of your franchise, maximise every opportunity – do extra training, build a strong relationship with your franchisor and do lots of marketing, and you will reap the rewards.
So do you have all of these 7 essentials? If yes, then you’re the ideal candidate for franchise success!
The 7 Essentials For Franchise Success - To learn more about this author, visit James Greig's Website.
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This list is based on my experience in the franchise industry, where I saw many franchisees fail because they didn’t have these very important attributes. If you have all these things, congratulations, you’re destined for franchise success!
1. Passion
If you’re not passionate about the business you’re entering into, then you are wasting your time and money. You have to absolutely love the business and everything involved in it, otherwise you simply won’t want to put in the effort required to make it a success. So before you start looking at franchise opportunities, think about yourself and the things you enjoy doing, then base your decisions on that.
2. An open mind
In my experience, someone that already thinks they know everything there is to know will not be a successful franchisee. You need to enter into business with an open mind and a willingness to learn from the experts around you. Also, as simple and clichéd as it sounds, you need to have a positive attitude - rather than seeing challenges as a solid brick wall, view them as a door that can be opened to lead you to new opportunities.
3. Strong financial position
We’re talking about business, so of course money is a factor. If you can only just scrape together enough money to buy the business, then you’re putting yourself in a dangerous position – once you’re behind, it’s hard to catch up. As well as the initial purchase price, you also need to consider running capital to fund your ongoing business operations, because it will be a while before you start making money. There are numerous options for financing a franchise, so make sure you get expert advice before you commit to anything.
4. Basic business skills
There are some basic skills that anyone running a business needs to have, such as day-to-day finance skills, the ability to manage customers and staff and an understanding of business strategy and planning. If you can’t do these basics, you should get help from someone that can teach you or reconsider your decision to buy your own business. Without these skills, you simply won’t be able to run your franchise business, no matter how much support you get from your franchisor.
5. Family support
Buying and running a business is not a solitary thing – it will affect everyone else in your family too. So it’s important that you have their support before you invest in a franchise. Even if you don’t need them to actually help in the running of your business, you will need their moral support and their encouragement to help you succeed, so make sure you involve them in your decision-making and listen to their opinions.
6. Expert advice
When buying a franchise, there are lots of complex financial and legal issues that you will be confronted with during the purchase process and while you’re running your franchise. I strongly recommend that you seek independent professional advice from your accountant and lawyer before you sign any agreements with the franchisor, and then continue to work with these experts when you are running your franchise. If you don’t have a good lawyer and accountant, find one before you start negotiations with a franchisor because you will definitely need their help.
7. Work ethic
This may seem obvious, but if you are lazy and unmotivated then franchising (or running any business for that matter) is not for you! To make your business a success, you will need to work hard and be 100% committed. To really get the most out of your franchise, maximise every opportunity – do extra training, build a strong relationship with your franchisor and do lots of marketing, and you will reap the rewards.
So do you have all of these 7 essentials? If yes, then you’re the ideal candidate for franchise success!
The 7 Essentials For Franchise Success - To learn more about this author, visit James Greig's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne 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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Dianne CramptonDianne Crampton is an executive leadership coach, team consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. - Visit Dianne Crampton's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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