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7 pointers for success in a franchise

Written by: Harish Babla

Article Overview: This article gives you seven pointer on how to succeed in your own franchise business.

7 pointers for success in a franchise

7 pointers to create a franchise mind-set

By joining a franchise you are now embedded in the franchise eco-system. Everyone in this franchise eco-system must follow the motto of the three musketeers, 'All for one, one for all'. And it is crucial to recognize that the new franchisee's success is tied to the success of the organization, while the eco-system recognizes that its success is also dependant on the success of every new franchisee.

I offer seven pointers to help you build a successful franchise business:

• 1. Refrain from re-inventing the model. The franchisor has invested many resources to create the business model. You've been invited to join this system. Embrace it and focus on utilizing its strengths to create a successful franchise rather than wasting time, energy and resources in trying to make it your business model.
• 2. Leave your past on the curb. It is when you reach a certain station in life and have achieved success, gained experience and accumulated resources that you desire to own your business. It is exactly that successful past that can come and delay your future success. You have much to learn about the new business. Learn it, internalize it, become good at its success attributes, gain your success and then see how your valuable past could be helpful to your business.
• 3. Understand, believe and follow the plan. Clearly understand what it takes to be successful in your new franchise business. Clearly understand the responsibilities you as a franchisee have in achieving this success. Ensure that in a disciplined and focused manner you are executing on the plan. Do what needs to be done and keep your head trash out.
• 4. Respect the brand, the brand promise and the franchise eco-system. Be sure that no action of yours hurts the brand, the brand promise to the customer and the system in any way. Anything that hurts the brand and the eco-system will hurt you and your business.
• 5. Associate with winners. You have started your own business by joining a franchise to succeed. Now make sure you hang out with winners and people who think like winners. There are many naysayers, negative people who will sap all your energy-be vigilant and stay away from them.
• 6. Collaboration and cooperation. Work closely with the franchisor in testing ideas and programs. Work closely with other franchisees in help them as well as learning from them. As the system continues to get stronger so will you and your business.
• 7. Keep the faith. Things will get tough on your journey but you must believe in the system you have joined and more importantly have faith in yourself and your business success. Let your faith propel you to the success you were born to achieve.

Related Articles
  Top tips for franchise success
  Are You Ready to Start a Franchise?
  Fearing Franchise Losses
  Ways to Obtain Financing to Buy a Franchise
  The best franchise systems all have effective leadership.

Article Tags: attributes, brand promise, business model, franchise business, franchisee, franchisor, li li, model li, motto, nbsp, new business, pointers, refrain from, three musketeers, time energy, trash, ul, wasting time



Related Forum Posts
Re: Which franchise would you buy? - The franchise to buy, the one that will succeed is the one that is either underrepresented or not represented in the community. Look at your community, identify what service is missing. That is the franchise to pursue. Too many people buy a franchise based on their "heart". A franchise is a "widget". I have found that once people began to investigate a franchise they had never thought of, but find their is a need; the entrepreneurial "gene" kicks in and they get excited. They began seeing the possibilities of success, and as they uncover the nuances of the franchise, they become more interested. It is the uninformed that are uninspired.
Re: Franchising? Why pay franchise fees? - [quote:5ii0papt]Starting a franchise is like buying yourself a job and inheriting the "recipe for success". In addition, a good franchise in the proper location can translate into a license to print money... so why not?[/quote:5ii0papt] I tend to lean towards taking a more independent approach myself. This is because I like doing things my own way. There are plenty of success stories of small businesses that have dialed in there own concepts and marketed their business well... heck... that's how ALL franchisors are born. I see it as a toss-up really... relating to different personality types. Some investors don't want to think about building their own 'system', and would prefer to hit the ground running at whatever the expense - read franchise fees, royalties, etc.
Franchise Models - There's a really interesting book about franchise models. Written by Michael Gerber, 'The E-Myth' is all about setting up an individual business and creating it in a franchise mold which will enable it's success. Definitely worth a read.
Any Sales Instructions from company? - Did your new employer give you any direction or pointers to follow? How are others in your line of work going about doing this?
Re: What causes franchises to fail? - [quote="OmnivoreInk":1f2rlquf]I remember hearing that most new businesses fail in the first year...usually due to money issues. (I've been hearing that for many years, I suppose it's common sense that that would be the case.) I suppose that's the same for franchises? Once you buy a franchise, it probably takes about 5 years before it becomes profitable...if you don't have the cash to keep running for all that time...you go under.[/quote:1f2rlquf] While there are no statistics on this I would assume you are right; it probably takes 5 years for a franchise to become profitable, like any other business (in general). However, it has been proven that chances of success are higher when buying a franchise rather than when you start your own business. Franchising provides a proven business model which is why the success rates are higher.


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