How To Avoid 3 Big Mistakes Often Made by New Franchise Owners
As a franchise business owner, you’ve tapped into the brand equity, business system and operational support of a proven brand. You’ve got a big head start on the competition. But that sometimes leads to making some easy-to-avoid mistakes. Here are the top three, and how you can avoid them on your way to business glory.
1. Trying to Do It All By Yourself
This is a big one. Many new business owners, particularly in franchise businesses, think that their way is the only way and try to do everything themselves. Your way is probably great. But trying to do everything all the time will drain you quickly, and you may end up sacrificing quality in important areas.
How to avoid Do-It-All-itis: Hire the right people. Spend the time interviewing managers, employees, etc.; until you find people that have the proven expertise you need. Then take the time to train them exactly how you want things done. As a result, you’ll be able to focus on your primary job as a franchise business owner…growing your business.
2. Assuming You Have No Competition
True, as a franchisee of a known brand, your customers may already be familiar with your business. You may even open your doors with an already loyal consumer base. However, be careful to not make the mistake of thinking that it will always be easy. Competition is fierce, and you need to constantly defend your market position.
How to avoid the King-of-the-Hill complex: Keep up with industry happenings, new brands, and keep an eye out in your market. Check out these tips on how to figure out who your competition is, how they’re attracting customers, and what to do about it.
3. Having Unrealistic Financial Goals
Many new franchise business owners fall prey to the thoughts of making millions overnight. And then when they realize that it takes time and effort to build a successful business, they get disheartened and stop doing what they should be.
How to avoid mad-money thoughts: As a franchise business owner, you have a plan already in place. Remember that. There was a reason you chose this franchisor in the first place. Work their system the way you’re supposed to, provide excellent service, and take your growth one step at a time. Click here for some tips on keeping your piece of mind.
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