Becoming a franchise owner is an exciting time, filled with adrenaline and motivation. Starting from the time you consider opening your own franchise, you are stepping into a role that can change the trajectory of your life.
Seeing as it is a rather large life decision, you may ask people around you for advice and tips on how to be successful. Sure, they may have some great little tidbits of information available to you, but are they painting the full picture? Are they telling you all about their successes, while avoiding their failures? Truth be told, almost everyone will remember to tell you about the things they did well, and shy away from telling you about the mistakes they made.
In the end, it’s not only about the things you do well, but the things you avoid in the process. Although there are several, here are 10 mistakes you should avoid as a new franchise owner to optimize your chances of success.
1. Forgetting to do your research on the franchisor. Not only should you love the products or services they are offering, but you should be able to tell that they have had proven success in the past with their current business model.
2. Failing to discuss finances with your franchisor upfront and preparing your financing accordingly. You’ll want to make sure you are in a place where you are comfortable investing in your new business without financial strain. As time goes on, you will also want to make sure you pay attention to your financial health, as it will determine your longevity as a franchise owner.
3. Straying away from the business model provided to you by your franchisor. It is in place for a reason—don’t forget that! Trust it, no matter what. It was designed to help you succeed in your business.
4. Not taking advantage of the support system that you have. Being a part of a franchise network has its benefits, the biggest being the built-in support system for you when you need it the most. Learn on your franchise network to provide you with assistance.
5. Relying solely on the build-out business model to carry you through the finish line. Follow the business model, yes, but don’t forget to add personality to your business where it needs it. You are unique and your personality is one-of-a-kind, so use it to your advantage to stand out from the competition!
6. Not marketing your business beyond word of mouth. Word of mouth is one of the best ways you can get new business, but it is not the only way. Social media, networking, community outreach, and traditional marketing are all important ways to market your business to your target audience.
7. Hiring people that aren't a reflection of your business values and vision. It should go without saying, but the company you keep is important, especially as a business owner. The team you hire to help run your business should be helpful, qualified, and stay within the lines you have set for expectations of your business.
8. Ignoring the fundamentals and the importance of treating the customer with respect. Your clients and customers will remember how you made them feel during their interaction with you and your business. Remember to treat them with respect, and encourage your team to do the same.
9. Skimping out when it comes to delivering your products. It may seem obvious, but the services and products you offer are a direct reflection of your longevity as a brand and business. Remember to always deliver the highest-quality products and services to your customers or clients to maximize your profits.
10. Forgetting to have fun! Being a business owner is a lot of work, but it should be a joyous thing in your life! Being a franchise owner gives you the ability to be your own boss and create a life that you truly love. In the end, you should be having fun with it!
We hope that these few tips will help you remember what you should and should not do during your time as a new franchise owner. This time can be chaotic and challenging, but it is the beginning of potentially one of the most beautiful chapters of your life. Enjoy the process!