PRESENTATION OUTLINE
4 Extremely Common Ways Franchise Owners Sabotage Their Own Success
When everything goes according to plan, the franchise model is better than sole ownership for both franchisors and the franchisees that they work with.
Sometimes, though, whether from inexperience or an otherwise laudable independent streak, franchisees unknowingly torpedo their own results. Here’s what to look out for.
Topics of Discussion
- You Show Too Much Initial Caution
- You Forego Training and Marketing Help
- You Forget About Continued Learning
- Losing Track of Your Business Plan
1. One of the common ways that we see franchisees fall short of their potential is by being unduly cautious right out of the gate. As the automotive mogul Henry Ford once said, “Whether you think you can or you think you can’t, you’re right.” What this means is that your aspirations early on as a franchise owner often become a self-fulfilling prophecy. This really underlines the importance of setting your sights high from the outset. You constantly have to ask yourself if your ambitions are matching your current capacities and franchising results.
2. Franchisors almost always lend a helping hand when it comes to offering training help for your location’s future employees. Since they’re part of regional and nationwide advertising networks and marketing associations, franchisors can also leverage decades of experience and insider connections to bolster your location’s press and local attention. Many franchisees unknowingly self-sabotage here by either A) being unaware that this kind of help is available or B) perhaps being too independent to ask. Remember, franchising success is a team effort and collaboration is absolutely essential.
3. Although running a franchise can place a lot of demands on your time and energy, it’s also incredibly rewarding. A lot of franchisees, though, get overwhelmed and forget to update their professional, technological and networking know-how when they get caught up in the excitement of running one or more franchise locations.
Disclaimer: This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of or want to locate a franchise in one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your state. Franchise offerings are made by Franchise Disclosure Document only.
