Joel Libava
Successful franchise owners have several things in common. If you’d like to be a successful franchisee, pay attention to the things I’ve listed.
There are actually 10 things that will insure your success as a franchise owner…if you’ll focus on them.
I’ve listed them below, but first, there are several things you need to do-before you become a franchise owner.
Take a look at the 6 things that I’ve listed-that people have done before they signed their franchise contracts.
Do These Things!
This list of things aspiring franchisees do, go a long way in helping increase the franchising success rate. Here they are:
1. They learned all they could about the franchise model
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2. They chose a franchise that matched their skills and personal traits
3. They did incredible research
4. They stayed within their budget
5. They got the right franchise business loan
6. They used a franchise attorney
Will you make a commitment to do the 6 things I’ve named? I hope so.
If you do-good things could and should happen. If you don’t-if you choose to be a maverick and ignore one or two of them, several not-so-good things may happen. Costly things. Things that will take a long time to fix.
Let’s continue.
I’ve found that the really successful franchise owners…the ones that consistently rank in the top 20%, do 10 things extraordinarily well.
If you do what they do, you’ll have a shot at real success, too.
Bookmark this post right now so you can refer back to it when you become an owner.
10 Things That Will Insure Your Success As A Franchise Owner
- Follow the procedures that are stated in the operations manual
- Follow the rules and regulations stated in your franchise agreement
- Take the suggestions given to you by your field reps
- Use the technology made available to you by the franchisor
- Follow the franchisor’s marketing plans
- Be obsessive about your numbers
- Create close relationships with other franchisees in the system
- Get involved in the local community
- Be amazingly enthusiastic and positive
- Commit to winning
Bookmarking Bonus!
Here’s another post for you to bookmark:
The Top 10 Ways To Lower Your Risk
Go ahead. Do it!
Success image courtesy of seeveeaar on Flickr
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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