How to Succeed as a Franchise Owner?
While franchising’s prevalence in the Indian economy indicates that franchisees can succeed, hundreds of franchisees fail each year. And the most frequent reasons for their fall is lack of funds, poor people skills, reluctance to follow the formula, a mismatch between franchisee and the business and poor management. Often, it’s the small stuff that separates winners from losers.
Among the most common mistakes new franchisees make is signing on before adequately researching the business. Study what it will take to run the business successfully. And be realistic. Owning a franchise is rarely a get-rich-quick scheme.
Choosing the right business to own from the start is enormous. Do your research, call all the franchisees, understand the investment, dig in to all the information you can, and be sure. Make sure you have buy-in from people who will affect your success (husband, wife, partner, etc.). Choose the business you can commit time to building, be a passionate, engaged operator, follow the path laid out for you and make your dreams of ownership successful.
Don’t forget: You have to follow the rules, too. Franchises aren’t designed for the independent-minded. They depend on a by-the-book execution of a business plan, adherence to time-tested systems and a willingness to follow directions.