Owning and Operating a Franchise Long-Term
Ask yourself – “Do I have what it takes to be a successful franchisee?”
Maybe you are entrepreneurial-minded and clearly understand the challenges of being your own boss. Perhaps you are confident in your leadership and sales skills and are sure you can handle working for yourself. Great, but keep in mind – there is much more to buying a franchise beyond your business savvy.
You can follow a model to the letter, but if the system does not reinforce the critical importance of nurturing prospects and clients from the start and for the long-term, you should consider another franchise opportunity.
Successful franchised businesses must have a cohesive and actionable strategy that defines: 1) Projected revenue goals with defined KPIs and a written plan to acquire the business. 2) A phased long-range plan to grow the business throughout the entire franchise term.
Your relationship with a franchisor is like a marriage, with communication, mutual trust and understanding and commitment as the foundation. Your success is contingent upon your level of commitment. If you are confident in your ability to grow and manage a business, believe in the value proposition your business will offer and have a financial plan to fund both your lifestyle and business expenses, you also need determination and ‘grit’ to weather the challenges you are bound to encounter along your journey.
Buying a franchise is a fast track to self-employment, but that certainly does not mean it is easy. You must show up strong daily and put in the time necessary to continually build and optimize your business.
