How to Avoid the Biggest Mistakes of Franchise Ownership

For those with an entrepreneurial mindset, there’s nothing more exciting than successfully completing the franchise investigative process and settling on the perfect business model to own. And for the majority, becoming the boss of your own business is quite literally a dream come true. But, if you’re not careful, your over-enthusiasm can lead you headlong into a blundering mistake or two—seriously jeopardizing your new business.

If you’re currently engaged in the investigative process, or you’ve recently signed on the dotted line to become a franchise owner, here are a few mistakes you can’t afford to make:

Doing it “Your Own Way”

Truthfully, this shouldn’t have to be said, because having been through the investigative process, you should be thoroughly convinced by now that franchises succeed because they follow a proven business model. Straying from the operations manual to put your own stamp on a process or procedure is a sure-fire way to get off on the wrong foot.

Self-Reliance to a Fault

Don’t lose sight of the fact that you should be taking advantage of every opportunity for training, support, and validation. One of the key strengths of the franchise systems is the network of assistance and support that’s been made available to you. The first few months of franchise ownership is not the time to “go it alone” when facing obstacles and challenges. Rely on your new franchise family. It’s what they’re there for.

Failure to Network

Most franchise opportunities are heavily reliant upon your ability to communicate who you are, what you’re selling, and why it’s the right solution. That takes outreach and community networking. You have to beat the bushes to rustle up a customer base. Keep reminding yourself—if the public doesn’t know who you are, where you’re located, or what you’re selling, how can they become customers? Not everyone is a social butterfly, we get it. But you can always hire one.

Staffing & Customer Service Fails

Not every franchise requires a staff, but many do. These new employees will reflect your personal brand—so choose wisely. Your team should only include those who share your vision, values, and ambition to be a successful small business owner in your community. And teach them the proper fundamentals of customer service. One bad interaction or negative online review is all it takes to complicate your effort to establish a good reputation.

A couple of words of wisdom that many newly minted franchise owners often forget: have fun. You had the courage to choose the entrepreneurial path because you wanted the freedom and flexibility that comes with owning a business of your own. There’s no doubt you’ll have to work hard, possibly putting in more hours than you thought, but the joy of being a franchise owner is that all of your effort goes into building something of your own. It doesn’t have to be drudgery. Never forget that you’re the one in charge!

If you’re ready to begin an entrepreneurial journey, FranNet can help you find the perfect match in a franchised business. Get started today with a no-cost, no-obligation appointment with a FranNet rep who lives and works in your area.

Jun 29, 2021