Ways to continue after failure andregain footing.
You get your monthly numbers back and sales are rock-bottom for your franchise.You haven’t met the goals that you’ve worked seeming endless hours to accomplish. Despairingly, you ask yourself how this could happen and how could it ever get better?
Failure is heart-wrenching and can be debilitating. In the moment that things don’t go as planned, it can seem like all is lost in that moment and there can be no salvaging. However, surprisingly, a failure in the franchising world —just like any other realm of life —can be flipped on its head and become an important positive occurrence in the growth and success of your ownership of a franchise.
Get to the root of the failure
When failure occurs, it is tempting to take the situation at face value and only see a negative and unfixable situation. However, it is deeply important to understand that even though it can be emotionally draining, success can be achieved if one is willing to address the layered issues behind the shortcoming. By looking past the surface and taking a roll call of every area of your franchise — whether it be personal, employees, marketing or the franchisor itself — it is possible to discover the root causes for the failure.
Address issues accordingly
Failures point out with glaring clarity aspects within your franchise that should be corrected or addressed in order to avoidsimilar issues. By seeing failure as a learning opportunity, problems can be addressed head on which will only lead to practical improvements. Once you have taken metaphorical inventory of your franchise and traced the weaknesses back to their roots, the next step is to come up with a clear plan to address the issues in a way that does not breed contempt or discouragement. Rather, through a positive outlook, and a thorough re-evaluation, an established vision can be set where the weak spots can be reinforced.
Understand that failure is not always your fault
The failure of franchises sometimes rests in the external circumstances around it, such as unreceptive target market or ineffective advertising strategies within a particular cultural context. By examining external factors, one gains greater knowledge of the franchise itself and the community in which it resides. Through examination and inspection, failure can reveal integral aspects of the consumer landscape that were previously unknown.
Understand the balance of innovation and stability
Just like Coke’s massively failed attempted to introduce a new recipe for their trademark beverage, failure can reveal the positive and negative aspects of your franchise. This, in turn, can lead to innovation to improve, or in the case of Coca-Cola, realizing it’s better to stick with the same old formula that everyone knows and loves.
As you begin your journey toward business ownership, allow the franchise experts at FranNet to be your guide to a successful business. Find your local consultant today to realize your dreams tomorrow.
About FranNet Canada
FranNet is a 29-year-old company with roots in the U.S. Its purpose being to nurture every entrepreneur’s dream of business ownership. We actively employ a specific profiling and consultation method. This method is geared to each investor with a specific business model and based on franchise trends typically found in Toronto, Ontario, Vancouver, British Columbia, or Calgary, Alberta. The most lucrative Canadian franchise opportunities are waiting for you. For more details visit – http://frannet.ca/buy-a-franchise/canada-franchise-buying-process/