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Three Traits That Will Hurt Your Franchise Business

As an entrepreneur, you already know that you possess many positive traits that can help you succeed in your franchise business. But it’s important to remember that everyone also has not-so-positive traits that – if allowed to flourish – can do serious harm to one’s business.

Today we are going to look at three negative traits that franchise owners must avoid if they wish to have a successful business:

Lack of self-discipline

Let’s face it – we all get lazy from time to time. But if you are going to run a successful franchise business, then self-discipline is a must. There are going to be times when you simply don’t feel up to the task and that’s when you need to exercise your self-discipline the most.

Your business goals won’t be reached by luck; they will be reached by hard work and dedication. That’s why you not only need to set goals but also develop a reliable process and habits to help you reach those goals.

Help your self-discipline along by organizing your daily duties, setting up schedules and establishing a way that you can hold yourself accountable.

Fragility

As a small business owner, having a thick skin is beneficial. If you are too afraid of what others may think or of making mistakes, then you’re never going to be able to get out there and take risks.

If your business involves calling on prospects and making sales, then being too fragile can make you fearful of picking up that phone or knocking on doors.

If you have employees, you won’t always be able to play the part of Mr. Nice Guy. There will be times when you will not be able to please everyone on your team. Don’t let the fear of upsetting them get in the way of exceptional leadership.

You should also expect to receive constructive feedback from your franchisor from time to time. Don’t take criticism as a personal affront, but rather an important opportunity to listen and learn how you can improve.

Inability to follow the rules

Franchises have rules – plain and simple. Operating a franchise may be more restrictive in some respects than running an independent business. The trade-off, however, is that you have a proven system and an instantly established and recognized brand.

When franchisees can’t follow the rules and guidelines set forth by the franchisor, they risk undermining the system and harming the brand. In some cases, it can even lead to them getting their franchise revoked. 

Along the way, you will probably have innovative ideas about how to improve your business. Before you act on them, you must be sure they are things that your franchisor allows. Simply put – if you want to run a franchise business, you must follow the rules.

Remember, everyone has traits that can potentially hurt their franchise business. If you are able to identify these traits and take steps to reverse them, then it is possible to have a profitable and successful business.

About FranNet Canada

FranNet is a 27-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/  

By |2016-03-14T14:21:34+00:00March 14th, 2016|Categories: General|Tags: , , |