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21 Secrets to Franchise Business Success

21 Secrets to Franchise Business Success

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Published by tr3ideas
FREE Franchise Consultation: Using our customized model for research, we’ll present you with 3 choices of franchise concepts to suit your tastes. This meeting will take place within 30 days of our first consultation. Guaranteed. http://www.truittfranchising.com
FREE Franchise Consultation: Using our customized model for research, we’ll present you with 3 choices of franchise concepts to suit your tastes. This meeting will take place within 30 days of our first consultation. Guaranteed. http://www.truittfranchising.com

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Published by: tr3ideas on Mar 25, 2012
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 ==== ====FREE Franchise Consultation: Using our customized model for research, we’ll present you with 3choices of franchise concepts to suit your tastes. This meeting will take place within 30 days of ourfirst consultation. Guaranteed.http://www.truittfranchising.com ==== ====1) Evaluate your tolerance for risk Opening a new business is a scary prospect. There's a lot of personal, professional and financialrisk to consider. It's natural when contemplating such a profound step in your career to look atways to manage your risk and increase your chance of success. The Small Business Administration conducted a survey that found 62% of non-franchisedbusinesses failed within 6 years. A separate study by the United States Chamber of Commercefound that 97% of franchises were still open after 5 years. The research conducted by these independent third party organizations clearly demonstrates thatchoosing a franchise business carries significantly less risk than starting a business on your own. 2) Work with what you've got Making a list of your strengths is easy. But when launching a business, it's also important to makean honest assessment of your weaknesses. Before you get to work selecting a franchise, take the time to develop a list that honestly depictsyour strengths and weaknesses as a potential business owner. Then use this profile as a tool tohelp with the decision making process. Ask franchise owners questions about the duties they perform, and compare the job requirementsto your profile. If the business has the potential to be a good fit, the skill sets required to run thebusiness will either be skills you already have or skills you can learn quickly. If this is not the case,it's best to keep looking. If a certain aspect of a franchise has a steep learning curve but the business is otherwise a greatfit, you may want to consider hiring someone experienced with that position. If this is the choiceyou make, be sure to include their salary and benefits in the financial business plan. 3) Remember to run the business Many potential franchisees make the mistake of thinking they're limited to buying a franchise intheir current field. In fact, this might be the worst way to go. Some franchises will not allow someone skilled in a particular industry to buy a franchise in that
 
industry. For example, a mechanic may not be allowed to purchase an auto repair franchise.Skilled technicians sometimes find the transition from hands-on work to management work difficultto make, and are tempted back onto the floor to do the job they're familiar with. The problem with this is that you grow the business by running the business, and what afranchisor wants to see on the bottom line is growth. A business owner needs to be outnetworking, marketing and interacting with customers. If there's too much work on the floor of anauto repair franchise, then the owner - even if he's a highly skilled mechanic - needs to hire moremechanics. Basic business skills are transferable to any franchise. If your current position involves universalroles like sales, marketing or accounting then your franchise options are practically unlimited. 4) No business is recession-proof There's no such thing as a business that can't be impacted by a faltering economy. There are, however, certain industries that are considered recession "resistant." These aregenerally products and services people can't do without no matter how much they're cutting thebudget. The good news is there are hundreds of great franchise opportunities in recession resistantindustries. The following are just a few examples: Top recession resistant industries:Food · Automotive · Healthcare · Medical·Clothing ·Education Recession resistant franchise industries: Fast food restaurants·Automotive maintenance, partsand repair · Weight loss and fitness · Resale shops and discount (dollar) stores · Education(tutoring) and child care 5) Objectively evaluate professional advice from personal sources Friends and family have your best interests at heart, and their advice comes from a place of loveand concern for your well-being. No one would suggest making the personal, professional andfinancial commitment to launching a business without consulting your loved ones. But friends and family are not subject matter experts and their advice can - intentionally or not -discourage a new business venture. The people who love you worry about what could happen ifyou fail, and their instinct will be to protect you from the risk. When it comes to the final decision whether or not to proceed with purchasing a franchise, ofcourse you will carefully weigh all the advice you've received. The key is to rely most heavily onthe advice offered by industry professionals. 6) There's no such thing as a free lunch There are countless "free" franchise brokers and consultants out there claiming to offer unbiased
 
information on franchise opportunities. They will work with you to assess your needs, and use yourprofessional profile to help make recommendations on franchise opportunities that may suit you. The problem with these services is that they get paid by the franchises for selling franchises. Thatmeans they are naturally only going to show you options they'll get paid for. And in the case ofhigh profile franchises that may offer them 2 to 4 times the average commission, there's a real riskthey may steer clients to those businesses whether they're a good match or not. These broker services may have access to detailed data on several hundred franchises and theycan be a great source of information. Just be cautious about their recommendations, and get asecond opinion before investing your money. 7) Tune out the hype Never before was the adage "if it sounds too good to be true, it probably is" more applicable.You're going to hear a lot of hype - good and bad - while assessing potential franchiseopportunities. Between marketing blitzes and human nature, it's easy for success stories to spread like wildfire.Think about the guy who lost weight eating Subway - that story is so pervasive it's become almostimpossible to separate the allegory from the restaurant in the public's perception. The hypesurrounding that marketing campaign will have an impact on potential Subway franchisees for theforeseeable future. It's also natural for people to look for something to blame when things go wrong. Because of thisthere are also going to be negative, emotionally charged franchise stories in circulation. However,keep in mind the nuanced details that created such situations are never discussed; only theattention-grabbing outcomes. No one is suggesting you completely ignore these stories, because hidden beneath the hype thereare likely valuable lessons to learn. Learn from them what you can while keeping in mind whatthey are: unique situations with complex back stories that probably have no bearing on yoursuccess whether or not you choose the same franchise. 8) Look beyond the big brands Sometimes it's easy to forget there are thousands of franchise opportunities out there, becausethe big name brands get all the attention. When you're in the early stages of your search, it's agood idea to bypass the overblown marketing of the huge franchises and make an effort to learnabout the "no-name" franchises in your industry of interest. There are quite a few advantages to lesser known franchise brands. For instance, they are oftencutting edge concepts that can get a lot of marketing attention. Lesser known franchises haven'tyet saturated your local market. And they're usually less expensive to start up, which means lessfinancial risk. Of course, you may be looking for the security and benefits that come with a big name franchise.Criteria such as national marketing campaigns, standardized employee training, management

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