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Open Secrets of A Franchise Owner
Indeed, not all are born with the huge risk appetites of entrepreneurs. Luckily, being a franchisee presents a convenient way of realizing one’s dream of being a business owner without too much of a gamble. Armed with passion and motivation, these five secrets will take you on the path to business success.
1. Know thyself and your business
Before diving headfirst into the world of franchise business owners, it will serve you well to do a little bit of research. Take a hard look at your finances, from the amount of capital you are able to invest to how much debt you can incur. Seek out effective businesses that provide strong marketing support, quality control, and an established training program. Reflect on your interests, values, and skill set. What are you passionate about? What do you hope to get out of the business? What are your goals? Do your homework well in advance. Setting a strong foundation is key.
2. Play by the rules
Being a franchisee saves you from the birth pains of forging your own path in business as the work has been done for you. Procedures have been tried and tested, and those with a proven track record of success are already outlined for you–minimizing risk, maximizing results. It only makes sense to work with the system. Commit to working within the model of your chosen business has in place, and reap the benefits of avoiding costly mistakes. Not only is it the sensible thing to do since you paid for the business model, but chances are, the head office knows better.
3. Stay humble
While working within the system, a successful franchise owner also needs to remain open to suggestions and improvements. Be willing to learn from mentors and fellow business owners. As practical it is to work with the built-in system, it can also create a false sense of security. Even with years of work experience behind you, it pays to let go of any air of superiority, and adopt the spirit of a humble student.
4. Work hard
Just because a system is in place does not mean you can sit back, relax and let business success magically unfold. Nothing beats hardwork. As with anything, the road to success means having a strong work ethic, exerting effort, and putting in the time required. You need to have the willingness to do whatever it takes to get the job done. Even with systems in place, the first few years can be particularly challenging.
4. Engage people
Being a franchisee means you are constantly interacting with people–from your employees to your customers. Create a healthy business environment by listening to customer suggestions, paying attention to concerns, and responding to complaints. Similarly, building a loyal and trustworthy workforce means keeping communication lines open and responding to their needs. Establish relationships. Encourage personal growth. Be an inspiring leader. Motivate.