Stress faced by a franchisee
When one finally bags the franchise that he/she so badly wanted, it feels like a dream. But in some cases this dream can quickly turn into a nightmare. This can happen for various reasons, a franchisee after all is only human. He has to deal with the franchisor, his staff, his customers and most importantly his family. Too much or too little commitment to any of the above mentioned factors can lead to a lot of stress. We give the lowdown on the most common stresses faced by a franchisee:
• A dominating franchisor
A dominating or a demanding franchisor can cause a lot of stress for the franchisee. Franchisors, who think that their business model works like magic can often cause a lot of stress by expecting too much, too early. Hence it is important to know the franchisors expectations and clearly tell him your goals and expectations. To reduce stress, constant communication with the franchisor is of utmost importance.
• Dynamic and volatile market
The market today is highly dynamic, and as a consequence the demand can vary wildly. Also constant change needs constant innovation with respect to the products and the services offered. Many businesses can’t withstand this constant demand to innovate, which in turn reduces sales and leads to stress.
Often, competition from a good brand can lead to sleepless nights. In such cases the best things to do is concentrate on your business and try and provide your customer the best service possible.
New franchisees often get so involved in their businesses that they can’t give enough time to their family. Too much involvement can lead one to ignore his family which can prove to be detrimental. Hence it is important to distribute ones time fairly between work and family.
• Intellectual workforce
Today, the workforce is more diverse and more knowledgeable then it used to be before. In the past, workers used to follow orders from the top without putting their own brains to it. Today’s employee is not used to taking such orders blindly and hence this can lead to arguments which in turn leads to a higher rate of attrition.
• Diverse workforce
Also in today’s globalised world, the workforce in diverse in terms of nationality, background, age etc. Keeping this globalised workforce together is a big challenge. Hence it is important to have a common mechanism to deal with the entire workforce. A common method, which does leave some space for customization.