Things to do avoid as a franchisee
Franchising is a business that requires a lot of commitment and hard work. Besides this, one also needs to work as a part of a team and forever be receptive to customer feedback. At times it seems to be one of the easiest form of business and at times a form which requires one to multi-task between a million things. It is, actually a mix of both, but it is a very lucrative business if one gets the hang of it. So today just for you, we reveal some of the things to avoid as a franchisee
Here we go
• Don’t over-analyse It is very important as a franchisee not to over-analyse your business. Franchisees often tend to look at every mundane aspect of business and then try and come to a conclusion. The truth is that the franchisor is there to do all the analysis, so you should concentrate on the business and make sure you get the desired response. With time, insights will come, but with that ensuring day-to-day smooth running of the business is equally important. At least initially , you should use the franchisors expertise.
• Don’t Ignore As a businessman it is very important for you to be a good listener. Be receptive to all your stake-holders. Take your staff’s point of view into consideration because they interact with consumers on a daily basis. You might just get some great business insight by just listening to them. Don’t try to act like a boss who doesn’t listen to his employees. You should also listen to the customer as well your franchisor because he has years of expertise.
• Don’t experiment too much As the owner of the franchise, it is always very tempting to experiment and develop new models and systems of business. But franchising as a business is not about independence but about interdependence. You should operate within the existing business model developed by the franchisor. Too much experimentation can also damage the franchisors brand and this can lead to conflict.
• Don’t deviate from the agreement Don’t deviate from the franchise agreement. All the business should be carried out within the framework of the franchise agreement. Also, don’t let the franchisor deny you some service which is clearly stated in the agreement. Keep your ego asides, because this is a team-business and you need the franchisor and vice-versa
• Don’t be a Miser Don’t try to save too much money initially by cutting down on marketing and promotions. This will deprive your business of the publicity it could have attracted which will in turn reduce the foot-falls in your store. Spend money judiciously, but do spend it where it is good for your business even if it is in the long run.
• Don’t be selective Don’t to be selective while implementing the franchisors business model because it is an already proven business model and that was the reason why you bought the franchise in the first place. Hence apply the franchisors business model whole-heartedly. Be transparent in the way you do your business.
• Don’t think just money Don’t think just about money, think about taking your business forward and then, money will automatically come in.