Posted on: 30 January 2015
Passion, perseverance and patience are key to making your franchise successful. Some of our contributors have also shared some of their top tips:
- “Listen to the guidance of your franchisor. Follow their model and system.”
- “Understand that your business plan is a working document, not just one to get finance from the bank. Benchmark where the business is now with where you thought it would be. Identify the problems and find the potential opportunities.”
- “The franchisor prospectus won’t tell you where the headaches are. You have to be careful that you don’t look at the opportunity through rose tinted glasses and get carried away. Do your due diligence first.”
- “Find franchisors that give a huge amount of support to their franchise partners. Look for open lines of communication within the network. Franchisors that listen and learn from the network’s daily experiences and is able to adapt quickly to accommodate advances in the market place are more likely to be successful.”
- “Don’t try to reinvent the wheel, listen to what the franchisor is telling you.”
- “You’ll grow your business faster if you’re not focused on the sell. Let others tell you their woes and listen to their needs. Then fit your services to them and not you.”
Use the content guide below to answer your franchising questions:
- What are the advantages and disadvantages of franchising?
- Does my business suit the business model?
- What do I need to consider when setting up the franchise?
- What are my options for funding a franchise?
- How do I recruit the right franchisees?
- What are the advantages and disadvantages for the franchisee?
- Will I suit the franchise model?
- Where do I find franchise opportunities?
- How do I choose the right franchise business?
- What questions should I ask before buying?
- How can I finance becoming a franchisee?
- How do I make my franchise successful? (You are here)
The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.