Franchises - Success and You

Many people believe owning a franchise will make them rich, financially secure, and provide the life of their dreams. True, franchises have an extremely high success rate, and a very high satisfaction rate among their owners. But is that success guaranteed when you purchase a franchise? NO!

There are no guarantees in life, or in franchises. There are those occasions when franchises are not profitable, lose money, and close. Although most franchises provide a proven business system, not all OWNERS are proven.

Many enter into the franchise system, thinking all they have to do is come up with the money to get the business open, and it will run itself and they will make money. I don't how many times I have had a prospective franchisee say to me, "I want a franchise that makes a lot of money". Well, I have news for you, it's hard work.

You have to WORK the system provided by the franchise. Many franchisees have impressive backgrounds and education, many from established positions with top companies. However, some have a difficult time doing "whatever it takes", to run the business. Whether it be marketing or sales, to taking out the trash and cleaning the restrooms, nothing should be beneath you to keep your business operating and profitable.

If you want be a franchisee, accept the fact that you will have a "franchisor" guiding and directing you. They have at much at stake as you, and their reputation is on the line. Remember your success is their success, so they will provide feedback, support, and direction with your business. However, some new franchisees, coming from corporate positions, may feel they don't need any direction and know best on how to run the business. This can be disastrous. The better franchises have spent years developing their systems, FOLLOW THEM!.

Learn every job and every position of your business. Be able to step in and help when needed. Be ready when employees quit, don't show, or simply think you can't manage without them. I can tell you from personal experience, all these things happen. The last thing you want is one of your employees having an upper hand with YOUR BUSINESS, because you can't do their job.

Be able to accept the fact that you don't "know it all", regardless of your past experiences and expertise. Listen to your franchisor and other franchisees. It is your business, but they have been doing it longer. Utilize their knowledge and expertise. The wrong attitude coupled with a few bad decisions may jeopardize your investment and your dream.

Remember, the one major variable in a franchises success is you. A franchise can be a very rewarding and profitable business when operated the right way, by the RIGHT PERSON!

(Copyright 2005-ehbvi-www.businessventureinc.com)

Ernie Horning is a Franchise Consultant and owns multiple businesses. He is also a former franchise owner, and writes articles for http://www.businessventureinc.com

---

Lessons Learned from Successful Entrepreneurs

Entrepreneurs are a special breed of high achievers. They create... Read More

Drive Website Traffic Unconventionally, Force Your Children To Do It

If you believe that every little bit helps then keep... Read More

Selecting a Venture

The basic rule is simple: "Find a market need and... Read More

Find Out If You WILL Be Successful As a Franchisee?

Will I be successful as a franchisee?One of the soundest... Read More

Business Is No Guarantee of Riches

Q: I'm thinking about starting a business since that seems... Read More

Success Secret - How To Find Million Dollar Opportunities

They're really are powerful million dollar opportunites everywhere.Ok, let me... Read More

Franchises - A Proven Business System

Franchises offer the first time business owner a proven and... Read More

What It Takes To be An Entrepreneur Series: Action

Many people have the professed desire to be their own... Read More

The Ideal Length of Your Business Plan

How long should a business plan be? A business plan... Read More

Goals and New Venture Creation

More and more corporate workers are leaving their jobs to... Read More

Defining a R&D Framework for Entrepreneurship and Innovation on Information Product Generation

IntroductionKnowledge is the key resource that forms the institutional basis... Read More

Coating Service Business Case Study

There are many coating businesses in the market today, but... Read More

Street Smarts Vs Book Smarts, What Does It Takes To Be An Entrepreneur

The latest series in "The Apprentice" features 2 distinct group... Read More

Raising Capital for Your Business ? How Long Does it Take?

Most companies vastly underestimate the time commitment necessary to successfully... Read More

Ten Traits of Successful Entrepreneurs

Successful entrepreneurs have many traits in common. Here are ten... Read More

Top 10 Business Plan Myths of Solo Entrepreneurs

Don't let these stop you from having a business plan... Read More

Success Secrets - What I, Mike Litman Learned From This Old Book

Yesterday was a beautiful, sunny day in New York and... Read More

Do You Have What it Takes to be a Successful Entrepreneur?

Print off this page, take the quiz and find out... Read More

A Dorm Room With A View

As a senior in high school, he paid cash for... Read More

Have You Been Thinking About Owning Your Own Business? Or Becoming An Entrepreneur? Part 1

Almost every day, I talk with people who want to... Read More

7 Lean Marketing Laws For The Inspired Entrepreneur

The following laws will provide guidance on how to act,think... Read More

Message to Prospective Franchisees for Franchisors

Many franchise companies fail to send the proper message to... Read More

Why I Should Go In To Business

Rohit Kochgaway was very upset with his boss for his... Read More

Entrepreneurial Emotions or It Seemed Like a Great Idea at the Time

It's your first business or the next Great Idea in... Read More

100% of Nothing

What would it be worth to you to receive a... Read More

Starting Your Business By The Book

I've gotten several questions recently about the legalities of starting... Read More

When Your Business Feels Like an Arranged Marriage

Q. I was laid off six months ago. Jobs in... Read More

Executive Suites - A Way To Save Cash

Cash is one of the most important resources to a... Read More

What Makes a Person an Entrepreneur?

Entrepreneurship is generally characterized by some type of innovation, a... Read More

Business Ideas

Richard Branson, billionaire founder of Virgin Records and Virgin Atlantic... Read More

Do You Want to Just Survive or Thrive? (Part 1)

You've probably heard this, or maybe you will relate to... Read More

Starting Your Business: It All Boils Down To Making Money and Saving Money

Bootstrapping in the context of business start-ups refers to the... Read More

How You Can Earn $1000 A Week Part Time

About 6 years ago I started to notice that certain... Read More