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ENSURING FRANCHISE SUCCESS

New franchise owners have to do everything they can to give themselves a better shot at success.

Okay, maybe we can’t guarantee you will be successful with your new franchise just by reading this article. (If you find an article that does guarantee that, you should probably stop reading it.) But we can give you some tips about what you need to be on the lookout for when starting and running your franchise. Unlike other businesses, franchises entail a relationship between the buyer (franchisee) and the seller (franchisor) that can lead to both opportunities and problems. Whether you are new to franchising or are experienced, there are a few things you can do to help ensure your success:

Know your franchise agreement. As a new franchise owner, your business is built upon one thing: the franchise agreement. Ensuring a strong agreement through negotiation or amendments is a good step, but it isn’t the last one. You should always know everything there is to know about your franchise agreement, from the smallest detail to the most important provisions.

Develop a strong franchisor relationship. You bought a franchise because, at least in part, you wanted some backup. Use it. Develop a relationship with the franchisor organization. Know who people are, know what they do and learn how to interact with everyone. Just like any other organization, a franchise is a team and you need to know how to operate within it. Approach any problems from the point of view of “We’re in this together,” not “It’s me against you so don’t make me get my solicitor.” Cultivating a strong relationship with your franshisor can go a long way to making your life a lot easier.

Ensure territory. Starting a new franchise when no one else is there is one thing. Watching your business slowly erode beneath your feet as a new franchise pops up every other week is entirely another. Know what your territorial rights are and what is open to change. Ensuring your success is often dependant upon keeping a specific territory to yourself, or at least limiting competition as much as you can. Making sure you know what your territory is, what territories may be opened up to you or what competition may be in store in your future will go a long way to making sure your business is a success.

Don’t reinvent the wheel. Franchisors are an interesting breed. As entrepreneurs, they are self-motivated, independently minded people. As franchise buyers, they are also team-players working with an established company. Sometimes these worlds collide, especially in the early stages of business when a franchise owner wants to do everything themselves. If you are eager to do everything on your own, take a step back and recognize that much of what you are doing has already been done. You can benefit from the experience and expertise of other franchisees as well as the franchise organization itself. Use this knowledge base so you don’t learn through experience what you can learn through a simple phone call.

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