The X and Why’s of Franchising | Prevent your franchise from failing
Just because you are now a business owner does not mean you can do as you please. This kind of thinking often leads to franchisees committing small mistakes that would eventually become a big problem in the future. Most of the time, they don’t even know that they’re doing something wrong! That’s why we have listed down some of the common mistakes that franchise rookies make so you can avoid them.
X: Not doing enough research WHY: It’s not that most franchisees are overly confident with the little knowledge they know. It’s that they don’t even bother to do research at all and that’s a big no, no! You cannot just rely on your franchisor for everything. If you absolutely know nothing about your business, you wouldn’t be able to support it properly as well.
X: Having insufficient funds WHY: We know how exciting it is to start your own business but don’t hastily jump the gun! Just like we always say, “mabuti nang sobra kesa kulang.” You will be unable to respond to emergencies and other sudden demands of your business if your don’t have extra funds for them.
X: Refusing change WHY: You’ve got to learn to adapt and go with the flow. If you don’t try to fit in and keep up with the current business trends, it is highly likely that you would become an insignificant body in the market. We don’t want that to happen, do we?
X: Lax and Lazy WHY: Even though everything’s already provided for you, there is absolutely no reason for you to be complacent. Your franchise business is not going to run on its own and if you fail to actively manage it well, you might lose not only your business but also your franchisor’s trust.