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Franchise Resource Center

How to Succeed in the World of Franchise Businesses
Posted on November 10, 2010 by My Franchise Law

So you’ve purchased a franchise and want to know what it takes to get things off to a solid start? Here are several key traits you should develop within yourself in order to get the most out of your franchise opportunity.

Careful planners:  The most successful franchisees are the ones who have done their homework and sought out a franchise with a strong track record and solid product or service.  They are not risk takers, and will instead do everything possible to ensure they have entered into a sound investment with room for steady growth down the road.

Able to work within established guidelines:  Franchisees who have a desire to work to improve the system they have inherited will be much more successful in the long run than those with an inherent need to change things to suit their particular vision for the company.  The ability to follow a predetermined plan, and work to make their franchise business as close to the model as possible will often mean the difference between success and failure for new franchisees.

Eager to learn: Franchisees who are eager to learn and adapt to the methods used within their company will find they are more equipped to successfully deal with all of the day-to-day demands of their business. The more they are willing to accept and implement franchise ideas from fellow franchisees and higher ups, the easier they will find it to run their business effectively.

Able to work hard: Owning a franchise is not an easy task, and the most successful franchisees are the ones who go into business with the willingness to work hard and do whatever it takes to keep things on track.  Having the right attitude and the knowledge that you will be required to dedicate significant time to your franchise business for the first few years will make you more likely to stick with it long-term and enjoy the fruits of your labor.

External Resources

Small Business Administration

A government resource for finding information on planning, mentoring, and strategies for franchises and small businesses.
SBA Small Business Planner

USA.gov Business Gateway

Resources for every step in planning your business or non-profit, from getting your EIN to handling wages.  
USA.gov Business Gateway

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