4 Common Mistakes New Franchisees Make
Just like most anything else, becoming a business owner for the first time is a learning experience, and thus, it’s not unusual for a mistake or two to be made. However, by doing some research and reading up on the prior experiences of others who were once in your shoes, you can help yourself avoid some of the more common ones!
Now let us ask you this – does your next career move involve purchasing a franchise? If so, here’s what you shouldn’t do:
- Forget about research. Jumping into a business endeavor as big as purchasing a franchise requires you to do a ton of research, and not taking this seriously can hinder your overall experience. Before you begin, you’ll need to spend a lot of time finding a franchise that’s a good fit for you and your business goals. You’ll then need to put your focus on things such as site location to ensure that you’re setting yourself up for success.
- Not talking to others. As part of the research process, you should make it a priority to not only speak directly to a franchise’s leadership team, but also speak with other franchise owners to get their take on the concept, the business model, and their overall experience. This in particular is something we highly stress at Fazoli’s. Speaking with existing business owners can provide you with extensive insight about potential profitability and results.
- Assume you’ll do it all. Part of what makes owning any business so appealing is that you can “be your own boss” and have the final say on many major decisions. But, that doesn’t mean you wouldn’t benefit from the help of other qualified individuals, especially at the beginning. That’s why it’s so important to find a franchise that has a strong leadership team – support in areas such as site selection, training, marketing and more from start to finish is key.
- Overestimate your finances. You must have a good grasp on your finances before you can begin to make any decisions – remember that in addition to the costs associated with running a business, there are also costs related to starting one. With that said, you’ll want to have a clear outline of how much money you can invest at the beginning, then you’ll need to understand what type of income and how much cash flow you’ll have as you work on building your business – in doing so, you need to be realistic.
Here at Fazoli’s, we know what it takes for our franchisees to be successful, and we also know what should be avoided in order for our franchisees to get the most out of their experience with us. If you’re looking for a franchise that can guide you every step of the way and help you steer clear of some of the mistakes that other franchisees may make, choosing Fazoli’s is your best bet.
To learn more about our current franchise opportunities, contact Sam Nelson at 1-800-446-4368 or fill out our information request form online.
- Trusted and experienced leadership
- Strong Brand reputation
- Stable and growing System Performance
- High Growth Potential
- Attractive Financial Performance
- Operational & Portfolio Compatibility