Franchising has become an increasingly popular choice for those who dream of their own business or have already made their dreams a reality. That said, franchising isn’t a one-size-fits-all endeavor and it’s important to build a solid foundation from the start. It’s this blog’s goal to help new franchise owners avoid some of the common mistakes made by those jumping into franchising for the first time.
Mistake #1: Acquiring Wrong Name
Many would-be franchise owners simply don’t have a strong enough brand to build their own business under. This is fine. But, before even applying for a franchisee opportunity, ask yourself if the franchisor name really fits the image you wish to present to the world. Are you proud of the name? Would you feel comfortable referring to it in conversation without feeling embarrassed? If not, then chances are your choice of name will plague your franchise in its early stages and could reflect poorly on your business.
Mistake #2: Not Starting Small
Many digital marketing for franchises owners are so eager to get the business started that they think they can jump right in and take on a large number of locations. This isn’t a good idea. If you aren’t prepared to support individual locations, your franchisees won’t be either. They’ll outsource every aspect of their business as well, which means more profit for you and yet another headache when it comes to branding and image control.
Mistake #3: No Preparation for Franchisor Training
Even if you’ve had years of experience running your own business, things are going to be quite different as a franchisor. There will be so many things you need to know about print advertising, social media, human resources and more. When you don’t have a solid grasp on the process, it’s easy to make mistakes that could put your franchise in jeopardy.
It’s important to be prepared for the training that comes along with franchising. Don’t think that because you’ve run a successful business before means you’ll master every facet of franchising or will be ready on day one. These skills need time to develop and tradition might not be a good teacher due to all the changes being made by new owners right now.