Home > Startup > Franchise Center > Top 8 Franchising Do’s and Don’ts

Top 8 Franchising Do’s and Don’ts

By: Jania Bailey

 

6577c6b0fbc4ba9ae61ff6583dc67c84

People love lists. In the journalistic world of blogging, a phrase has been coined to describe a type of form writing which utilizes lists in a thematic structure—it’s called a “listicle,” the fused root of the words “list” and “article.” One of the more popular sites on the Internet using listicles to make broader points and references is Buzzfeed. There, you can browse such titles as “14 Reasons You Should Want to Live on This Planet” and “34 Things That Taste Like Your Childhood.”

You may have just noticed a small pattern here. Where is the Top-5 list? Or the Top 10-type lists which propelled David Letterman’s nightly ratings? Research has shown that many readers, overwhelmed with these usual numbers, often tune out titles with common numerals which comprise the lists. In fact, researchers have found that readers pay much more attention to non-standard numerical lists. Perhaps that’s why Stephen R. Covey’s “7 Habits of Highly Effective People” became a blockbusting bestseller.
In keeping with this theme, FranNet is proud to bring you, the reader, the “Top-8 Franchising Do’s & Don’ts.
 
  1. DO…develop a business plan before you sign on the dotted line. It has been stated before in our blog section that choosing the right franchise opportunity which matches up best with your skills and experience is the single-most important decision you will make in the entire process! Heavy consideration should be given to every angle of your new opportunity. Once this all-important decision has been made, you simply MUST create a viable and workable business plan to support your efforts. There is an incredible amount of information available via the Internet to help you get started. A logical place to begin is the business plan resource pages of the U.S. Small Business Administration (SBA) or its video on franchising.
  2. DON’T…just breeze through your Franchise Disclosure Document. Read it carefully and read it thoroughly. The presentation of this document is a mandatory step in the franchising process and is designed to protect the prospective franchisee from unknown variables.
  3. DO…have an exit strategy for your franchise business—before you begin operations. Consider whether or not you want to will the business to a family member, sell it or even expand to multiple franchises. Choose wisely…but be sure to have your choices in order.
  4. DON’T…ignore your instincts. If you’ve arrived at the precipice of franchise ownership, you clearly trust your intuition to have gotten you here in the first place. If something—anything—feels out of step in the process, stop and ask questions. Get clarification. Don’t be afraid to go the extra mile in protecting yourself during this intricate process.
  5. DO…consult with your family throughout the process. Owning a franchise is often a decision made with your loved ones in mind. Many are designed to give the proprietor the freedom to spend more time with family—and in some cases leave a lasting legacy created to provide financial security. Consult with those closest to you and rely on the informed decisions you make together.
  6. DON’T…rush into anything. As a potential franchisee, time is on your side. You have the right to make an informed decision. Beware of any “hot-box” tactics designed to speed you through a franchise process. A reputable franchise consultant will proceed at the pace you set, not the other way around.
  7. DO…investigate a franchise concept that you are going to love. With over 3,000 franchise concepts, there simply has to be one that speaks directly to you. While many potential franchisees rely on their past business experience to guide them into their own similar franchise opportunity, you can still investigate the type of business you always wanted.
  8. DON’T…begin the franchise ownership process without proper guidance. FranNet is dedicated to matching your best attributes with a franchise where you should have unbridled success. Our consultants are dedicated experts in this field. And the best part of all? Their advice to you is free and contains no-obligation throughout the entire process.
This article was originally published by FranNet.com
Published: June 14, 2013
3056 Views

Trending Articles

Stay up to date with
a person

Jania Bailey

Jania Bailey is president/COO of FranNet, North America’s most well-respected franchise consulting firm. Bailey sits on the board of directors for the International Franchise Association (IFA) and is a certified franchise expert. Her background includes over 25 years experience in the banking and franchise industries.  Bailey also authored the book, “Thriving – The Journey to Success in the Business World.” 

Related Articles