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When you join a franchise, your franchisor has a vested interest in your success. Although they will be able to advise and guide you, you will need to fully commit to your business in order to make it a successful venture.
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Here's a look at how to increase your chances of success.
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- Have a solid grip on your finances
You will likely experience considerably greater expenses than income for at least the first year as you establish your business, so make sure you can afford all of your financial commitments and not just the initial franchise fee. If you don't have a second income stream, make sure you have enough savings to see you through any lean periods.
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- Follow the system
The franchise system is there to help you, so make the most of it. Not only will straying from the system potentially cause you to incur extra costs and work, but it may also land you in breach of your franchise agreement, which could result in your contract being terminated.
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- Don't lose yourself
Although you must immerse yourself into your business, try to make time for friends, family and your hobbies. Having a separate outlet and time away from the business will allow you to consider your options, make good decisions and ease any frustration that you feel. Approaching your challenges fresh from a break can also change your mindset and help you to overcome them.
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- Be enthusiastic
You chose to join a franchise because you believe in its products or services, so make sure to let that enthusiasm shine through in every interaction that you have with staff, customers or your franchise network. It will increase your motivation and, in turn, motivate others. When everyone in your business is working together toward a shared goal that you all believe in, success is much more likely.
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- Don't be afraid to ask for help
If you encounter difficulties, ask for help. Nobody will think less of you, and you will resolve your issue far more quickly than if you try to handle it alone.
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- Focus on customer service
The most important thing about being a franchisee is delivering great customer service as this will enhance your reputation, drive repeat business and increase customer loyalty. Happy, repeat customers can help you build a thriving business.
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By embracing these six tips for success, you will be well-placed to succeed in your new business endeavor.
