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Growing Up Strong: How To Manage Your Franchise In Its First Three Years

Growing Up Strong: How To Manage Your Franchise In Its First Three Years

Hire the right people and let them do their job

If you tend towards being a bit of a control freak, that may have its benefits, but also serious downsides. Running a new business is hard work, and the best way to make it unnecessarily harder is to micromanage your employees. If you’re scrupulous in your hiring practices and develop a solid training strategy, it’ll be that much easier to delegate. Don’t make the mistake of over-exhausting yourself early on–the ability to step back and give your employees a chance to do well is an important business skill.

Get organized, stay organised

The old adage that there are never enough hours in the day rings very true for new business owners. When you’re just getting off the ground, it’s more important than ever to manage your time properly. Have a day-planner, stick to it, and always ask for help when you need it.

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Three Things To Consider Before You Take The Leap

Three Things To Consider Before You Take The Leap

Have a solid understanding of your resources

No matter what, a meeting with your accountant and financial planner should be first on the agenda. Understand exactly how much of your own money you can afford to spend, as well as what you can afford to borrow. Getting a loan for some businesses is easier than for others since some franchises are accredited by banks, but don’t take risks you can’t afford. Once you understand your financial position, research the earning potential of your desired investment over time and weigh the cost against the benefit.

Know yourself

Do you see yourself as owner/operator, willing to put in long hours to get your business off the ground? Is your investment the start of a hands-on career, or would you prefer to delegate and take the backseat? If the former, whether it be an independent business or a small franchise, make sure you choose something you’re passionate about, lest you wind up having bitten off more than you can chew. If the latter, a larger franchise may suit your needs.

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Building Bridges: Relationships & Your Franchise

Building Bridges: Relationships & Your Franchise

Last but certainly not least, keep an open line of communication with your franchisor. Remember, your supplier is literally invested in your success, and is highly motivated to help your business moves in the right direction. If you’re struggling, whether it be with marketing, management, or finances, your supplier has probably dealt with something similar before. If you’re wise enough to use their experience to your advantage, everyone will come out on top.

The key to any healthy relationship is communication. Listen to your customers, employees, and suppliers, and they will return the favour by supporting you when the chips are down!

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Money Management For Franchisees – Don’t Bet Your Bottom Dollar

Money Management For Franchisees – Don’t Bet Your Bottom Dollar

What can you afford to invest?

If you’re thinking about becoming a franchisee, you should have a clear picture of your financial position. Get in touch with your accountant and, if applicable, financial planner, to determine the capital outlay you can afford. Keep in mind that it’s easier to get a loan for franchises that are accredited by banks or other financial institutions, and if the franchisor offers it, you may even qualify for vendor financing. No matter what, make sure you can afford what you put in, and weigh your investment carefully against projected earnings.

How long are you willing to wait to make a profit?

Some franchises generate quick returns, while others take longer to turn a profit. Is it important that you get a return on your investment within the first few years, or can you afford to wait for more money in the long run? Are you planning on selling in the near future or sticking around for the long haul? Just as you should know how much you’re willing to put in, you should be realistic with what you need from your business.

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