So you bought a franchise or you are about to sign a franchise agreement and buy a franchise and you are wondering “…what are some mistakes that others after they bought a franchise…” So what we are talking about is not your pre-purchase franchise due diligence (something I discuss in my book “An Entrepreneurs Guide to Buying a Franchise” and something my good friend Joel Libava addresses in his excellent book “Become a Franchise Owner”) but, rather, mistakes to avoid after you buy a franchise. Look, there are many mistakes to avoid and as business owners and entrepreneurs we are bound to make mistakes, but here are three (3) to avoid:
MISTAKE #1 to Avoid After You Buy a Franchise – You assume that the hard work is over: That is, you assume or act as if the hard part was establishing your new business and that after you open your doors and have your grand opening that all you have to do is monitor the sales that come in. Whether you buy a franchise or you open an independent business, getting started and opening your doors for business may actually be the easiest of all the tasks involved. After you open you must constantly monitor, manage and market your business. A successful business is always a work in progress and you must treat it as such.
MISTAKE #2 to Avoid After You Buy a Franchise – You Stop Learning or Assume that the Franchisor will Provide You with Everything You Need to Know: Business success is never an accident and in my estimation truly successful business owners and entrepreneurs are “constant learners”. They are continuously learning from other business owners (both within their industry and outside their industry), consultants and business coaches. A successful business is truly a journey and we all have a lot to learn. Also, keep in mind that while a good franchisor will be of invaluable assistance and guidance, you still need more.
MISTAKE #3 to Avoid After You Buy a Franchise – You work “in your business” and not “on your business”: As to this incredible point I can take no credit but just point you to Michael Gerber’s groundbreaking book: “The E-Myth Revisited”. If you haven’t read this book…stop what you are doing right now…get it and read it.
A final thought, consider that within each franchise system (the exact same system) there are franchisees who are thriving, struggling and those in the middle. What creates this disparity? They are all part of the same system, same products and same services. So, why do some succeed and others fail? Well, I don’t know all the answers but I can assure you that the three mistakes that I just described definitely play a role.
Category: Buy a Franchise
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