Investing in a franchise is a smart way to balance the independence of owning your own business with the support of an experienced system. But before you invest in a marketing franchise there is a lot you need to know to help ensure your success. To help with that, we have compiled 5 first-time franchising mistakes and how to avoid them.
Not Asking the Right Questions
Before you can even begin to choose which brand or industry to invest in, you need to reflect inwardly to determine what direction you want to go. Asking yourself the right questions will help you decide how to go about investing in a franchise. Some of the questions you should ask include:
- What are your goals?
- What do you want to get out of franchising?
- What will hold you back from being successful?
- What are your biggest strengths and weaknesses and how do they relate to owning a marketing franchise?
- How can you apply your skills to a franchise?
Not Working with a Team
One of the biggest reasons to join a franchise in the first place is that you don’t have to do everything yourself; still, many new franchisees try to do everything on their own. The great thing about franchising is that you can rely on the network to help you. In addition, delegating responsibilities to trustworthy employees will allow you to focus on the big picture and take some of the load off of your shoulders.
Not Talking to Franchisees
Before you make the investment the brand’s existing franchisees are one of the most valuable resources available to you. A franchise owner already running a marketing franchise and working in the system can tell you exactly what to expect from your investment. Ask franchisees about the resources available to them, their opinion on the training program, and what a day in their life is like.
Even more importantly, ask the franchisees for advice and then listen to them. They have experience in what you want to be doing, so they can tell you firsthand how to avoid the mistakes they made when they started. This is an invaluable resource that you should utilize.
Not Following the System
Choosing to invest in a franchise, as opposed to starting your own independent business, means that you are investing in the franchise’s system. That includes products and services, suppliers, technology, and more. Following the system is key because it has been tested, tweaked, and proven with franchisees in a variety of locations, so it is the easiest way for you to be successful.
Not Putting in the Work
Even though the franchise system is in place to help you succeed, it is not a guarantee. After you invest in a marketing franchise you have to be prepared to put in the work to really earn your success. Owning a business, franchise or not, still requires that you learn your industry, market to your customers, and spend time doing things like bookkeeping, training employees, dealing with technical difficulties, and more.
Simply put, the franchise only works if you do.
Becoming the owner of a marketing franchise lets you take control of your future and enjoy the sense of freedom that can only come from being your own boss. Fully Promoted is the largest promotional products and marketing services franchise in the world, and we are excited to share our franchise opportunity with you!
Download our eBook to learn the steps to becoming a Fully Promoted owner.