Franchising is not a guarantee to success but it provides you with the tools necessary to achieve success. The advantage of Franchising is that the initial startup of your business is guided by the Franchisor in terms of Business Development, Brand Marketing and Operational Guidance giving you more opportunities to succeed.
Franchising gives you several business opportunities but it does not give you the skills to successfully run a business. As an entrepreneur you are ultimately responsible for the success or failure of your franchise. You must not make mistakes and learn how to avoid them.
Common Franchisee Blunders
Most new franchisees rely too much on the goodwill and brand image of their Franchise and forget to invest in key areas in Marketing and Human Resource Management.
Marketing on a local level is key for your business. Relying too much on the Marketing on the Franchisor is one of the major blunders a franchisee could make. Investing and tapping the many Marketing Companies in India for your own Marketing Campaign will help boost your presence and increase potential customer traffic to your business.
Investing in your employees by hiring talented individuals and giving them appropriate training is key to providing good service and a long lasting impression on your customers. Having a highly skilled and a workforce with a high morale is the backbone to a successful business. Employees who are happy with their jobs provide better service to your customer.
How to avoid Mistakes
Overconfidence
Most entrepreneurs and businessmen make the mistake of ignoring the materials for operation provided by the Franchisor and instead follow their own ideas and stock knowledge. Experimenting your own business model is fine when you have the necessary skills and experience but until then it is advisable that you follow the advice and guidance of the Franchisor.
Forgetting About Accounting
New franchise owners often fall trap to focusing too much on the exciting marketing plans or the joys of entertaining a customer and forget the boring side of running a business, the accounting side. Business admiration is often overlooked by the new owners but it is a key task necessary for a successful business. Keeping your accounting books updated is necessary for you to track your progress and monitor the cost, expenses and income of your business.
Drive and Will Power
For the business to thrive and succeed, Franchisee must have the drive to learn from your mistakes and the willpower to overcome hurdles and obstacles. Investing your money is not enough for the success of a business as it requires your time and patience. Franchising in a field you are passionate about and therefore, boost your willpower to succeed.
Franchising opens many Business Opportunities in India. Not only does it help you grow professionally as a businessman, investing in an FMCG franchise will help develop your skills in handling with people, management skills and much more.