5 Lessons To Learn From The Mistakes Made By First Time Franchisees

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When we are new at something, we are bound to make mistakes. Experience alone makes us better at what we do. But there is another thing that we must always take notice of – the mistakes made by others. When we learn from the errors of other people, we at least do not make the same mistakes that they did.

Having said that, today we have for you some lessons from the common mistakes that many first time franchisees make.

1.Careful choice

Never be in a hurry, go through all the options available in the market and then chose the franchise in the industry you want to work in. You do not want to later regret the path you chose. Hence, it is better to take some time, ask more questions, consult more people and then make a decision.

2.Don’t Underestimate the time requirement

Many people have this belief that a businessman is the master of its own will. On the contrary, a businessman has to work most of the time. Their business is more like a child to them, which they cannot abandon. So, no matter what time it is, what day of the week it is, their business is always on their mind.

3.Beginning is not always easy

The initial months of a business may not necessarily fetch profits. In fact, even to achieve the break-even point, a lot of time and energy goes into making. Do not get discouraged. Once your business settles in, profits will eventually follow.

4.Always listen to your seniors

Another common mindset is that people think that those who are in the industry for a long time know nothing. You must realize that everybody in the market has the experience to share. So, always listen to them with an open mind.

5.Follow the rules of the franchisor

The very fact that the franchisor is in the market for a longer time and has given away many more franchises proves that they know more about the brand than you. During the initial months at least, simply follow the rule book. DO NOT stray from it. Once you get used to the idea of running a business then you can begin the experimentation.

We hope that these points help you in your Franchise journey. Do let us know if you have more points to add. For Franchise related information and queries, please call franchisezing at 97178-99655 or email us at info@franchisezing.com

 

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