Successfully Operating a Franchise
PizzaGuy's idea of looking at Success, is in my opinion a good idea. Here are 10 Tips for Success.
Tips for Success
- Learn as much as you can about the business before you commit your time and resources to the business.
- Accept the fact that in business everything takes twice as long and costs twice as much as you think.
- Study successful competitors carefully.
- Don't go into business with the sole objective of making a lot of money. Chances are you won't. But if you put proper pricing, service, quality, and customer satisfaction first - the money will follow.
- Be willing to work harder and longer than you have ever worked before. Forget about the eight hour day and the forty hour week.
- Keep complete and accurate records for tax purposes, for your banking needs, and most importantly, for your own guidance.
- Ensure you have the right people for the right job.
- Find a lawyer, accountant, banker, and insurance agent and seek their counsel as needed.
- Beware of absentee ownership. No one will look after your money, your property and your business like you will.
- Prepare a comprehensive business plan before investing your money. Failing to plan is planning to fail.
Believe & Succeed,DaleFranSynergy, Inc.www.fransynergy.com
Elizabethtown
We just popped in the movie ELIZABETHTOWN (see description below)
In the opening scene the character Drew Baylor defined:
Failure: the absence of success.
A definition which validates Pizza Guys position that Failure can be easier defined if success is first defined.
ELIZABETHTOWN
Drew Baylor (Orlando Bloom) is fired after causing his shoe company to lose hundreds of millions of dollars. To make matters worse, he's also dumped by his girlfriend (Jessica Biel). On the verge of ending it all, Drew gets a new lease on life when he returns to his family's small Kentucky hometown after his father dies. Along the way, he meets a flight attendant (Kirsten Dunst) with whom he falls in love. Cameron Crowe directs.
Believe & Succeed,DaleFranSynergy, Inc.Synergizing Franchising!www.fransynergy.com
Succesful Franchising
As I suspected - when looking at it from the other side of the equation you have to plan for a succesful outcome.
Potentially so much more profitable but so much less opportunity to regurgitate venom and vitriol
PizzaGuy
Does Z-Rube have a role in Elizabethtown?
Tell us about Z-Rube's charactor, please!
Amen pizzaguy
Blue Maumau has been hijacked by Z-rube in his feeble but urelenting attempt to vindicate his UPS Store franchise failure.
I believe that franchising is the great american success story and should be celebrated. What other business model had elavated so many from such humble beginnings? We can certainly talk about problems in franchising and people like Janet Sparks (she should introduce some balance in her reporting), Michael Webster, Paul Steinberg, Ricky Solomon and even Z-rube are welcome to opinionated and vigorous discussion of the issues, but please stop the incessant stupidity that destroys what could be the best franchise topical site known to man.
American success story
Guest writes: I believe that franchising is the great american success story and should be celebrated.
That is akin to saying that "employment is the great american success story."
Franchising is a means of purchasing capital and labor. As such, it is neither "great" nor "terrible" but is simply a business model (and an industry) which needs to be evaluated on its own terms.
I know many happy and successful franchisees. One thing they have in common is that they are pragmatic businesspeople who would get a good laugh out of the "great american success story" hype.
Conversely, many failed franchisees marched down the road to ruin propelled by this "in business for yourself not by yourself" "great american success story" crap.
Success: Another Definition
Thinking that PizzaGuy's "Success" idea was a good one, I thought I'd drag the conversation over to a new forum.
Perhaps another definition might be along the lines of:
A successful Franchise business is one that:
Here's a few more ideas about business success from some who I think we can all agree have been successful in business.
Believe & Succeed,DaleFranSynergy, Inc.Synergizing Franchising!www.fransynergy.com