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Owning a Franchise – What You Need to Know.


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Owning a franchise can be an excellent way for those with the business passion to start a business and take control of their destiny. Probably the best aspect of owning a franchise is that half the work has already been performed. The company has an established brand and others have made and learned from the mistakes so you don’t have too. The worst aspect is — there is still a lot of work to do and it is underestimated at your own peril.

A Sports Analogy

Jumping into owning a franchise can be compared to a football player on the field. Your team mates (the franchisor) have played superb offense and you are now on the 20 yard line. You (the franchisee) are in a position to score a touchdown when the ball is thrown your way. Whether you score or not is dependent on your own abilities, passion and desire to score. You cannot become sidetracked by the opponents (problems/obstacles) between you and the end zone (your ultimate success), your focus must be on scoring. Knowing your own capabilities and limitations is the key. Your job in owning a franchise must be the same as the football player. You must be fully equipped with the experience, the mental focus, the desire and the ability to look past all the things in your path that distract you from your ultimate success.

Do You Have What It Takes for Success?

Those considering buying a franchise must not only fully investigate the franchise, but they need to investigate themselves. Key aspects of your own entrepreneurial success must be:

• Skills — A developed set of business skills will bring success faster. Like the football player, you should have practiced until your skill set becomes second nature.

• Focus — Success must be the primary goal and your focus must be unwavering.

• Desire — Wanting success so passionately that problems are simply a player on the opposing team you must over power or outsmart.

• Knowledge — Prior business experience is a must. Knowing how to run a business and achieve your goals builds confidence and defines a path for success.

Getting into franchise ownership is your opportunity to take the field. How well you play and if you are able to score is up to you. If you come to the field fully prepared, determined and equipped to win success for your franchise, then you will greatly improve your chances of emerging the victor.

Dion Earnshaw is a Candaian Author. He provides help introduce prospective franchisees to franchisors, helping both to achieve higher levels of success. He has applied his knowledge and understanding to a wide variety of owning a franchise.

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  • Posted On August 1, 2012
  • Published articles 5

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