In many ways, owning and running a franchise business is much easier than starting a business from scratch. Not only are you backed by an established brand, but you also have all the tools and resources you need to succeed. This said, however, nearly 40-percent of small and retail franchises fail over a four-year span. So, while the chances of being a successful franchise owner are high, there is still a chance that your business could see a very short lifespan if you don’t execute properly.
Take into consideration these three key factors that will help to ensure your franchise business is as successful as possible.
3. Match Your Skills With Your Business
Powerhouse franchise consultant company FranNet investigated the success rate of franchise clients between 2006 and 2010 and found that of the 1,500 individuals they surveyed, 91.2 percent of business were still thriving after two years and 85 percent remained in operation after five years. Considering the fact that this study was conducted during one of the worst economic depressions in history, these numbers indicated just how important it is to match your personality traits and skills to the right franchising concept.
2. Have A Solid Business Plan
As simple as it may seem, creating a solid business plan is a key factor in finding success as a franchise business. Take time to create long and short term goals for your business and develop a plan for how you’ll achieve them. By doing this ahead of time, you can use these goals to help navigate and dictate how you operate your business.
1. Location, Location, Location
When it comes to operating a successful franchise business, location is everything. Do some investigative work to determine where the best possible location for your business is and determine how this location will help benefit your business in the future. Remember, you’ll want to choose a location that will allow you to operate within the highest margins and receive the highest return on investment.
If you’re interested in starting a successful franchise, consider becoming a member of the Bruges Franchising family. Contact us today for more information about our franchise.