08 Sep, 2017

Worst Franchises

Every franchise has the potential to either flourish or go downhill but there are certain key mistakes that people often make. These steps making a flourishing business become one of the worst franchises. Avoiding these few factors will help in maintain their franchise to the best. Some of the factors are discussed here that will help anyone wanting to open a franchise. Firstly a person should have enough capital to open a franchise. It would not be suitable to carry out the opening procedure of a franchise and then the capital investment runs out. The cost of the business should always be kept in mind before hand and the expenditure should be made accordingly. A flexible budget should be available so that no loss incurs at the last moment. If the funds are running short or the loan from the bank is exceeding then it does not mean that you should start saving from the marketing budget. The marketing of the franchise should always be kept top priority otherwise the loss will be much more. This is a huge mistake if the marketing cost is cut down. Even the shortest time period without advertisement of the company can turn into a loss and customers will turn to your competitors. This will bring long term harm to the company. Getting advice from other franchisees is a good idea. They can guide a person in the right direction and one won’t have run to and fro for the minutest of jobs. They can provide better knowledge about which franchises to invest in. another factor that makes flourishing franchises into becoming the worst franchises is the lack of people skills that the owner has. Controlling the staff is of prime importance to build a productive and efficient team. Without a proper team, progress cannot be made. The right sized franchise is necessary so that one can easily handle it. Opening a large franchise that cannot be controlled will only turn out to be disaster. Franchising has turned out to be much more fruitful than other business and a number of people are opting for it. But they have only become successful by avoiding these few mistakes. The worst franchises are those that have committed these mistakes and are now facing problems. They have in fact not been able to lift their franchise off the ground.

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