Common Mistakes 2018-10-19

Are You A First Time Franchisee? Avoid Making These Common Mistakes

Franchising is a tough job where every step needs to be calculated.

By Features Writer
Are You A First Time Franchisee? Avoid Making These Common Mistakes

The constant growing franchising universe is becoming a playground for many franchisors and franchisees. India specifically is witnessing numerous franchise emerging which is being welcomed by the local population.

Franchising industry has clocked the annual growth rate of 30% recording a market size of approximately USD 7.4 billion. In fact, it’s now the second fastest growing industry globally.

Simply being a part of a franchise doesn’t offer you financial success. There are many roadblocks which need to be crossed in order to establish a successful franchise. 

Consider avoiding these common mistakes which are mentioned below:

Habitual Franchisee Follies

Marketing and hiring are usually two segments where most franchisee commits a mistake. Franchisees need to understand the importance of marketing as it generates momentum during the franchise growth, attracting customers. It also helps in building a positive reputation of a brand.

Meanwhile, investing in the right team members helps you to achieve a focused impeccable customer service, which people consider a priority in today’s time. So focus on the recruitment process as it would determine the path your franchise is going to pave over.

Never Think That You Know More Than A Franchisor

You could be a great business person but remember that franchising is a completely different model. The franchisor will always know more about the business as you. Eliminating your ego and heeding their advice can help you achieve the business vision easily.

So when starting, consider keeping things simple and rely heavily on the established business model. Once you feel confident to outperform the franchisor model, and then only work on your idea turning into reality.

Always Keep A Track Record Of Revenues

Tracking is an essential element to know what you are investing and earning. Usually, franchisees fail in keeping the track of revenues, which lead to their failure. Quickly set up your financial setup which can test your model’s viability.

Remember that tracking your revenue and expenses properly can help you identify the amount of money which is coming in and going out.

Therefore, operating a franchise is an opportunity to follow your passion. If you are passionate enough without having your ego on board, congratulations you are fit for the franchising industry.

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Pecopp Pest Control Services has been providing effective pest control..
    Locations looking for expansion Haryana
    Establishment year 2017
    Franchising Launch Date 2020
    Investment size Rs. 10lac - 20lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
  • Casual Dine Restaurants
    Pind Balluchi - A Brand with a Legacy of 3..
    Locations looking for expansion Haryana
    Establishment year 1992
    Franchising Launch Date 1995
    Investment size Rs. 30lac - 50lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • After School Activities
    I-Max Academy has been established in April 2010. In short..
    Locations looking for expansion Delhi
    Establishment year 2010
    Franchising Launch Date 2011
    Investment size Rs. 50000 - 2lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Delhi Delhi
  • Designer Jewellery
    About Us: Flaunt Basket is a popular brand offering fashionable silver..
    Locations looking for expansion Karnataka
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads