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November 18, 2016

Many of today’s business owners are entrepreneurs and many of those entrepreneurs are franchisees. Many of these franchisees are very pleased with their experience and results, but too many others have become victims of the dynamics and realities of franchising. Your Strategic Thinking Business Coach researched the issue and found ten (10) strategic tips to share with entrepreneurs who have decided to become franchisees.Strategic Tip #1: Assess your readiness and your suitability to be a franchisee. Too many entrepreneurs neglect this assessment. Owning a franchise is not like opening your own business. Buying a franchise means you have become a part of a larger organization and you must adhere to guidelines and structure. For many entrepreneurs, this is not a concept with which they are comfortable.

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Strategic Tip #2: Do your due diligence and research the product or service that is being franchised. You need to know all about what you are selling and you need to feel comfortable and confident in selling it.Strategic Tip #3: Make sure you absolutely understand all the costs involved with the franchise opportunity. There have been too many franchise owners who only looked at the initial outlay of capital and did not consider and plan for the ongoing financial needs of the business. You need to develop a detailed budget that incorporates not only the startup costs, but also the operational and maintenance costs for the first 3 to 5 years.Strategic Tip #4: It is absolutely critical that you speak with other franchisees and learn their opinions of the franchise business, and their opinions of the strengths, weaknesses, opportunities, threats related to the franchise. You must do this before investing any money in the franchise business.Strategic Tip #5: Seek outside advice and counsel. Consider hiring a strategic thinking business coach to guide you through your decision making process.Strategic Tip #6: Retain legal counsel to review the franchise agreement. Select an attorney that is familiar with franchise agreements. Never sign a franchise agreement or any franchise document without legal counsel.Strategic Tip #7: Insist upon receiving everything in written form. This is especially true when it comes to what the sales representative tells you about all the wonderful things about the franchisor. In other words, get all promises from the franchisor in written form.

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Strategic Tip #8: Conduct a SWOT analysis of the franchise opportunity.Strategic Tip #9: Perform an independent market analysis of the franchise opportunity.Strategic Tip #10: Develop a strategic plan and a strategic action plan with integrated marketing communications elements and assess the level of time, resources and capital it will take to assure a successful venture.Your Strategic Thinking Business Coach encourages you to fully realize the benefits of business coaching to strategically and effectively start a new business, on your own or becoming a franchisee.

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