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Search past episodes of Franchise Secrets Podcast. From my experiences and theirs I give you these 5 tips to keep in mind as you pursue success in franchising. The franchise you look at will be a very public offering, you will have many pages of paperwork to go over, people to talk to at the corporate office as well as franchisees that have gone before you.

Secrets to Owning a Successful Franchise

Verifying what the franchise offers is largely a checklist project. Interestingly for most people looking at franchises the part of the equation that gets overlooked is internal. You bring inherent ways of working and learned skills that combine and should inform you of what franchise you would fit into best.

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Before you contact your first franchise take out a pad of paper and write down everything you know about yourself, what makes you tick and what the skills that you bring to the equation are. As you look at franchises keep that model in mind.

The 3 Secrets to Franchise Success

Do your work habits and skills fit the role of a franchisee in that system? It is very common to approach a franchise search based on those consumer experiences we have had at restaurants, retail stores and with service businesses. Inevitably, the sum of the consumer experiences we have had only touched a small fraction of the franchise industry and where we love to get dinner may not be where we would love to work.

The role of the owner is very different from the role of the customer. Owners manage the team, work behind the scenes at both the highest levels and sometimes picking up the most menial duties in the operation.

Trade Secrets

In some businesses the owner is on the front lines and on others they are semi-absentee or even absentee. That is unheard of, but some people get stuck on whether or not they would be a customer.

They may not be the target market but there are plenty of people who would be! A franchised business offers many advantages over a stand alone startup. It extremely risky starting a business from the ground up. Trial and error of marketing and sales strategies cost money. A startup business is typically developed in uncharted territory for the owner. The uncertainty of the venture in enough to discourage even seasoned entrepreneurs.

Why do you have to pay a franchise fee? A fair question. The most valuable of those three is debatable, but imagine yourself as a consumer needing a service.

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You just had a small kitchen fire, fortunately no one was injured, but now you need to call a company to clean up the smoke and fire damage to your home. Who do you call? Because they have been advertising to you for a decade on HGTV and other mediums, cementing their brands into your brain, just in case one day you need their services. They have a marketing team collecting positive reviews from their thousands of franchise customers.

Buy Your First Franchise: Secrets Revealed

They are creating content to boost their rankings. They pay for internet advertising that reaches you. All done by expert marketers, paid for by the collaboration of their franchisees. Bob probably has fair prices. Now all you want to do is get your home back in works order. You want a company you can trust to do the job right in a timely manor.