Work Startup

Essential Startup Tips To Keep In Mind When Opening A Franchise Business

April 30, 2018 6:00 pm Published by

Starting a business might be something you’ve always wanted to do, and with so many opportunities, right now could be the perfect time to invest in your very own franchise. (Hint: catch up on our tips to selecting the right franchise here). Include these startup tips in your planning checklist:

 1. Motivation

Understand your own levels of motivation, what makes you tick and what you are willing to give up to reach your own levels of success. Keep your objectives in mind and stretch yourself out of your own comfort zone. Read more: Startup Motivation Tips.

2. Don’t Procrastinate

Have you heard of the acronym ‘DUST’? Usually, entrepreneurs procrastinate because the task at hand is either; Difficult, Unclear, they are Scared or it’s Tedious. If any of these things are hindering your success and ability to move on, make sure to investigate the source and find a solution.

3. Move On

Don’t fixate on errors and mistakes. Even the most successful business owners and entrepreneurs have failed along the line. If you find yourself fixating on small errors or worrying about failure, consider a more attainable plan ‘b’ or back up plan.

4. Learn From The Best

We all need a mentor, but as a franchise business owner you’ll not only have a team of mentors rooting for your success, but you’ll receive all of their expertise and knowledge in your business sector. Learn from the team and take on your own training to better your skills. Find out more about what you receive as a franchise business owner here.

5. Focus

Something every entrepreneur shouldn’t lose sight of is the business’ focus. Continue to ask yourself questions including; is this my objective? And, is this the direction I should be heading? If you’re unsure about a decision, check in with your franchise business team who will be able to offer advice and guidance.

6. Establish Your Finances

Before you’ve even set out to open a franchise business (or any other business for that matter), establish your financial goals. Work out what you’re able to invest and understand what your return looks like too. A franchisor will be able to offer you various financial scenarios for your investment and it’s worth considering all options before signing a contract.

7. Get To Know Support Organisations

It’s useful to get free unbiased support from organisations in your industry. If you’re a franchise business owner, speak to the team at the BFA (British Franchise Association). They’ll be able to answer questions and offer advice. You can learn a lot about what you need to do, next steps and setup from talking to support organisations.

 

Do you have any startup tips for franchise business owners? We’d love to hear from you. Pop us a message here or find more tips on our News page.

 

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This post was written by Home Care Preferred