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Some Basics to Help You Succeed in Franchising It is a fact that starting one’s own business entails some risks and this is why you should have some basic knowledge in order to minimize these risks. Your first tip is to evaluate your tolerance for risk since you have to consider the professional and financial risks of the business. Starting a business is a big step in a person’s career and so he or she should look at ways how to manage the risks involved to have a better chance of success. It is worthwhile to know that a business survey conducted a study and found that 62% of non-franchised businesses have failed within 6 years, and also another study conducted by another organization came to a conclusion that 97% of businesses that are franchised are still open after 5 years in operation. These studies conducted independently just show that franchising carries a significant less risk than starting a business on your own.
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The second guideline is recognizing what you have and work within it. It is important to make an honest assessment of your strengths and weaknesses. Before selecting a franchise, it is suggested that you take some moments to list honestly your strengths and weaknesses especially you will be the potential owner. The list then will be your tool in helping you decide in the process. It is also helpful that you ask present franchise owners some questions about the functions they perform and take a comparison to your profile. Some aspects in a frachise need to have a deep understanding, and if this is the case, you want want to consider hiring another experienced personnel to handle the position. Making this your choice, be sure that the salary and benefits of the hired personnel are included in the financial business plan.
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Another suggestion is to remember to run the business. Some franchisees make a mistake of limiting themselves in buying a franchise in their present field. Naturally, franchisors would want to see the growth on the bottom line. If you are a business owner, you need to go out and do some networking, marketing and interacting with potential customers. Another guideline is to remember that no business is recession-proof. A faltering economy therefore is said to have impacted businesses with the faltering economy. Some examples of top recession franchise resistant industries are food, automotive, healthcare, medical clothing and education. It is also suggested that you make an objective evaluation and professional advice from personal sources. Your new business will be smooth with the advice coming from friends and family who have your best interest to make your new venture a success. Another key to a successful franchise venture would be to take advice also from professionals in the industry you want to venture into.