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7 Lessons From a Successful Franchisee
My experience stems from buying and selling franchises. I believe in franchising as a wealth creation tool but be sure you don’t become a victim.
4. Are franchisees considered as customers?; Or is the franchisor looking at a franchisee as a glorified employee – don’t be shy – ask the franchisees.
5. Are more than the 20% making money (real good money) – otherwise it’s an average franchise – Be very sure you have the capability of being a superstar! Happy customers and profitable franchisees -these are signs indicating the franchisor has his finger on the pulse! Unhappy franchisees and clients is a definite red signal.
6. Buy in before the big growth is realized – i.e. see the potential for the group and buy in before everyone wants in. No different from the stock market…
7. Is the franchisor operationally focused or customer-centric? If operationally focused – GET OUT!
Build or buy a franchisewith the above in mind and rest assured -you will have a winner!
Themi Stergianos is an ActionCOACH Business Coach. ActionCOACH is the world’s leading business coaching franchise with over 1000 business coaches worldwide. This article was originally published here on July 2009.
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