3 Mindsets That Set Up For Franchisee Failure
Written by Editor
In pursuing success, having the right mindset is equally important as having the right tools. Here are three perspectives that could make the difference between your franchise investment flying high or business failure.
Related: 4 Factors That Contribute To The Success Of A Franchise
“I’m Going With My Gut Feeling.”
While it may work in some situations regarding decision-making for taking up a franchise investment, going with your gut feeling skips one critical evaluation aspect — objectivity. In the absence of neutrality, there are always biases and prejudice involved. And in the case of considering a franchise model, you’ll likely convince yourself that whatever franchise opportunities you’re looking at is a great fit even when it isn’t.
Furthermore, going with gut feelings relies on passions and emotions, which is difficult to quantify unless you are willing to explore the co-relation between neurobiology and biochemistry. But that’s beside the point because it still doesn’t answer whether the business concept is viable and, even if it's a proven business model, whether it suits your profile.
“I Can Leave Everything Up To The Franchisor.”
The franchisor will help set up the franchisee's business in whatever way they are legally obligated to do, and maybe even a little more if within reasonable limits. However, expecting the franchisor to be responsible for your success is something else. While the franchisor provides support and assistance, it is your responsibility as a franchisee to implement the required actions to make your franchise business successful.
If you think all you need to do as a franchisee is put up the initial fee and investment capital, and the franchisor will handle everything else, you’re going to be in for a whole new level of shock once the franchise agreement is signed. Unfortunately, this is probably one of the main reasons why franchisees fail.
“This Is Just Something On The Side So If It Doesn’t Work Out, That’s Fine.”
All franchise units are entities that must perform for profit — undoubtedly the most critical determinant for success or failure. But success doesn’t come easy, especially with low commitment levels or nonchalant attitudes. Treating your franchise investment as a hobby instead of a business is another reason franchisees fail. This likely results in franchisees not pouring enough effort or attention toward a positive-enough outcome. So if you think you can take up franchise ownership and “sort of” be on the team, don’t.
Likewise, how excited will the franchisor be to “sort of” have you onboard? Of course, this “sort of” mentality won’t get you into the franchise system anyway. But if you do get through the doors, it is you who should be wary of what the franchisor wants from you instead.
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