To find answers, consider Joel Libava’s “10 Habits of Highly Successful Future Franchisees” post at Entrepreneur.com.
“In order to be a successful franchise owner, you have to do a lot of things right,” writes Libava. “One of those things has to happen before you even become an owner.”
Just as we happily share our vast point of sale experience and expertise with startup owners in order to help them make the best decisions from the very beginning, we at Sintel Systems are happy to share articles and commentary about the perceptions and reality of the risks involved in making the franchise career change.
Libava, known as The Franchise King, begins by suggesting you ignore conventional wisdom to find something that aligns with your passion. Instead, as a first step, he has his clients focus on their skills and personal traits by asking, “What do you bring to the table?”
Next, Libava has his clients come up with a budget for a franchise and recommends using the Small Business Administration’s website as a starting point to determine what the upper limit of your investment in a franchise should be.
Libava stresses to his clients that their franchise research must be thorough, in-depth and done right.
Outside of all-cash transactions, Livaba says that obtaining a small business loan is the way to go. One way to improve the odds of getting your loan approved, he says, is to make sure you have a thorough business plan prepared.
“Once you’ve determined the upper limit of what your investment in a franchise should be, you can start your search for the right one — as long as you have that trusty list of all of those great things you bring to the table right by your side,” writes Libava.
Libava says to be sure you hire an attorney who’s familiar with franchising and franchise contracts. He closes the post with his top 10 habits that ensure success as a franchise owner:
1.Follow the procedures that are stated in the operations manual
2.Follow every rule and regulation stated in your franchise agreement
3.Take the suggestions given to you by your field reps; remain coachable
4.Use the technology that’s made available by your franchisor
5.Follow your franchisor’s marketing plans
6.Become obsessive about your numbers; track everything
7.Create and maintain close relationships with other franchisees
8.Get super-involved in your local community
9.Always be networking
10.Focus on being enthusiastic and positive inside and outside your business
Read the full Entrepreneur.com post here.
Before you make your franchise move, consider calling Sintel Systems for a free phone consultation to help weigh and understand your point of sale (POS) options.
Sintel is the only full-service, direct-to-user point of sale provider — no resellers, no middleman. From software development to franchise incubator to ongoing support, part of Sintel’s commitment to our customers and industry is to share information on how to achieve success.
Sintel Systems is the only direct to end user full-service provider of tailored Point of Sale systems across retail, restaurant and service industries, including frozen yogurt shops, pizzerias, sushi restaurants, cafés and retail stores.
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