How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
When you're considering Canadian franchises, you probably have already identified the positive traits you have that will help you succeed. However, you've also got to take stock of your less positive traits - the ones that could harm your business if you allow them to flourish.
Not enough self-discipline
Everyone is a little lazy now and then, but as a franchisee, you've got have self-discipline and keep laziness to an absolute minimum. There will be days when you just don't feel up to it all, and that is when you need to tap into your self-discipline the most. It's hard work and dedication that will let you obtain your business goals, not luck. That's exactly why you need to set goals, foster good habits and create a process that will help you reach those benchmarks. Organize your duties for each day, set schedules and establish a way for you to hold yourself accountable.
Too much fragility
You'll need a thick skin as a small business owner. If you're worried about what other people think or terrified of making mistakes, you won't get yourself out there or take any risks. If your franchise involves calling prospects and making sales, for example, fragility can make you leery of picking up the phone or knocking on a door. If you have employees, you can't let your fear of what they think of you personally get in the way of proper management.
As a franchisee, you'll also receive constructive feedback from the franchiser on occasion. You can't take this criticism personally; it's an opportunity to learn how to improve from people who have the experience you are trying to gain.
Unable to follow rules
All franchises have rules. Operating a franchise is usually more restrictive in some aspects than running an independent business. The trade-off here is that you have the benefit of an established brand and a proven system backing you. However, the system is only going to work as well as you follow it, and that means keeping to the rules as much as possible. If you don't follow the rules, you can hurt your location and your brand, and you may be risking the loss of your franchise.
Everyone has traits that could harm their franchise business. If you can identify these traits now, you'll be able to work on them going forward and prevent them from undermining your success.
