Choosing a profitable franchise When thinking...
There are many traits that successful entrepreneurs share. They make decisions, are very involved, want to be successful and have great ideas. They are interested in everything that influences their company and how it operates. While these are necessary characteristics in a good business owner, they can also get in the way of real progress at times.
Your own business traits can also be blessings and curses at the same time. No one wants to be the cause of sabotage to their own business, so it's important to keep these four signs that you may be your own franchise's worst enemy in mind.
Your great ideas go nowhere
You have outstanding ideas--new ways to deliver service or be more efficient--but they never happen. As a business owner, you are naturally risk-averse, and it's easy to fall into the "Well, we've always done it this way" trap and never make any changes. When you keep circling back to the same idea but it doesn't get off of the ground, it's possible you are the reason it's not moving forward. A successful Canadian franchise is always evolving its processes, and you have to make sure you don't get so stuck in your current pattern that you can't move on to something new.
You're not investing in technology
Customers today are quick and savvy, examining reviews and all their options using a variety of tech tools. If you don't expand your technology, you won't survive. Customers expect flexibility and ease in all points of their interaction with you, from communication to purchase, so you have to deliver it. Fortunately, this is an area where your franchisor should be able to help you.
Your decisions are more strong-armed than not
A successful business leader has to have the ability to be decisive. The fault, however, comes when your decisions are made without fully considering all your alternatives. In addition, your team will realize that their ideas are not valued if you consistently make decisions simply because you are the "boss."
The line between fiction and fact is blurring
Sometimes, people want to believe what they currently believe, whether it's wrong or right. This can be deadly in a franchise business, where facts and figures always matter. When you need to get information, get that information right away. Collect data, use surveys and other tools to get what you need, and always trust the facts and numbers as opposed to just your own intuition. While your intuition may have gotten you pretty far, it won't get you where you need to be. Take the facts into account and act accordingly.
When your franchise appears to be at a standstill but you have the skills of a successful entrepreneur, take some time to think about how your skills could be contributing to the lull. When you are able to recognize how your skills can work for and against your business, you'll be in the best position to use them wisely.