Many business owners want to run a franchise, and for good reason. You have your own business, but you’re also buying a business system — one that you know works. Instead of starting a business that could bomb in a few months or years, you’re buying a business that has worked elsewhere and presumably will work in your community.
But obviously, just because you buy a franchise doesn’t mean you’ll be successful. Franchise owners can fail especially, I believe, if they become too confident and think the system is going to do all the work for them. The franchise owner has to bring something to the table, too.
As co-founder of a medical spa franchise, I’d like to think that I might have some helpful advice for any prospective owner wondering if he or she has what it takes to run a franchise. So if you’re thinking of franchising a business or just starting out, keep these universal key steps in mind.