What have franchisees learned about business?
We asked this question of our panel of successful franchisees who shared their personal and business insights at the Melbourne Franchising & Business Expo.
Here’s what they had to say:
- Transparency between a franchisee and the franchisor is really important.
- If you need to challenge your franchisor, do so with facts not emotion.
- Growth can be a hindrance – your business and the franchisor’s business need to keep up with developments.
- Have fun.
- Treat your team and staff as your family.
- Focus not on what your competitors are doing but the service your staff delivers.
- Have the back end right, pick the right staff, pay the right money.
- Be easy on yourself – you’re not a superhero, you can’t do everything yourself. Let your staff work for you.
- Love your product, have a passion for what you are building, promoting, making. If you don’t you might not fail but you will get jaded.
- Do due diligence on the franchise back up and team. People hide the bad things in their business
- Every business has its own risk, so try to minimise the risk and control it.
Thanks to Laser Clinics Australia franchisees Michael Makris, Vitanos Vitanopoulos and Nadine Thorburn; Amy-Lea Hovey and Akram Ghatas from Ferguson Plarre Bakehouses; Clark Rubber franchisee Michael Smith; Brett Campbell from Dream Doors; and franchisee Joseph Papez with Xpresso Mobile Caf_.