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Home-Based Franchises
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Article 3: Know The Basics For Success
The factor touted most often as the advantage franchising has over an independent startup is that franchising has a system for operating the business that has been proven successful. However, one of the most frequent complaints franchisors have about their franchisees is that they don’t follow the system.
Why would someone pay tens of thousands of dollars for a franchise and not use the proven system?
“It doesn’t make sense,” says Anthony Bonelli, chief executive of LaMar’s Donuts in Centennial, Colo. “The system is what they’re buying (along with the brand). We have been doing this for 40 years and we know what works, but some don’t get it. I spend an awful lot of time in the process before prospects buy to convince them that they don’t have to buy a franchise, but if they do buy one, follow the system.”
Cedric Ferrell agrees. He is a Costa Mesa, Calif., franchisee of The Entrepreneur’s Source franchise broker, with many home-based franchisees.
“I acquired the license because I knew that the company had a lot more resources and experience than I did,” Ferrell says. “I have yet to prove the (franchisor) wrong. Why would I want to create my own way of doing things, especially after I paid a lot of money for the franchise?”
Having a good system is just the beginning of success, adds Tim Moore, a Laguna Niguel, Calif., franchisee for Mr. Handyman, another popular home-based franchise. The successful franchisee must work hard.
“When you work in a big company, like I did for 30 years, you have all these specialists and you only have to worry about your own specialty,” he explains. “When you buy a franchise, you are responsible for everything.”
While the franchisor provided a good system, detailed marketing materials and assistance setting up a budget, “they can’t do everything,” Moore says. “Any franchisee must expect to work hard.”
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