What NOT to do if your Signarama franchise is to succeed!
Steer clear of the following 6 tight spots as a franchisee:
- Insufficient planning
If you do not have a solid business plan, you are planning to fail. Your business plan should indicate what your goals are, how to achieve them and a timeline to achieve them in. A realistic business plan is a franchisee’s best tool in the framework of success. Your business plan and strategy should cover marketing, finances and operations. Ideally, your business plan should be the blueprint you utilise in your path to success.
- Insufficient capital
One major pitfall to avoid when running a franchise store is the lack of capital. Operating a business without working capital will result in a failure to pay the bills which is the quickest way to close a business. Ensure your working capital is sufficiently funded to cover your operating costs, with a generous cushion for unforeseen cash flow events.
- Unrealistic expectations
When operating under a thriving business model run by the franchise, one cannot just sit back and expect to be successful. Success does not come automatically, hard work, determination and consistency are needed to achieve this. The expectation that joining a reputable franchise will automatically mean a favourable outcome for your business is unrealistic. Recognise that your expectations have to be tempered and realistic at all times.
- Outside distractions
A distracted business owner or worse, an absent one, is a recipe for failure. An entrepreneur that has too many business interests or one that leaves his business to operate without his involvement, is bound to fail. A franchisee has to be committed to their portfolio and prepared to put in the hours in order to succeed.
The only constant is change and business owners who are reluctant to embrace change will not benefit from their complacency. The ability to adapt to change and embrace it, can be the difference between a successful leader and a failed owner. Technological advancements, changes in the economy and franchise management changes should be expected by the franchisee, and they should be prepared for it too.
- Not following a tried and tested model
If there is a prescribed, recommended or preferred ‘tried and tested’ way of running things within a franchise network, it would make good business sense to stick to it. Recommended practices are developed from experience, and therefore should be adopted as the preferred modus operandi. Whilst there will be franchisees who will want to do it their way, ‘My way or the highway,’ does not bode well in running a successful franchise. Coachability can go a long way towards being the best in the industry.
If you are like most of our franchisees, you’ve already determined that owning your own business and helping to grow other businesses is in your blood. If so, then you are already on your way to becoming a Signarama franchise owner. Apply online or contact our franchise office on 012 285 0412 if you would like to find out more.
Unit 66 Studio Park
5 Concourse Crescent, Lonehill
Johannesburg, South Africa 2062
012 285 0412