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Considering a franchise
Many people think starting a business is a solo endeavour. They want their brand and vision.
But, a successful business can also take the form of a franchise with a credible brand. Generally speaking, franchises are valued 10 - 20% more than non-franchises.
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Franchise advantages
- It creates a higher value.
- You can work with a franchisor, who can be a valuable ally.
- Considering that 90% of businesses fail within the first five years, a franchisor has experience getting a business running successfully. They have an established brand that's able to expand and provide franchisees with the opportunity to use their model for success.
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Franchisors invest in your growth
Franchisors are interested in supporting you and want you to succeed. Your success is their success.
A franchisor is a business partner and a coach. They have the experience about what works and can help you address common mistakes or help to avoid them.
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How to build a strong relationship with your franchisor
- Trust: Your franchisor has been around for some time. They know what works and can save you time, money, and stress. Trust their plan.
- Care: Your franchisor may oversee the business from a distance, but you are running it on the ground. Ensure to put effort into your operations, appearance, and employees.
- Collaborate: Your franchisor is not the competition. Putting in hard work will benefit both you and your franchisor. Success is earned, and a franchisor will notice those who impress them.
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How to stand out
- One way to stand out is to connect with the local community. Then, you are positioned to know what your customers need and want.
- Adapting your offerings to the community will attract locals and build loyalty with your customers.
- Participating in community events can help your business thrive and impress your franchisor.
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