Ten Tips for Survival as a New Franchise Owner
by: suebartman
Total views: 171
Word Count: 740
1. Expect Change
Change will be an inevitable force in your business. As a franchise owner you may have different hours, challenges, debt and income fluctuations than you did when you were employed. You will have less stress if you learn how to handle the day to day changes that come with business ownership. Expect change and accept that it will exist as part of your business life.
2. Prioritize Issues
Use a daily notebook or calendar to list challenges or changes that occur in your business. Ask yourself how important this issue will be today, next week, next month, six months from now or next year? Don’t allow “panic mode” to set in. Prioritize issues and schedule them in your calendar when you have time to devote to fixing them.
Issues that affect cash flow today or in the immediate future should be a top priority and receive immediate attention. Employees are secondary. Organizational items are at the bottom. Don’t ignore organization, just schedule time to deal with it. Slip other issues in between these three. This allows you to function at peak performance because you now have a system to deal with any concern or challenge that arises.
3. Act, Don't React
Reaction involves emotion not planned action. In a stressful situation, the first thing that comes to your mind typically is not the best solution.
Planned action is the mature business owners plan and is likely to be more effective in the long run. This is the habit you want to build. Train yourself to act effectively instead of react.
4. Learn and Grow
Little can rock you if you are confident that your decision is the best action possible under the circumstances. It relieves the worry of second guessing that can go on forever if you are unsure of your decisions. Learn all you can about any unfamiliar issues or new situations so you're prepared. Use your franchise system manuals and the Internet as resources.
5. Utilize Your Support System
Use your support personnel, the franchise's corporate office or the person in charge of a particular business discipline to assist you as needed.
6. Remain Positive
Expect good results. According to Proverbs 23:7, "For as a man thinketh in his heart, so is he." Your thoughts lead you to your destiny through actions. What you think about is what you become.
7. A Sense of Humor Helps
Many issues that cause stress today, can make us laugh in hindsight. Try to find humor in everything, so you can laugh a little each day.
8. Take care of yourself and your family
Schedule time for family so they do not get lost in the shuffle. If you have young children, give each child 10-30 minutes of dedicated, uninterrupted time each day. Children like routines. Read to them, hold them, sing to them, etc. Let them talk about themselves so they feel loved, adored, and special. If children know they can count on guaranteed time with you each day, their attitude changes with the proof of your follow through.
Schedule a date night each week with your spouse. Even if it is an hour to talk about the family, each other, a shared interest, etc.
Schedule time for the important things in your life and you'll feel less guilt and worry as you tend to your work.
9. Schedule time for planning your next step in business growth
Take 1-2 hours a week to look at where you were, where you are today and what you need to work on this week to get you where you want to go. Use your franchise system's business tools or schedule help with a coach or someone at corporate to work on your business plan. Regularly review your profit and loss statement. Brain storm and think through issues. Write down goals, plans, next steps to reach the targeted bench mark. Planning is key to success.
10. Be flexible
Every day in business will be different. If you manage it correctly, you will enjoy it and the rewards it brings for a life time.
Article Source: http://www.ArticleStreet.com/profile/suebartman-13212.html
About the Author
Sue Bartment is the CEO of KidzArt, an international children's art enrichment company. An accomplished executive, she has over 19 years in various roles in the franchise industry including previous ownership of numerous franchise and independent businesses. In addition to owning a Molly Maids franchise, Bartman also worked for their corporate headquarters in franchise sales and support. Subsequently, she worked for World Franchise Consultants in franchise development and support services and also as a private consultant to franchisors.
Rating: Not yet rated