Lesson 1

10 TIPS FRANCHISE OPENS
  1. Self-assessment Be honest to yourself. Whether you've got the right attributes to build a successful business? Overnight success stories are very rare, but more that require hard work in building a business. Running your own business can be more profitable, but can also ask for full responsibility on consumers, suppliers, and employees.
2. Do Research By common sense you need a long journey towards a decision whether the franchise is estimated to be suitable for you. Make sure that you saw a business opportunity and you have the skills of it and able to reach them.
3. Ask a Question When considering the right of franchise, it is important for you to ask questions so you can make decisions with knowledge (informed decision).
4. Talk to a franchisee It is important that you speak to existing franchisees. Ask about the help they got and whether they achieve their initial financial projections. Take time to talk with several franchisees to get a broad opinion before you make a decision.
5. Family support You will membuthkan family support when building a business. It is recommended to discuss how to influence his own work on the family before making a commitment. If you do not get full support, it would be folly if it continued. Therefore, involve them in decision-making process.
6. Professional Advice Before making a commitment to invest in a franchise business, you should seek advice from a professional. The Bank will provide you with a valuable assessment. Network business consultant and accountant can also mengasistensi you in producing a business plan.
7. Business Plan The business plan has a dual purpose. As a working document that will be bencmark your business performance, as well as represent the financial support for your business. Important business plan presented well. It is also advisable to send copies to creditors first before the scheduled meeting.
8. Borrow in the appropriate amount The more you borrow, the greater the costs to be borne. As a result you have to generate greater profits for mentupi cost. Therefore borrow as needed. If you fail to raise capital in sufficient quantities, may be difficult to close again (re-approach) creditors after that to ensure additional funds, especially if the business has not performed as projected in the business plan.
9. Emergency Reserve Always advisable to have a reserve fund if the business takes longer to take off as expected. Emergency plan for spending a few years will be very useful.
10. Follow the System You invest in an exhausting business model, tested, and proven. It is therefore important to follow the system developed by the franchisee to open up opportunities for your success.