Secrets to Success
Yes, you can be a successful franchisee--our insiders and experts tell you how.
Unfortunately, there's no magic potion you can create to
guarantee the franchise you buy will be a big hit. But you can
learn a few tricks of the trade and master the major elements that
give a new franchise the strength it needs to thrive. We asked
franchising insiders to share the bare essentials for being a
successful franchisee in this unique economic climate.
Cash Is Still King
To make money, you need to spend money...or at least have a
little. While purse strings are tightening, franchisees still need
to find the funds to maintain and grow their businesses. "They
have to be funded. They can't go into this on a shoestring; if
they do, today's economy will not allow them to succeed,"
says Jerry Wilkerson, president and founder of Franchise
Recruiters Ltd., a Chicago-based franchise executive search
firm. "There are going to be peaks and valleys like we've
never seen before. You can go for one week without any business and
just get completely run over by customers the next. It's that
kind of economy, and without the cash to operate, you're not
going to be able to continue your system."
| Survival Tips |
| Looking for ways to tighten
your purse strings in today's economy? Read Recession Session for money
tips, tech tactics and more. |
Franchisees with the means will not only weather tough economic
times--they may even come away with stronger businesses. "They
can [survive recessions], creating more market share for themselves
when the economy recovers," Wilkerson says. "Many
franchisees realize if they get into the market right now and
really slug it out, when the economy starts to grind out of this
recession, they will have a bigger market share and a better
future."
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