If you’re considering starting a franchise business, you’ve probably seen a lot of sales pitches recently. Franchise teams build super sophisticated sales networks – websites, brochures, sales reps, etc. – all working in sync, non-stop, to sell you their franchise.
What you won’t often hear is that owning a franchise can be just as risky as owning any other small business. That’s why we spoke to a number of current franchisees and franchise experts about the biggest mistakes they made when starting a franchise and what you can do to avoid them.
Mistake #7: Needlessly straying from your franchise business plan.
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Bob Ferry, Cherry Blow Dry Bar franchisee in New Jersey
“Don’t needlessly stray from your business plan without a sound reason. The biggest mistake to avoid is making broad assumptions about your business. Before making changes, you really want to do your research. Get as many facts and data points as possible in order to make good decisions. Don’t assume that other people with industry experience are always correct or always wrong. Look at all the issues, compare the pros and cons, and then make a decision that fits within your business plan.”
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