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the success of business ownership. Franchises usually
require a partnership or group of business-minded individuals
to work together and form a solid foundation for the business.
Partnerships on both a business, and personal level require a
strong basis of trust and open lines of communication. Still,
some franchisors are often at an advantage of knowledge and
power when it comes to finding potential franchisees to get
the business off the ground. Nave entrepreneurs often fall
for the pitfalls of a bad or unsteady relationship without
even realizing it; this is why many franchise opportunities
require some level-headed decision making and examination
in order to be successful.
Business relationships are often like personal relationships
because they grow, evolve, and are based on trust. Without
clear and honest communication, you and your business
partners will not be working towards similar goals to open up
the doors to success. Your business partner is deceitful,
dishonest, or hides information from you, the relationship
will be off to a rocky start. If guidelines and expectations
are not clearly defined and documented, this can even lead to
civil lawsuits or unnecessary distress down the road.
Franchisors who take advantage of fresh entrepreneurs on the
market may be looking for power and control. It's best to
avoid people and business partners who have pre-calculated
plans and can easily take advantage of someone just because
they have more knowledge and experience. These franchisors
may be selective in their hiring, but they are only looking
out for their own agenda; it's important to be aware of this
business personality, and take the steps to search for a
successful and reliable partner.
Franchise relationships are very much like dating relationships;
they require a foundation of trust, consistency in action and
words, and a win-win situation whenever possible. In addition,
it's wise to conduct a background check, call on references,
and stay up to speed with the business partner's news and
updates. Without clear communication, the relationship can
collapse into an unhealthy and ineffective pattern. Making sure
that phone calls, e-mails, and other correspondence are cohesive
or even documented is a good idea. It's important to maintain
objectivity and a business mind set when handling almost all
decision; becoming emotionally involved or basing decisions on
emotions will not lead to success in the long term.
Article written by Peter James.
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