Franchise owners should learn from all businesses
By: Joe Elvin
27 October 2011
Those keen on franchising should speak to both successful and failing business owners, it has been claimed.
David Onholt, who is the founder of franchisee advice website eauth.com, claimed that extensive research is the most important element of becoming a franchise owner and highlighted the importance of experiencing both the highs and lows of UK franchise opportunities.
Onholt explained that too many franchisors aren't aware of the bell curve theory, which suggests in every walk of life there are individuals who perform far better or far worse.
Writing for nuwireinvestor.com, he claimed that speaking with those who are not making as much money as expected can provide a tremendous insight into how to be successful.
He said: "I believe one hasn't talked to enough franchisees until they interview those that are performing poorly and/or not making the money they had hoped to by this point of their business lifecycle. At a minimum, they will give you great clues on what not to do in your business."
David Kenyon, who has recently started his own franchise after 30 years in employment, recently told The Franchise Magazine how important that extensive research was in his choice of business.
"I felt that setting up my own business was too risky, particularly in the current economic climate - so I turned my attention to franchising which offers a safer route into self-employment," he added.
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