4 Ways Entrepreneurs Miss the Mark (and how an Experienced Franchisor Can Help)
Starting a business has never been easy. No matter what industry you enter, what product or service you are selling, or how great you are at what you do, the nuts and bolts of starting and profitably operating your own business can overwhelm even the most seasoned professionals.
New business owners can expect to experience a number of setbacks as they work to start and develop their business. However, both first-time and serial entrepreneurs find that many of these issues can be avoided by buying into a franchise concept vs. starting their own enterprise completely from scratch. Here are four common areas in which business founders tend to miss the mark, but those backed by an established franchise system have relatively little trouble with.
Hiring the wrong team members: Startup founders often have great connections within their industry that they can lure over to their newly formed team. However, most founders do not have sufficient HR experience to make a quality hire. Franchisees, on the other hand, have the backing on an established system that will not only have protocols in place for the hiring of staff, but also experienced development professionals on call to assist franchisees with these critical hires.
Unrealistic expectations: At the start of a new business the sky always seems to be the limit. In no time flat an entrepreneur should expect to be driving to their private plane in their brand-new Ferrari, right? Sadly, expectations such as these are rarely met. Not only do just about half of new businesses survive to see their fifth year, success can come slowly for those that make it, as they struggle to establish themselves in their market. Once again, the experienced staff that backs a new franchisee can make the difference. By working hand-in-hand with the franchisee and their key staff members during the buildup to launch, the development team helps to set realistic expectations that are based on years of experience with launching the same model.
Not understanding what (long-term) success looks like: Most business owners think that they have a pretty good idea of what success would look like to them. However, common indicators of success don’t necessarily tell the whole story. Winning a big contract, seeing an increase in billable hours, or winning a major industry award are all great things that make business owners feel justifiably successful in the moment, but they may not indicate the likelihood for long-term success. Established franchise systems, on the other hand, have years of experience launching the exact same model into various markets across the country and have invested the time to properly research key performance indicators that signal sustainable success.
Slow launch: There are a lot of items on the to-do list when starting a new business, and this can be the downfall of many first-time business owners. Getting bogged down in the myriad of start-up items is very easily done and can lead to a costly delay in getting the business off of the ground. This can be especially harmful to entrepreneurs who need to generate some income for themselves relatively quickly. However, thanks to years of experience with launching the same concepts repeatedly, franchise systems have a set timeline and task list in place in order to help guide their franchisees to a quick, successful launch.
Starting a business is not for the faint of heart but, with the backing of an established franchisor such as AtWork, many of these common pitfalls can be easily avoided.
If you would like to learn more about how AtWork can guide you on the path to owning your own staffing franchise and financial independence, click HERE or call 888-553-1745 today!