"While franchising’s prevalence in the U.S. economy indicates that franchisees can succeed, hundreds of franchisees fail each year. The most frequent causes: lack of funds, poor people skills, reluctance to follow the formula, a mismatch between franchisee and the business, and poor management. Often, it’s the small stuff that separates winners from losers." - WSJ.com
This week on Franchising & You, long-time franchise veteran and entrepreneur, Stuart Williams talks about things franchisees should not only be prepared to do, but committed to do to give themselves every chance possible for success. Franchisees must do their part to help build the right culture while also following through on their passion for the brand, adequate capitalization, conformity to systems and involvement in the franchise family.
Franchising & You airs every Saturday at 9:30 AM EDT / 8:30 AM CDT with each segment available on-demand.
Franchising & You is powered by Franchise Foundry and sponsored by Benetrends Financial, Spadea Lignana and Retail Solutions.