How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
When you enter into a new franchise, you are going to bring all of your current skills with you. After all, it's these abilities that you picked up over the years that helped you in your past jobs. However, it's important you don't just stop there. Gaining new skills is how you can improve yourself as a business owner and move your franchise forward in the years to come.
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Take formal classes
Taking new classes is a great way to learn more about areas you don't know enough about but feel you will need for your new business. If you think you are weak in a particular area, such as marketing, taking a specific class to shore up that weakness will also help you become more confident.
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Try something new
There is always risk with a new venture, but risks come in two forms: big and calculated. Take a calculated risk by trying a task associated with your franchise that you have never done before. Don't take on more than you can handle. Instead, test the waters and see how it goes. You can try the task under the supervision of someone with experience in it, or after you've looked at guides or other sources of training information on it.
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Connect with other franchisees
Meeting with other franchisees in your system, if possible, or other small business owners in your market is a great way to gain and share knowledge and experience. You can learn from the successes and mistakes of others, and over time, other incoming owners will be able to learn from you. It's also a great way to share ideas or problems and get honest feedback. If there is no type of group for franchisees or small business owners in your market yet, now is the time to start one.
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Get the right tools for the job
Your time will likely be limited as a franchisee, so you will need the right tools for the job, even if that means spending a little bit more money than you would like. This may mean a computer, tablet, software or other industry tools that will help you be a more capable franchisee. Never draw out a task for too long or frustrate yourself with certain tasks because you didn't invest in the right tools to handle them.
