Skip to main content

Original text


Powered by Google TranslateTranslate
Powered by Google TranslateTranslate
Franchise Success Tips
by Jania Bailey
>
July 29, 2021
Rating
Download Guide

Jania Bailey, CEO of FranNet shares exclusive tips for franchise success.

What do you consider to be 3-to-5 key ways to be a successful franchisee?

The keys to being successful as a franchisee are really simple!

  • Do your homework before you buy.
  • Fall in love with what a franchise can do for you, not the product or service sold by the franchise.
  • Be sure that you have developed your own personal business model and that the franchise you buy can help you achieve your personal goals.
  • Be willing to follow the franchise system.
  • Be willing to work hard and be committed to your success.

What are some market sectors that are proving resilient for franchises these days?

There are several industries that seem to be resilient to the economic conditions—hair care, senior care, restoration and many service segments to name a few. 

Often new franchisees need start-up capital. What can these prospective owners do to make their case to the bank?

In order to obtain bank financing at this time, a prospective franchisee needs to have the following:

  • A strong personal credit rating.
  • Be working with a franchise that is listed on the SBA approved list.
  • Have a detailed business plan.

Keep in mind, there are many non-traditional financing options available.

 

SHARE THIS ARTICLE
About the author
Jania Bailey
Jania Bailey, CFE, is the CEO of FranNet, the most respected voice in the franchise consultant industry in North America. Bailey has more than 30 years of experience in the banking and franchise industries. Bailey served for 6 years on the Executive Board of Directors for the International Franchise Association (IFA) and currently serves as Chair of the IFA Membership Committee.
Read full bio
Sponsor

FranNet

FranNet assists individuals with the entire franchise process – from franchising an existing business to purchasing or selling a franchise. FranNet is committed to providing continuous marketing, business and operational support so that they may be looked upon as the most knowledgeable, professional and successful franchise consultants in the industry.

About
FranNet
CONNECT
1165 Herndon Parkway, Suite 100
}
Herndon, VA 20170
1-800-634-0245

Copyright © 2023 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

In partnership with
Jump back to top