Running your own franchise business comes with many advantages such as creating a better work life balance, increasing your earning potential and having ongoing network support.
As your business is growing, however, it’s inevitable that you will make some mistakes along the way which can sometimes distract you from your long-term goals and cause you a headache. From our experience many of these mistakes can be avoided or can be easily managed as long as you are prepared for them. Here’s how you can treat some of the most common business challenges.
Get your paperwork sorted
Everything may be pretty straightforward when it comes to your relationship with clients, business partners and employees but you need to put it on paper. Contacts regulate relationships and outline what is expected of each side. Neglecting to put down a written agreement or waiting until you need it, could cause unnecessary hold ups later on or result in broken down relationships. Get all your legal agreements in place early on and you can then focus on building and maintaining your business relationships.
An important part of every relationship, whether it’s personal or business, is to trust one another. Regardless of your industry you will be dealing with people every day so ensure that you build transparent relationships with them. If there’s anything bothering you then address it there and then instead of letting any negative feelings build up. Talking through any issues will help you create meaningful relationships with your business stakeholders and will help avoid any dramas in the future as your relationship is built on solid foundations.
Manage your cashflow
You’ve definitely heard the saying that cash is king. The reason why it’s become almost a cliché phase in the business world is because there’s truth behind it. Be realistic about your budgets and monitor your cashflow on an ongoing basis to ensure you have the money to cover all outgoing expenses on time and that your clients are also up to date with payments to you. It’s also important that you take your own salary into consideration and be reasonable about the amount you pay yourself. Money makes the world go round so always keep on top of it.
Keep up to date
The last thing you need is to fall behind on the latest developments and regulatory changes in your industry because you’ll find yourself constantly trying to catch up. General Data Protection Regulation (GDPR) is a great example as being sloppy with the management of important documents can lead to legal issues which you then need to spend time and money trying to resolve. Getting up to speed with the latest in your industry is not seen as an organisational priority when you’re busy running your own business, however if you allocate some time for it each week then you will always be on top of things.