Common Reasons Franchises Struggle
Finding Leads
With any business, you need a process for finding leads and converting those leads into actual paying customer or clients. A new business owner must budget for marketing, to know where your customers are coming from so you can spend your local advertising budget wisely. A business coach can help you develop processes and gain the business knowledge you need.
Lack of Capital
Most franchise owners know of the initial investment required to purchase a franchise. They are also given a proposed start-up cost estimate. The problem is the new owners also need capital to cover losses and keep the business afloat while the business grows. Often personal expenses are also needed while the business is too young to generate profits. A business coach can help you understand how to generate revenue and increase profits while working less.
Lack of Training and Support
Many franchises provide adequate training to new owners while others hand you an operations manual, wish you luck, and disappear with your investment check. Owners are forced to learn through trial and error. Having access to a business coach can help fill in the blanks and provide the strategies and structures you need for success.