5 Reasons Franchises Fail – So Yours Doesn’t Have To
At MCS Franchise we’ve spoken before about how it takes two to tango and why collaboration is the key to success when you’re starting a franchise. But we all know there is more to it than that! If you’re keen on running a franchise it is probably because you recognise the huge advantage of taking on an already well-known industry brand and taking the great offering and benefits of that brand to a new target audience.
Yes, running a franchise can be a whole lot more successful than starting out from scratch on your own, but whilst the support of the franchisor is invaluable, not every franchise will have a happy ending.
With a vested interest in your success, we want to see every MCS Franchise grow and prosper, which is why we are sharing 5 of the most commonly cited reasons why franchises fail, in the hope that you take this on board and use it to your advantage:
1) Bad planning – every business needs a plan. Where you want to go, how you will get there and what might get in your way. Yes, you might be part of a bigger entity, but each franchise is unique and should draw on the strengths of its personnel, and so a bespoke plan is needed to help you make the most of this business opportunity.
2) Uneven expectations – if a dispute is going to arise between a franchisor and a franchisee, it will most likely be because each party expects something different. Being clear and upfront about what you expect from the relationship and what responsibilities each has, will help you to work well together and achieve more success.
3) Lack of learning – anyone who starts up in business, whether it is a franchise or not, will tell you that there is plenty to learn and that you have to accept that you will need to keep on learning in order to thrive (and survive). The best way to advance in business is by learning from those who have done it all before, and if you’re starting a franchise this means learning all you can from the franchisor. If you’re unwilling to take their advice on board and learn from their experience, your franchise may ultimately fail.
4) Poor marketing – it goes without saying that nobody knows how great your business is unless you market it. Bad marketing or no marketing at all means your business cannot reach new audiences, which is particularly bad for franchises as they tend to be tried and tested services that are set up in new areas.
5) Slipping standards – the whole premise of entering into a franchise agreement is to operate under the licensed brand by offering the same great operating standards and customer service that customers have come to expect from the brand. Letting these slip is not only bad for your franchise, but the franchisor and their brand.
Here at MCS Franchise we don’t only offer great cleaning franchise opportunities, we also offer ongoing support, back up and a whole host of great benefits to ensure your franchise succeeds.
If you want to find out more about how we can work well together, contact us today on 0800 612 0437 to see what areas we have available and if you’ve got what it takes to be an MCS Franchisee.