One does not start a business expecting it to fail. You hope for the best and think everything you are doing contributes to that. Sometimes, however, the things you are doing might be taking you in the opposite direction.
To keep your business franchise growing, avoid sabotaging it with the following:
Erroneous and Questionable Business Plan
The brand and the logo are the two most important entities associated with your brand. Their appeal to the public translates to either a good or a bad impression.
In an attempt to save money, you may think you can start a printing business from scratch with the least effort put into it. After all, those who are busy taking care of their clients do not have the time to look at their own appearance, right? But what that means is you are not paying attention to the product and service you are offering. Rather than start from scratch without thinking it through, consider whether a franchise is a better choice.
Expanding Too Quickly
You got lucky on your first year and thought of yourself as an entrepreneurial genius because of one venture’s success. There are stories of humility that might knock you down a few pegs before you spend money in expanding that could only hurt your business.
Starbucks failed greatly in taking Australia and Dunkin Donuts faced a similar problem in India. These big brands, though successful in the United States, failed to take a deeper look into the turf they were trying to penetrate, which led to opening more branches than they could profit from. Even in America, Starbucks has had to close some of its branches due to self-cannibalism. They are a successful company, but sales in each branch suffered because they are so close together.
Look at your business model and consider how much growth you are seeing. If it is within your projections, there is no need to rush until you are confident that opening another branch will not do more harm than good.
Letting Creative Executives Go
Your business started with a vision, one that led to its success. Once you feel you have a company that can stand on its own feet, you try to monopolise the decision-making and let go of the brains of the company. It might even be you, back when your plans were new.
Now, clouded by big profits and enticing graphs, your focus might have shifted to the monetary side of things rather than the heart of the business. It is especially sad when you lose the spirit of the company in an attempt to make more money.
Give yourself time to breathe and step away, like perhaps going on a vacation. Then, look back at the roots of your business. You can always improve it without removing everything that made it successful, to begin with.
No matter how rough it was to get the business started, you needed the experience to never forget what you wanted to achieve. Now that you are doing better, perhaps a little introspection is in order.
