What have franchisees learned about business?

We asked this question of our panel of successful franchisees who shared their personal and business insights at the Melbourne Franchising & Business Expo.

Here’s what they had to say:

1. Transparency between a franchisee and the franchisor is really important.
2. If you need to challenge your franchisor, do so with facts not emotion.
3. Growth can be a hindrance – your business and the franchisor’s business need to keep up with developments.
4. Have fun.
5. Treat your team and staff as your family.
6. Focus not on what your competitors are doing but the service your staff delivers.
7. Have the back end right, pick the right staff, pay the right money.
8. Be easy on yourself – you’re not a superhero, you can’t do everything yourself. Let your staff work for you.
9. Love your product, have a passion for what you are building, promoting, making. If you don’t you might not fail but you will get jaded.
10. Do due diligence on the franchise back up and team. People hide the bad things in their business
11. Every business has its own risk, so try to minimise the risk and control it.

Thanks to Laser Clinics Australia franchisees Michael Makris, Vitanos Vitanopoulos and Nadine Thorburn; Amy-Lea Hovey and Akram Ghatas from Ferguson Plarre Bakehouses; Clark Rubber franchisee Michael Smith; Brett Campbell from Dream Doors; and franchisee Joseph Papez with Xpresso Mobile Caf_.