In addition, present advertising media suitable for selling a product or service at the retail level isnt necessarily suitable for attracting qualified people with adequate capital interested in purchasing franchises. In short, your previous experience and knowledge of your business may not necessarily be the same experience and knowledge required to successfully operate a franchise business. To be successful, a potential franchisor must have built their own business, no matter what size, on a sound foundation of well-trained personnel, good marketing techniquesand an adequate working capital structure. These foundation blocks are the same for a successful franchise operation as well, but as a franchisor, youll need to view them from a different perspective and utilize different skills. What makes your franchise special? Why would people want to invest their hard-earned money to buy your franchise over the others? These are questions to get you thinking about your franchise offering. Youll want to offer your franchise owners training, supportand tools to make more money and spend less. Buying power, approved suppliersand other revenue sources One common benefit that will impress and help franchise owners is your ability to save them money for products, suppliesand services. This is an example of collective buying power that a franchise organization can offer. This usually comes in the form of discounted pricing that you can pass through to your franchisees from the approved suppliers youll specify in your franchise disclosure documents and operations manual.
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Leadership means having the discipline to deploy your “dependables” You know your star performers? The ones who can dazzle and amaze, except when they don’t? They’re definitely appealing, Belichick admits. But over the years, he’s learned they’re not his type. He’d rather stick with his tried-and-true people call them his “dependables.” “There have been times when I’ve put too much responsibility on people. … They might have been the most talented, or the people you hoped would do the right or best thing, and they didn’t come through,” Belichick says. Big mistake. When it comes to getting things done, especially critical things, forget the high flyers: “You have to go with the person who you have the most confidence in, the most consistent,” Belichick says. “And if it doesn’t work, it doesn’t work, but I’m going down with that person.” 3. Leadership means being the boss Belichick says this principle first came to him when he was just 23, addressing the Colts as a special teams coach.
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