“I didn’t invent the hamburger. I just took it more seriously than anyone else.”
- McDonald’s Visionary Ray Kroc
If anyone likes to know about the franchise, then you should read about Ray Kroc. He is the most successful fast-food retailer and the best example of all time for franchisees. As he built the McDonald’s network in the United States and eventually worldwide, Kroc was thinking and learning about the company. Today, Leaders in the restaurant and retail industries pay attention to his advice about the franchisee.
A new franchisee is one of the most prized acquisitions for a company. Everyone familiar with the franchise business industry knows that franchisees are the core of a company brand’s success and growth, bringing breadth and depth to the brand’s influence and reach.
Franchisors are always on the scout for the next best franchisee prospect, dubbed the “Golden Goose.” Good franchisors will go out of their way to ensure the new franchisee is a good fit for the brand. It is critical for both the franchisee and the brand to have a strong fit. On the other hand, finding these people is sometimes easier said than done.
There may be things you may do to overcome headaches and other hurdles in your budding franchise firm. Here are some of the most familiar challenges that new franchise owners face and suggestions for how to overcome them.