The #1 Secret to Success in a Franchise

By Kimberley Daly

It’s a catchy title, isn’t? But I hope I don’t disappoint you when I tell you that there is no secret to success! Success in a franchise business comes down to the same principles for success in anything in life! Hard work, a good attitude, focus, determination, and staying power!

As a franchise consultant for the past 17 years, I have stood in the gap between franchisees and franchisors. I have seen people build unimaginable wealth and the life of their dreams, and I have seen others struggle and fail. I have interviewed thousands of people who dream of ownership and personally know hundreds of people who have said “yes!” to that dream.

Here are my top 10 secrets for success in a franchise.

01 Follow the system. Franchise systems work, but it’s up to you to work the system.

02 Be properly capitalized. Most businesses fail because people run out of money, so buy a franchise you can comfortably afford. Then work like heck to get it cash-flowing and supporting itself. Keep cash reserves for lean times, and always be focused on driving revenue, so you never have to touch your reserves.

03 Don’t worry about the competition. Make them worry about you! 04 Build your brand and value by focusing on doing good for others and providing a good, quality service, and the money will come.

04 Build your brand and value by focusing on doing good for others and providing a good, quality service, and the money will come.

05 Own your results in good times and bad.

06 Don’t expect anyone to make you successful. Wake up each day and work to achieve your goals.

07 Stay positive. You cannot live a positive life if you think and talk negatively.

08 Focus on your goals and plans. Declare your goals out loud every day. Make it a habit to look at your goals and assess where you are in relation to achieving them. Course correct quickly if you’re not headed where you want to go or you feel stuck.

09 Be in business for yourself but not by yourself. Make friends with other franchisees who can hold you accountable and help you.

10 Never stop believing in your dreams! All that you want is already yours. Just stay focused and never give up. One day, you’ll look back and realize you’re living the dream you once dreamed!

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Kimberley Daly is one of America’s top franchise consultants, a motivational speaker, business coach, and author. With over 22 years of experience as a small business owner and franchisee, she brings energy, wisdom and passion to her candidates as she helps them explore franchises matched to their background, interests and goals. She thrives on helping people achieve their dreams. She lives on the beach in southern NH and can be reached via kim@thedalycoach.com.