The Silent Deal-Breakers: 8 Rookie Franchise Mistakes That Could Tank Your First Year Without Warning
Quality employees require investment in both recruitment and training. Take time to develop clear job descriptions, implement thorough interview processes, and provide comprehensive training that goes beyond basic operational procedures. Remember that your staff represents the franchise brand—their performance directly impacts your reputation and customer retention rates.
5. Inadequate Financial Management and Record-Keeping
Franchising requires meticulous financial oversight. Royalty payments, marketing fund contributions, and detailed reporting obligations demand more sophisticated bookkeeping than many small business owners anticipate. New franchisees often struggle with cash flow management, expense tracking, and financial reporting requirements.
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