# 1 – Don’t Spend a Dollar to Save a Dime

Hopefully, you’ve heard the old adage, “don’t spend a dollar to save a dime.” It may have been something your parents or grandparents told you.  Essentially, don’t let short-sightedness keep you from making the proper purchases for your business long term just to save a few nickels on the front end. Carefully calculate your purchases for maximum profit.

# 2 – Unfamiliarity with your target audience

If you’re selling a specific product or service (and as a franchisee, you will be), it’s definitely in your best interest to learn who your target market is before you open the doors. Have you done any research in your local community? Is there a specific need for your product or service? Is your competitor right down the street? What kind of information can your franchisor provide you about your market or target?  Take these considerations and more into account, define your target audience and market to them aggressively.

# 3 – Hire the right employees

The lifeblood of your new franchise will be the people representing it to the buying public. Invest wisely in your personnel. A good employee with a strong work ethic and common sense will represent you much better than the guy with the neck tattoo.  Take careful consideration of job descriptions, interviews and keep in mind the type of customer you want to attract to your business — they may look a lot like the people you want to be hiring.