Business was good–for a moment. Customers were loyal, performance was at its peak. Whether it was a ripple effect from a failing economy or new competition in the area, your franchise has taken a hit and sales are in the toilet. While a franchise can offer some of the benefits of being an entrepreneur without too many of the hassles – marketing from scratch, finding the right resources – it isn’t unheard of for individual franchises to tank.“Franchise failure rates can be hard to quantify,” says Scott Jewett, senior adviser at iFranchise Group, an advice and consulting company for start-up franchises. “But I can assure you that you are more armed for success as a franchisee than starting your own independent business.”The great thing about business is its cyclical nature. If sales have taken a dive at your franchise, Jewett offers a few tips for reviving it and understanding when it’s time to move on.BlackEnterprise.com:If you’re not meeting revenue goals, how can you, a franchise owner, boost sales? Some of the powerful benefits of franchise ownership are the sharing of best practices and the buying power for marketing. Healthy franchise networks encourage franchisees to communicate what is working for them. Why reinvent… Read full this story
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