Ray Barton and Rhoda Olsen, the brother and sister Chairman and CEO of Great Clips, the 1,100-unit hair salon franchise, sat down recently for an exclusive interview with BusinessNewsDaily. Here are some of the key quotes from the article “Should I Open a Franchise? Advice from the Experts” written by the BusinessNewsDaily staff and posted on BusinessNewsDaily.com on August 7, 2011.
Advice for Franchisees from Ray Barton, Chairman of Great Clips
1. Figure out if the investment required is comfortable for you. If you have to stretch too much, it could easily lead to bad decision-making down the road. Avoid creating stress by getting in too deep financially.
2. Determine whether the franchisor is strong and reputable.
3. Talk with the company’s franchisees and ask tough questions. Most franchisees will be pretty frank with you and their insights can save you a lot of heartache down the road.
4. Make sure you are excited about the daily activities — not just the thought of having your own business.
5. Stay focused on the things you can control and don’t get distracted by all of the little aggravators that pop up along the way.
6. Work hard. If you’re following the best practices of a solid franchise model and you’re willing to work hard, you’ve got a great shot at success.
7. A strong franchisor will give you absolutely all of the tools you could ever need, but you are ultimately responsible for building the house. The franchisee is the leader in their organization, and they will determine the success of their business.
Advice for Franchisees from Rhonda Olsen, CEO of Great Clips
1. Ask yourself what you see doing on a day-to-day basis, and find a franchise concept that fits the role that you want to have.
2. Get a clear sense of the expectations you have about the role the franchisor will play in your business.
3. If you have never run your own business before, you need to be willing to work hard, to be open, to listen and to learn.
4. Owning your own business is a roller coaster ride. You need to be able to look down the road and see the business you will build and not get discouraged with the ups and downs of owning your own business.
5. Be conservative with your expectations and have a financial plan that covers a wide range of initial results.