While there’s no talking down or dreaming away the economic downturn at this stage, innovative franchisees are still finding ways to make breakthroughs to consumers.
If you’re discouraged by the economic climate, examine this recent story in Entrepreneur magazine about franchisees who’ve made the big changes to their business to make it more profitable. Versatility and an ability to think outside the box are the things that will separate the franchisees who succeed from the franchisees who fail.
There’s Jay Palmer, who was having terrible luck finding funding for his barbershop franchise, until he took an investor into his barber shop and showed him exactly what makes his business unique. Now his franchise is soaring. And Michael Frampton, whose speciality restaurant franchise was looking to cut costs and found extra funding by focusing on two interesting areas: linens and energy costs.
We all know it’s tough out there, but some franchisees are showing the way to beat the recession. If anything, these tough economic times should serve as inspiration for entrepreneurs truly committed to success.