Are You a Hundred-Hat FRanchise Owner?

April 14, 2011   Filed under General

If you think launching a business will be easy just because you know your stuff and you’re passionate, then you have a lot to recognize before you’re ready to move forward. Loving pizza, having recipes, being a whiz in the kitchen and great with customers is all good stuff but it won’t make it easier to run a pizza kitchen franchise. We’ve all heard about the business owner that was just exhausted because he’s overworked from wearing so many hats in his business – there’s a good chance you’ll be there as well.

When you launch a new business or franchise you’re not likely to have a lot of people to help you run the show right off the bat. Before you can get people training and in position you’ve got to manage a lot of things on your own. This is on top of managing the normal day to day operations of the business itself. Here are just a few of the hats you’ll need to wear in order to keep your business running:

Tax Collection – Every state has a sales and use tax so if you’re selling goods you’ll need to charge a tax. You’ll be expected to remit that tax to the state on a monthly or quarterly basis. If you hire employees you’ll also have to collect payroll taxes for local and state and submit those as well.

Managerial Duties – As the boss you have to handle a great deal of duties including the managerial and HR stuff. Hiring, termination, coaching training, performance reviews, benefits paperwork, mediation, etc.

Marketing – You probably won’t have a lot of money in your budget to hire a fancy PR firm for your franchise so it’s up to you to put together local marketing plan to help build brand visibility on launch. It’s necessary if you want to grow your business and it’s something that requires constant attention.

Accounting – It’s all a numbers game and if you’re not savvy on keeping track of finances, expenses, P&L statements, utilities and profit you’ll need to have someone handle that information for you. Not only will they keep your regular finances in check but they can help deal with all the taxes associated with running a business.

Bill collector – Unless you have an accounting staff, you’re the one that has to chase down invoices from customers. If they don’t pay then you’re left doing the footwork to try and get checks cut. There’s some legal to this as well so you need to know what you can and can’t do when it comes to collecting.

Administrative Clerk – Everyone would love to have a personal assistant to handle the day to day around the shop but unless its in your budget then it’s all to you. This includes mail, customer requests, scheduling meetings, following up with phone calls, etc.

There are even more hats to wear including web design, market research, product selection, graphic design for brochures and mailers, copywriting – It’s a “manage-yourself-or-hire-someone” world when you open a franchise. In the end you’ll need to recognize that if you can’t hire someone your success will hinge on your ability to do these things on your own.

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