THIS is what you should do instead of worrying about the competition
When starting a business, it can be tempting to worry about the competition. But as the Founder of Qozen Yoga and Well-Being Studio, Michelle Burton, pointed out on the Franchise Canada Chats Podcast, doing so is not productive.
Fretting about the competition is an unnecessary distraction.
Here’s what you can do instead:
Develop a SWOT analysis. What are their strengths? What are their weaknesses? What are their opportunities? What are their threats? Then do a SWOT analysis on your business too – one that includes an honest evaluation of what your business does well and what can be improved upon.
Then take action. Schedule a meeting with your franchisor or learn how to connect with your system’s Franchisee Advisory Council (FAC). Made up of a group of established franchisees, the FAC meets with head office executives two to four times a year to discuss business issues that impact all franchisees across the system. Though franchisor executives make the final decisions, FACs are a great way to share input that can address your concerns, and help your business and the franchise system grow.