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3 Common Mistakes in Independent Business Ownership

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Starting up an independent business is an exhilarating experience to start, but everything will go south quickly if you aren’t as prepared as you thought. Did you know that 50% of small businesses fail within their first five years of operation? Those are scary odds, even to the most ambitious entrepreneur. Nevertheless, Fully Promoted is calling all entrepreneurial-spirited individuals to take a peek at our promotional marketing franchise opportunity — a smarter way to start up.  Let’s take a look at three common mistakes made by independent business owners that you can avoid by franchising with our team of business experts.

1. Sprinting Before You Learn to Walk

Sometimes if you’re incredibly passionate about your project, you’ll hit the ground running before you even get started. What some independent owners don’t seem to understand is that business ownership is a marathon. We will not sit here and claim that franchise ownership isn’t a process either, but the corporate guidance you receive makes it much easier to pace your progress. The Fully Promoted franchise development team will set up realistic milestones with you to make sure you’re always on the right track for success. We have helped plenty of promotional marketing franchise owners see their investment through, so we know what progress looks like. When you open a business on your own, you’re driving blind. Franchise ownership makes the process easier to handle — we will be your road map. 

2. The Well Runs Dry

Sticking to the theme of pacing, many startup businesses will sink because of a lack of capital to maintain their business. Losing track of your spending is easier than you may think, especially if you don’t keep a close eye on your bank account. Fully Promoted has laid out specific requirements to invest because we want to make sure individuals who take advantage of our opportunity are financially ready to do so. We wanted to create a safer way to get involved in the promotional products industry, without having to worry about having the cash to stay in the game. We have laid out an investment that accounts for just about all of your expenses, and we are very transparent about what your money goes toward. Our franchisees trust that everything about their promotional marketing franchise investment is put toward improving their business. 

3. Not Marketing Your Brand Properly

The kryptonite of businesses of all shapes and sizes is developing a marketing strategy that is effective while also portraying the right voice. Small companies sometimes believe they are so unique that there is no other company quite like them. However, that does not mean you should expect customers to organically seek you out — marketing is a must. It’s essential to target the right customers and build your brand awareness, a trend that will only grow as technology evolves. At Fully Promoted, we are experts on the importance of promoting your brand. During our training, franchisees will learn about the advertising of their promotional marketing franchise and will learn how to implement our proven marketing program. Our team uses targeted marketing programs to find the best customer and speak directly to them. This plays as a significant advantage for our franchisees, as they can take advantage of our marketing expertise that has helped grow our brand to over 300 locations to date.

Would you like to know more about our promotional marketing franchise? Get in touch with us today to learn more about getting started!

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