5 Tips for Franchisees

Michael Lewis
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Plan for Growth

Signing up as a franchisee isn’t for the casual businessperson, says Tariq Farid, the CEO of Edible Arrangements, a retailer of fresh fruit bouquets based in Wallingford, Connecticut, with over 900 locations worldwide. “A lot of people want to open a store and they’re very excited about that,” he says. “But are you excited about opening a store, or are you excited about becoming an entrepreneur? A lot of times people miss the big goal. The goal isn’t to open one store—we want you to open 40 stores. This requires a lot of commitment, and so we’re looking for someone who knows what they’re about to get into. A franchisee has to be willing to make sacrifices and take on the risk.”