Once the paperwork has been completed and individuals officially own a franchise, it's important to make an assessment of their new investment. A lot of work goes into operating a successful franchise, and having a sufficient idea of where a business stands from the onset can help business owners take the necessary steps to facilitate its growth.

The first action new owners should take is to recognize their own strengths and weaknesses. For owners, making the most of out a franchise opportunity involves taking ownership of areas they are knowledgeable and confident in, and turning to professionals for the other areas in which they lack the skills or training to complete. For example, an owner may be a creative thinker, which would make that person helpful in the advertising and marketing department. But that same owner may lack accounting and financial management skills, in which it would be best to hiring a professional to take on that role.

In addition, it's crucial to maintain contact with the franchisor. Franchise contracts may require franchisors and franchisees to interface frequently to discuss business operations, and it's best to be on good terms to make the process go more smoothly. This is especially true of the business owner has a more flexible contract that allows him or her to open up additional offices in the future. In addition, effective communication and a good working relationship can help new owners resolve potential problems more quickly.

Further, franchisors that have been in business for awhile may have more insight into business operations that can help or hurt new owners. This type of guidance can make new business owners more successful over time.

Lastly, the first few months that a new franchise has been opened can be considered its test period, and it's important that new owners monitor the company's cash flows and financial records adamantly. All records should be maintained and organized, and business owners will benefit from examining the company's cash flows on a daily, monthly and yearly basis. This will not only provide owners with insight into where the franchise stands, but may also pinpoint issues that could become potential problems down the line. Spotting these problems early will allow new owners to correct them or solicit advice in a timely fashion.

The Liberty Tax Service franchise opportunity is appealing to a diverse America, ranking highly for its affordability and potential. Entrepreneur magazine has ranked Liberty Tax Service on its “Franchise 500” list of best franchise opportunities since 1998. Liberty Tax Service is the only tax franchise on the Forbes magazine’s “Top 20 Franchises for the Buck” (2012). Our tax franchise is an affordable and viable business choice. Each office provides thorough, computerized tax preparation coupled with superior customer service. For the best small business opportunity in the income tax franchise industry, choose Liberty!