In my continuing series of The Top 40 Questions To Ask Current And Former Franchisees, I’m giving you detailed information on every important question that you need to ask franchisees of the concepts that you’re interested in. Here’s #10
“Can you describe a typical workday from start to finish?”
Attention would-be franchise owners!
Don’t assume you know what you’re role is going to be as the franchisee. Here’s why;
You don’t want to become an ex-franchisee, do you? Let me explain…
A Perfect Example
In a recent article I wrote for Virginia’s Cox Small Business Navigation Program website, I encouraged every serious would-be franchise owner to do a little exercise.
If you’re thinking of buying a franchise, the exercise I suggested you do in that Cox Business article is designed to help you hone in on what you’re best at. That’s because one of the ways that you can significantly increase your odds of success as a franchise owner is to match your top skills with franchises that can allow you to use them for maximum benefit. (Profit) Are you with me?
I hope you’re with me, but more importantly, I hope you do the exercise!
Sadly, most of the people that I’ve met over the years, either at franchise seminars that I present at, or during my franchise ownership advisory sessions, don’t. It’s not that they don’t want to do it…not at all. They just didn’t know that the franchise business discovery process starts with them-not the franchise opportunities themselves.
Franchise buyers that don’t take the time to do a serious amount of self-discovery, frequently end up in the wrong franchise business. (For them.) Check out this example…
Someone that’s pretty close to me had to close his franchise business down, several years ago. He invested in a coaching franchise. Read about what a coaching franchise is, and then pop back.
My friend is really good at what he does. He’s in a pretty specialized area of business, and it’s one that was growing back then, and still is today. His franchise business should have been able to do pretty well just based on the niche he was in. But it didn’t. And, the reason is simple;
He didn’t possess the top skill needed to be a successful business coach. Do you know which skill I’m referring to?
That’s right; he wasn’t a skilled salesperson.
In a business coaching franchise, actually, in any franchise business that’s in the B2B space, the most important skill that franchisees need to possess is the ability to sell. My friend was not, (and is not) a strong salesperson. He never had a chance. He made two mistakes;
1. He didn’t take the time to match his top skills to a few franchises that would allow him to use those skills, and have a real chance of success as a franchise owner.
2. He never found out what his day to day role as The Owner would be.
My friend assumed that his role as The Owner of a business coaching franchise would be one in which he coached small business owners. He knew he could do that, especially since he possessed a tremendous amount of knowledge in a growing field that lots of small businesses wanted to learn how to capitalize on. Yet, he still had to close his franchise business down. He quickly became an ex-franchisee. Why?
Today, he’s an ex-franchisee of a well-known business coaching franchise because he never went far enough in his franchise research. He never really found out what his role was going to be as The Owner. He never learned that in order to get small business owners to pay for his unique expertise, he’d have to first go out and find them.
And sell them.
Click Here Before You Buy That Franchise You've Been Looking Into"I was pretty focused on a particular franchise opportunity when I reached out to Joel Libava. In the course of a 1-hour conversation, Joel was able to provide direct advice to help clarify the process for me and help guide me through the next steps in my vetting process. He even put me in contact with other professionals who were able to help educate me further in my particular industry. The time and money were well spent."
- Brian Grayson, Franchise Buyer, Cincinnati