Joel Libava
(Grand Opening of a new franchise business)
In this post, I’m going to explain what the phrase “buying a franchise” actually means.
Meet Jim
Jim is was the Director of Marketing for a company that produced GPS products. Until he lost his job.
Meet Monica
Monica is the project manager who worked side-by-side with Jim. She still has her job.
A Recent Interaction
The following is a short conversation between Jim, the recently downsized employee and Monica, who was the product manager he worked with.
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Monica: “So Jim, is it true that you’re buying a franchise?”
Jim: “It sure is, Monica. As you know, I liked my job, but this is the 4th time I’ve been let go in the last 15 years. I’m done.”
Monica: “Congratulations! What franchise are you buying?”
Jim: “I already bought it. It’s called ‘The Eggcitement Cafe.’ It’s a breakfast-only restaurant.”
Monica: “That’s great! So you bought a food franchise, huh?”
Jim: “Yes I did, and I can’t wait to open for business!”
Jim Bought A Franchise
He didn’t. He bought way more than that.
Watch the video below to see what I mean.
Do you see why the phrase “buying a franchise” doesn’t do justice to what you’re really doing when you purchase a franchise?
Here’s a link to the web page I mentioned in the video.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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