Joel Libava
What a powerful statement!
But is it a true statement?
In other words, if you buy a franchise, do you just have to “follow the system” to succeed?
The Answer
The fact is, you need to do a lot of things to succeed as the owner of a franchise. Following the system is only one of them. Therefore, the answer to the question I posed in the title of this post is “False.”
That said, here are a few things you can do to increase your odds of success as the owner of a franchise business.
Make a Smart Choice in a Franchise
Your journey to successful franchise ownership starts with the franchise opportunity you end up choosing. Do you know how to choose a good franchise? Do you know how to make a wise choice in a franchise to own? Do you know how to figure out the cost of a franchise?
Here Are a Few Ideas
One way to choose a franchise is to use franchise opportunity websites.
Another way involves reading (and implementing) my free step-by-step guide.
If you want, you could always work with someone who offers “Free Franchise Consulting Services.” (But only after you’ve read this eye-opening article)
Most pet franchise opportunities aren't worth your time. This one is different — and most people never even hear about it. Low investment. Serious support. Real upside.
Check Out This Opportunity Today
Lastly, you could do it the smart way, and get 1-on-1 franchise ownership guidance.
The trick here is to do whatever you can to avoid snafus like these.
Business System Defined
From Box Theory Gold.com
“A system is a procedure, process, method, or course of action designed to achieve a specific result. Its component parts and interrelated steps work together for the good of the whole. Creating effective business systems is the only way to attain results that are consistent, measurable, and ultimately benefit customers.”
Systems Are Great
A solid business system is what makes franchising great. Especially if you’re someone who wants to get in business fairly quickly. Think of the time you’ll save!
That’s because most franchises include:
- An inventory system
- A marketing system
- An employee-training system
- A point-of-sale system
- An IT system security system
- A security system
- A payroll system
And more.
In contrast, if you decided to start a business on your own, those are things that you’d have to research, purchase and configure. It would take months to do.
That said, if you do have a great idea for a business, and you’re willing to take the time to put your own systems together, I encourage you to go for it.
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(A Five Guys Franchise Business in Action)
In Franchising, Follow The System
Owning and operating a franchise business isn’t all unicorns and Bundt cakes. (I just came up with that phrase)
In other words, it’s not always easy. It’s not always magical.
As a matter of fact, business ownership (franchise or not) can give you an ulcer.
That’s because there’s a lot of pressure…and it’s not like you can up and quit if things get tough.
FYI: Actually, you could quit. You could walk out.
But you’d be in a lot of trouble.
There would be lawsuits. Your credit rating may be destroyed. You’d lose money. You may even feel embarrassed. And things at home would be stressful.
(Aren’t you glad you read this post?)
The good news is that those things can be avoided if you…wait for it…
Follow The System
As long as it’s a good one.
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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