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.
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
The Franchise King®, Joel Libava, is a leading franchise expert, author of "Become a Franchise Owner!" and "The Definitive Guide to Franchise Research." Featured in outlets like The New York Times, CNBC, and Franchise Direct, Joel’s no-nonsense approach as a trusted Franchise Ownership Advisor helps aspiring franchisees make smart, informed decisions in their journey to franchise ownership. He owns and operates this franchise blog.
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