Joel Libava
I have some good news for you!
If you’re thinking of starting a business, there’s a way to do it so you won’t feel so alone.
It’s franchise business ownership.
Because…
Franchising Offer a Proven Formula
The franchise model offers a proven formula for you to follow. It’s a great way to go into business for yourself without the headaches that pure startup businesses have. But it’s not for everyone. And of course, there are costs involved.
As a matter of fact, business ownership in general isn’t for everyone. That’s because a lot of people are risk-adverse. They don’t want to lose their money. (If they have enough money to start a business in the first place.)
But Here’s The Catch
You must follow the formula.
In this case, the formula is the business system of the franchise concept. Like the one Ray Kroc developed.
It includes a 350-page operating manual.
And if you end up buying a food franchise, that formula will include recipes. Their recipes.
In addition, you’ll need to use their business software. Their signage. Their employee manual. Etc.
Given these points, are you willing to do it?
Will you follow their system?
I hope so.
Because if you don’t…
(You’ll choke)
And you’ll lose your money.
The final point is that the franchise concept they developed is their “baby.” The franchisor has spent a lot of time, effort, and money developing the concept. A concept that can be duplicated again and again. In essence, the franchisor is looking for “duplicators.” Folks who will follow their system.
And the best part is that they’re willing to help you do it. You’re not alone.
Tip: You may be thinking of using a franchise consultant to help you find the right franchise. If so, make sure you understand how they get paid.
“You’re in Business For Yourself, But Not By Yourself”
That’s one of the most-used slogans in franchising. And for the most part it’s true.
Just don’t expect the franchisor to be at your beck and call the second you feel that you need assistance with something. It’s unrealistic. You’re going to have to figure out some of things yourself. That’s part of a business owner’s role, franchise or not.
Bottom line?
Be prepared to think on your feet.
That said, if you become the owner of a franchise, you will have lots of tools and resources at your disposal.
Some of your tools will be technology-related. Examples include high-quality CRM and POS systems that the mom and pop businesses in your area probably don’t have. And there’s always new technology coming out. Especially the mobile-variety.
Additionally, you’ll have a lot of resources.
For example, there’s usually an entire team of people at headquarters-in various departments, that are there to support you and your franchise business.
You need more marketing materials? Just call or email the marketing department.
Is you’re email system down? Call the IT person at franchise headquarters. That’s what you’re paying for-in the form of monthly royalties. This is good stuff!
A Little-Known Resource
There’s another resource you’ll have as the owner of a franchise business. And this one is only an email or a phone call away.
It’s your fellow franchisees!
These are the people, who like you, have invested their money and their time into the same business you own and operate. But wait; it gets even better.
If you did your research the right way, which means you talked to a lot of franchisees before you bought the franchise, you already have a personal network of franchisees to call as needed.
For example, let’s say you’ve been having trouble finding good employees, and you’re starting to get frustrated.
Instead of calling someone at franchise headquarters, you can call a couple of the franchisees you got to know during your research. You can ask them how and where they’ve been able to find good employees. They’ll probably tell you where they’ve been able to find theirs.
See?
You’re not alone.
