Joel Libava
That’s the goal, right?
You purchased the franchise business you’re now the owner of , so you could be King.
So, you could run the show.
So you could be the boss.
What Does Being The King Mean To You?
While you’re thinking about that, let me share what being King means to me.
King= More Freedom And More Control.
It means I have more control in my professional life…in my career. It means I have freedom too. That’s important to me. It means that I have a shot at living The American Dream.
What does it mean to you?
What will it mean for you to be The King of your franchise business?
How To Be The King Of Your Franchise Business
Before you can be King, a few things need to happen.
1. In order to be the King of your franchise business, you have to choose one that will allow it to happen.
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In other words, you need to choose the best franchise opportunity for you. That’s half the battle. Did you consult with an unbiased franchise professional before you bought your franchise?
2. You’ll have to create a plan, and follow it.
You must have a plan. A specific plan that can be easily followed and easily tracked.
3. You must get to break-even quickly.
Getting to break-even in your franchise business will take your business to the next level. And the next, and the next…
So, get there as fast as you can. Doing so will put your Crown within reach that much sooner.
4. Educate yourself on all things franchise.
One way to make sure you’re headed in a Kingly direction is to learn what it takes to be a successful franchise business owner.
Bookmark this handy-dandy list of things that will help you become a wildly-successful franchise owner.
The reason I want you to bookmark it, or…even print it out if you must, is so you can refer to it again and again.
5. Define your success.
What does success look like, feel like, even taste like in your case?
Do you want to build a castle? Would you like to own a fleet of Italian sports cars? Do you want to be able to eliminate all of your debt? Pay for college in cash?
What do you want?
Write it down. Define success for you. Then look at the success list you just created once in awhile.
Remember, success looks different to all of us. Read
Kings
If you’ve made good choices leading up to the purchase of your franchise business, your odds of becoming King are much better than if you shortchanged yourself along the way.
It’s one thing to become a King; it’s quite another to remain The King.
- Make sure you have a good attorney you can call on when and if there are problems within your franchise kingdom.
- Make sure you have access to capital when you need it. For emergencies. For expansion.Etc.
- Make sure you have a good accountant. That way you can make sure you are leveraging all of the potential tax benefits that come with being a small business owner.
- Make sure you have a good relationship with the franchisor. Be liked.
I hope you found this post helpful.
If so, don’t be shy. Please share it on the social media networks. Share it with franchise owners that could benefit from the information I’ve included.
Let’s create some Kings.
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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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