Joel Libava
Are you thinking of becoming the owner of a franchise, someday?
If so, this post contains a powerful tip that you can use as you pursue your dream.
And, if you’re about to become a new franchise owner, you still have time to implement my idea before you open your doors.
But, hurry. This is revolutionary.
Why Will You Have Stress?
You will experience high levels of stress, especially during the early stages of your new franchise business. I guarantee it!
There are several reasons that stress will rear its ugly head.
1. You’ve never owned your own business
If you’ve never owned a business before, the amount of details that you’ll be trying to get a handle on may overwhelm you. There are lots of things to remember. Your franchisor may provide you with a handy-dandy franchise start-up checklist. If they don’t, ask them to create one for you.
2. You have a responsibility
It used to be that you had a responsibility to do a good job for your employer. Not anymore. Now, you have a responsibility to yourself. And to your new franchise business. You need to make it a successful business.
No pressure there.
In addition, if you’ve purchased a franchise that requires employees, you have added responsibilities. One of them has to do with leadership; you need to be a great leader. The other thing that is worth mentioning is this piece of advice from Gene Marks, who’s a small business owner himself, in addition to being a prolific small business columnist.
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“Never over-manage your employees, and learn to trust your staff. When it’s your blood, sweat and tears building a business, it is easy to become a micro-manager.”
The other responsibility (I’m not sure if it really is an employer’s place to do this) has to do with employee benefits. You may end up offering healthcare to your employees, especially if most of the other franchisees in your system do. Read up on what you may have to do. Better yet, use this new tool from the SBA.
3. Fear of loss
If you’ve purchased a franchise, you have money on the line.
You have your own money, your banks money, your Uncle’s money, and you may have even borrowed a portion of your franchise start-up funds from here. You owe. You owe.
And, you may have a nagging fear of losing your money…losing everyone’s money, if you can’t make your new franchise a winner. How embarrassing would that be?
Revolutionary Way For New Franchise Owners To Relieve Stress
If you want to lower the level of stress that you will have, there’s something that you can do during the research phase of your journey into franchise ownership. You ready? Here it is:
Get a mentor. But, not just any old mentor. You need to get a franchisee mentor. I’ll show you how.
All you have to do is make sure that you ask one specific question that I’ve included as part of my top 40 questions to ask current and former franchise owners. Here it is-Question #40:
“Are you comfortable with me calling you for help and advice if I invest in this franchise?”
There’s a caveat though. I only want you to ask this question to the franchisees that you have been able to connect with in a special way. These are the franchisees who have been willing to talk to you for more than an hour and who have told you to “call as many times as you want.” These are the franchisees that have invited you to visit their businesses. These are the franchisees that have practically opened their books to you…who have offered to show you their P & L statements.
What’s the matter? You don’t believe that some franchisees really do that?
Well, they do. And, if you do the things that I suggest…in my articles, my books, and in my guaranteed one-on-one franchise ownership advisory sessions, chances are they’ll show you their financials, too.
If You Don’t Ask You Won’t Get
Now’s not the time to be shy. It’s not the time to over-think. It’s not the time to live in your fears.
I’ve found that most franchisees genuinely want to help prospective franchisees get their answers. And, some of them will go out of their way to help new franchise owners (franchisees) become successful.
All you have to do is find them.
