Joel Libava
All of us, at some time in our lives, need advice.
But we have to get it from the right source.
Because not all sources are created equal. Some sources are good; some are not. Obviously.
Another key point you need to realize: Your source may have an agenda, and that agenda may involve money.
That’s not always bad. It just depends on the ethics and the transparency of your source. And the true value of the advice. Does that make sense?
My Agenda
Admittedly, I have an agenda. And it’s a two-parter. (Oh no!)
1. The first and most important reason that I freely give franchise advice is to help would-be franchise owners prevent serious financial pain.
In particular, I offer proven ways for people (who are interested in becoming their own boss through franchise ownership) to significantly lower their financial risk…to not lose their money in a franchise business.
(Which, in turn, increases their chances of success as a franchise owner.)
2. The second part of my agenda does have to do with money-since I myself am a small business owner.
That’s right; money.
My hope is that some of the people who read my articles/watch my franchise videos find so much value from the information I share, they’ll end up doing one or more of the following:
- Buy my books
- Take my online franchise ownership courses
- Invest in my Franchise Success Sessions
- Invest in The Franchise Success Kit
- Do business with my advertisers and affiliate partners
Are you good with that?
If so, please check out the free advice I’m offering below.
If not, please check out the free advice I’m offering below.
3 Pieces Of Unimpeachable Franchise Advice
The advice I’m sharing today comes from the things I’ve learned and experienced personally in my 20+ years in franchising.
And this advice is unimpeachable.
(Definition of “Unimpeachable” courtesy of Merriam-Webster Dictionary)
Let’s begin.
Franchise Business Ownership Isn’t For Everyone
Not only is franchise business ownership not for everyone, business ownership in general isn’t for everyone.
In the case of franchise ownership, there are lots of rules to follow. (Because of the way franchising is structured.)
In a nutshell, a franchise business is a business built on a system. A system that’s easy for others to duplicate. And it’s very powerful.
If you’re willing (and able) to follow someone else’s business system, franchise ownership is something you need to explore. If you’re not going to follow the rules-I have some advice for you.
My Advice: If you’ve never been much of a rule-follower, don’t mess around with franchise business ownership. You’ll choke.
Important: Read The Next Sentence Twice
Fact: It’s improbable that you’ll be able to go through an entire personality transformation-suddenly becoming a person who’s going to follow all the rules.
One More Thing: The Sacrifices You’ll Have To Make
There are several sacrifices you’ll have to make when you become the owner of a business.
For example, long-hours, I’m talking 12-14 hours a day, are very common when you’re a franchise owner. Make sure you’re ready for them. And working long hours are only a small part of the things you’ll have to do as a franchisee.
- You won’t be home very much
- You won’t be making money for awhile
- You’ll be in debt from day one
- You’ll have to worry about things like payroll and rent.
And more.
Are you in? Are you ready to make the sacrifices needed to reach your goals?
Suggested Reading- Why Do Franchise Consultants Offer Free Consultations?
Hobbies And Interests
Let’s say you’re a dog-lover.
Let’s also say that you’ve been thinking of opening a business.
And since you have a serious love of dogs, you feel that it would make perfect sense to find a business opportunity that’s related to dogs…or pets.
Consequently, you start looking around at pet-related franchises-and you end up finding one or two that seem to be right up your alley. So you end up narrowing your choices down to one-a retail pet store franchise. And you buy it.
12 Months Later…
You’re now the owner of a 15,000 square foot retail pet store.
Your store sells thousands of different products.
In addition-and this is what really attracted you to the franchise, you get to offer dog training. Better yet, your dog training classes are really filling up. But…
You can’t do the training.
Because you’re:
- Managing the inventory
- Hiring and training employees
- Dealing with payroll
- Working on your local marketing
Along with several other time-consuming franchise owner duties.
Consequently, you’re starting to get frustrated. Really. Frustrated.
Buying A Franchise?
You're Going To Need This!
Because you’re not hanging with the dogs. You’re not* able to do the training you planned on doing because of all the other “duties” you have as an Owner.
So much for investing in the business of your dreams. A business where you could focus on and enjoy your interests-in this case, dogs and dog-training.
Sad!
*The scenario I just described happens more than you think. Would-be franchise owners decide to only look at franchises that align with their hobbies and/or interests. Reality sets in, and they find themselves doing the less-exciting (but necessary) back-office work that must get done when you’re the Owner. And they-along with their franchise businesses, fizzle out.
My advice: Look at franchise opportunities that are in alignment with your top talents. Then, when your franchise business becomes successful, make it your goal to hire a manager who can do most of the work you do. That way you can step away from your business and spend time doing the things you enjoy.
Spend A “Day In The Life”
If you find a franchise opportunity that you’re interested in possibly buying, you need to schedule an in-person visit to one of the franchisees. Here’s how.
Make it a point (as you’re calling franchisees as a part of your research), to put a * next to the names of the ones you feel are the most sincere-and most helpful.
Tip: Read this article I wrote for CNBC about calling franchisees-including what to ask them.
Once you’re done calling franchisees (call at least 12-15 of them), reach out to the ones you put asterisks next to, and see if one of them will allow you to visit their franchise business in-person. But, don’t stop there.
Tell them that you’d like to spend one full day in their business, because you’d like to experience what a day in the life of a franchisee is really like.
Important! I don’t care if you have to spend $1,000+ to travel to the franchise location. This is your chance to see, hear and feel what a franchise operation is like. What yours will be like.
My advice: Spend a full day with a franchisee before you sign anything. It’s a low-risk way to find out if you can “see” yourself doing this…for the next several years.
Bonus Advice
Here’s one more piece of advice you can take to the bank.
Before you get too far down the franchise road, invest in things that can:
Help you lower your financial risk, so you can sleep better at night
Increase your chances of finding a money-making franchise so you can reach your dreams
There’s no reason for you to attempt to do something as big as this all by yourself.
Here’s to your success!
