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Life and franchising, a common thread?

Life is a big word, it sort of covers it all, family, work, religion, politics, economy, all of it. Franchising is an expansion vehicle for brands that allows for new market growth. What ties the two together?

Unexpected twists and turns in the road certainly are inherent in both life and franchising. Regardless of how much we plan or try to predict the future, none of us had any idea Donald Trump and Bernie Sanders would still be in the election at this point. In franchising, who could have predicted that blockbuster video wouldn’t be here any more?

Franchising offers great promise for growth and the development of a strong brand based on solid company principals that are scaled through the addition of new franchise partners. Life has endless potential when we are young and see the upside in our venture. Through good teachers, wives, husbands and acquaintances, we pave our way to a successful future in whatever we aim to accomplish. Typically, this with strong visions and a commitment to their core values are the ones who tend to have the biggest impact in life. Huh, seems pretty consistent so far….

Franchising creates the potential to replicate ones self through franchisees who buy into the company’s vision for growth. Good systems and infrastructure allow this growth to happen and new entrepreneurs to succeed in their own business. Life offers the opportunity for us to influence people, make a difference in others lives and through vehicles such as religion or education create more opportunity and good fortune for others one might come in contact with throughout their journey.

Franchising offers the potential to leave a legacy. Great entrepreneurs have come and gone many years ago who’s ideas and words are heard today through successful franchise brands. Life’s goals tend to shift towards leaving a legacy for most towards the end of our lives. We aim to leave an impact, stories and memories with family, friends and connections. The most successful can be seen as statues outside ballparks or at the center of town squares.

With all of these commonalities and seeming logic behind the franchise expansion model, why don’t more businesses turn to franchising as a growth vehicle? Well, we aren’t all great at “life” either. Only businesses that have the right vision, market opportunities and systems can franchise.

For more information on whether your business is ready to start franchising, contact us;
Info@franchisemarketingsystems.com

 Entrepreneurship With a Safety Net: Owning a Franchise

Owning a franchise can be a great way to start a business with less risk or to invest in businesses with proven scalability.  Owning a franchise requires an understanding for what a franchise offers and the benefits vs the negative components the come with franchise ownership versus entrepreneurship.

 

First, a large percentage of franchisees are made up of new business owners, people who are starting a business for the first time.  This is one of the driving forces behind franchising is that the franchisee is provided the tools, systems, support and training to increase their odds of success as they start a new business.  What I have found in my time in the franchise market is that many franchisees do not understand that this still means a lot of hard work, dedication, hours and time to make the franchise business work.  The franchisors role is not to run the business for the franchisee, but to support and provide guidance.  My advice to a franchisee is look to your franchisor as you would a business coach or advisor, not an employee.

 

Second, franchising is not a sure bet, there is still a considerable risk in starting a new business.  Although owning a franchise drastically increases your success rate, you still can fail as a business owner.  Knowing this going into the relationship should help you plan, research and get to know the market prior to making a franchise investment.

 

There is an extremely large percentage of franchise owners who own multiple units of one or more brands and focus on finding franchise systems which have the systems and market opportunity to scale.  These franchisees are looking for unit economics, system validation and management team resumes.  Multi-unit and master franchisees invest in franchise brands because they see long term value in where the business is headed and value in the franchise structure they pay for.

 

Regardless of what is driving you to consider owning a franchise, you should understand the inherent risks associated with starting a business first, then get to know the franchises you might consider.  Review the franchisors track record, speak with franchisees, take time to understand the FDD and go into the business relationship with appropriate expectations.

 

For more information on how to franchise your business, contact Chris Conner:  Chris.Conner@fmsfranchise.com

 

Christopher Conner

Cell:  770-519-3910

Fax:  800-625-8530