Element #1 - Drive Determination
How strong is your desire to own a franchise?
Element #2 - Business System
How good is the franchise system offered by the franchisor?
Element #3 - Fit
Will the business maximize my strengths, passions and experiences?
After examining a franchise, multiply the three scores together and come up with a total. If you can score a 10 in all three elements, you are batting 1000! On the other hand, a low score in any element may yield much lower results. Try plugging a 2 in any of the boxes and do the math.
Desire for Greater Independence
While it might sound obvious to say it, the desire to own a business is perhaps the most important element. Other words that come to mind that describe this element are drive, the desire for greater flexibility, control of one’s future, financial success, independence, etc. Business ownership can be very rewarding, but it will not be easy. Someone who is satisfied working for someone else will usually find the challenges of business ownership too great to ever attempt.
On the other hand, there are many stories of people who succeed against all odds because they have a strong desire to have their own business. So ask yourself this question: On a scale of one to ten, with ten being high, how do I rate my desire for greater independence? The higher your number, the better your odds of success.
Business System
A business system is the total package for running the business: location, marketing, products, sales process, management and training. It is even more important than having a great product!
Franchises are all about a business system. Franchises tend to take common products (hamburgers, oil changes, etc.) and business an effective business system around them. With the very best systems being a ton, you want to see that the franchises you select have a great business system.
Identifying a great system is important, but a word of caution is in order. Prospective franchise owners may be tempted to put all their emphasis on the quality of the system without considering the third and equally important element called “fit.”
Fit
No matter how good the business system is, the business must be one that “fits” you. If must be a business that builds on your strengths and talents. Every franchise system has successful operators and less than successful operators. The difference is the individual. A business system does not run itself. Identifying a business that fits your profile, what we call your business model, is just as important as the quality of the system.
As you probably guessed, the goal is to find the business that is as close to a ten in how it fits you.
Two FREE Events to Build Your Knowledge About Franchising
I am holding two events to help increase your knowledge about franchising. If you have the drive to start your own business – attending these two events will help you learn about all of the different options available to start your own business, and how franchising can point you down the path to success.
September 30, 2014 – Business Ownership Options (Grand Rapids, MI)
Is franchising the path for achieving your goals? Let me bust some common franchising myths, enlighten you on the wide range of categories and investment levels available, different entry strategies, and how to find the right fit for you.
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October 16, 2014 – Meet the Franchisors (Grand Rapids, MI)
Different franchisors looking to expand in Michigan will be here and are ready to talk to you! After a brief introduction to the world of franchising, each franchisor will overview their business model and what they look for in a successful owner, tips of franchising funding, and Q & A. There will be time for one-on-one time with any or all of the franchisors present!
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