How to set yourself up for failure in a franchise
1. Choose a franchise for yourself in which you have industry experience. Example: Early on in Sylvan Learning Center’s growth, a large number of teachers invested in this franchise. Certainly made sense...familiar business, love of teaching, love of children etc. The problem was the new franchise owners {the teachers} spent all their time “teaching”, not running and growing their business. 2. Positive/strong emotional ties to product or service are main decision making criteria. Example: Dairy Queen. You LOVE ice cream, and have been to a DQ or similar concept, and have seen how busy they can be. Invested in one, but did not realize how the hours etc. could affect your quality of life. Also, did not realize the expenses associated with this business. 3. Misplaced passion for the business. Example: Pet shop. You love animals of all types, and believe that pets are real important part to our society. That is great…. But what is the “end result” you are hoping for in this business? Passion should be on the end results…..not on the biz! Question to ask yourself; “Can this business get me where I want to go? Does it matter WHAT the business is, as long as it CAN get me where I want to go”? There are over 3,000 different franchises to choose from. If you peruse the vast World Wide Web hoping that one may "light your fire" when you see the name, you may be disappointed. Sometimes the ones that do not "light your fire" are the ones to explore.Do not look at the name. Look at what the business really does.Example. Does ABC Computer Repair Franchise repair computers, or does it really get the client up and running quickly? What problem does the franchise solve.THAT is the business.What business is Burger King in? If you answer selling hamburgers and fries, you are wrong.What Burger King and other fast food franchises really do is sell convenience. Serving you your food quickly in a uniform way is what really sells....Written by:Franchise Selection Specialists Inc./FREE Service! Joel Libava/President©2006 Joel Libava/Franchise Selection Specialists Inc. All rights reserved
About the Author
Joel Libava is the President of Cleveland, Ohio based Franchise Selection Specialists Inc.He helps those interested in exploring franchise ownership as a way out of corporate America.http://www.statefranchisecenters.com
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