Entrepreneurship and Franchising: Perfect Together
Entrepreneurship and Franchising: Perfect Together
There is truth to this of course. Franchising as a model requires that franchisor and franchisee work together as a team. The franchisor is expected to provide the proven model, trademark, marketing image, branding, and systems…the franchisee is expected to provide intimate knowledge of their specific region, strong marketing efforts and a “follow the rules” mentality.
But in order for most prospective franchisees to take the leap into business ownership…they need to develop an entrepreneurial spirit.
Consider a prospect from my own experience in franchise sales. This prospect was well-qualified in many ways to take on franchise ownership. There was only one problem. He had a really hard time making a decision on whether or not to buy in to the opportunity.
Now, let me set the stage. He had done a thorough job of due diligence. He had reviewed the UFOC with his attorney and his spouse. He had created a list of questions for franchisees of the system, asked them, and received responses.
He had even visited two or three of these franchisees…getting a real-life feel for the workings of the business and the pros and cons of the franchise system.
Yet he felt unable to come to a decision!
As I guided him through this decision making process, I finally said this: “Your due diligence has been superb. You’ve done everything you can possibly do to get clear on this opportunity. Even though you may feel there is still one more question that will make this perfectly clear…there is no such magic question. It is truly time to come to a decision.”
“May I help you to put on your entrepreneur’s hat?”
“You know,” I continued, “each of us has to have a good bit of entrepreneurial skills in order to move into our own business.”
“Imagine that you do decide to move forward. As a franchisee, you will be required to make immediate and even long-lasting business decisions with as much confidence as possible.”
“Maybe you’ll be faced with a decision on the type of loan to pursue and its terms…or a decision on whether to lease or buy your space. Maybe you’ll be asked to make build-out decisions quickly so that you can open your unit in time for peak opportunity.”
You get the picture!
Owners of both independent and franchised businesses are called upon to make entrepreneurial decisions each and every day. Decision making is part of the package called “business ownership”.
So put on your entrepreneur’s hat, please, while pursuing the franchise purchase decision.
It may be what convinces your franchisor that you are the right one for the system.
Entrepreneurship and Franchising Perfect Together - To learn more about this author, visit Flo Schell's Website.
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For years we’ve been reading articles about a franchisor’s desire to select franchisees that are not too entrepreneurial…that are in fact interdependent rather than independent.
There is truth to this of course. Franchising as a model requires that franchisor and franchisee work together as a team. The franchisor is expected to provide the proven model, trademark, marketing image, branding, and systems…the franchisee is expected to provide intimate knowledge of their specific region, strong marketing efforts and a “follow the rules” mentality.
But in order for most prospective franchisees to take the leap into business ownership…they need to develop an entrepreneurial spirit.
Consider a prospect from my own experience in franchise sales. This prospect was well-qualified in many ways to take on franchise ownership. There was only one problem. He had a really hard time making a decision on whether or not to buy in to the opportunity.
Now, let me set the stage. He had done a thorough job of due diligence. He had reviewed the UFOC with his attorney and his spouse. He had created a list of questions for franchisees of the system, asked them, and received responses.
He had even visited two or three of these franchisees…getting a real-life feel for the workings of the business and the pros and cons of the franchise system.
Yet he felt unable to come to a decision!
As I guided him through this decision making process, I finally said this: “Your due diligence has been superb. You’ve done everything you can possibly do to get clear on this opportunity. Even though you may feel there is still one more question that will make this perfectly clear…there is no such magic question. It is truly time to come to a decision.”
“May I help you to put on your entrepreneur’s hat?”
“You know,” I continued, “each of us has to have a good bit of entrepreneurial skills in order to move into our own business.”
“Imagine that you do decide to move forward. As a franchisee, you will be required to make immediate and even long-lasting business decisions with as much confidence as possible.”
“Maybe you’ll be faced with a decision on the type of loan to pursue and its terms…or a decision on whether to lease or buy your space. Maybe you’ll be asked to make build-out decisions quickly so that you can open your unit in time for peak opportunity.”
You get the picture!
Owners of both independent and franchised businesses are called upon to make entrepreneurial decisions each and every day. Decision making is part of the package called “business ownership”.
So put on your entrepreneur’s hat, please, while pursuing the franchise purchase decision.
It may be what convinces your franchisor that you are the right one for the system.
Entrepreneurship and Franchising Perfect Together - To learn more about this author, visit Flo Schell's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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