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Entrepreneurship and Franchising: Perfect Together
Entrepreneurship and Franchising: Perfect Together
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.
So you’ve come to the conclusion that you’d rather buy into a franchise and get the benefit of a tried and true business model instead of figuring out everything yourself. Well, that makes perfect sense and you’re c...
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In playing with Google Insight I started checking trends on entrepreneurs and entrepreneurship. Has that sort of thing become, you know, passe, since the dot-com bubble burst and the Web 2.0 thing is waning? Or is i...
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Flo Schell
(Visit Flo's Website)
Flo Schell, EdM, Former VP of Franchise
Sales, Sylvan Learning Systems, Inc. is
Founder of Franchise Coaching Systems
and can be found at www.FloSchell.c
om. She holds distinction as a
Certified Coach from the Thomas Leonard
School of Coaching. Flo is adept at the
nuts and bolts of selling and at helping
sales professionals to deal with the ups
and downs of their work. She is author of
the new business book, Stop Selling Start
Clicking, available at
www.StopSellingStartClicking.com. Sign
on to her website for free Tele-Gatherings
on topics related to selling and
franchising.
Franchising Coach Blog - comfortable sales and marketing tips to boost your business
Flo Schell Video - This is a live chat with Flo Schell, Author of the highly acclaimed new business book, Stop Selling: Start Clicking! Flo knows how hard it can be for small business owners to sell themselves and their services. Bringing 20 years of sales experience and featured in Success Magazine, Certified Coach Flo Schell, bases her process on the human connection that she calls the magic click. Listen in as Flo describes why we must master the art of selling...and exactly how to create the magic click.
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In playing with Google Insight I started checking trends on entrepreneurs and entrepreneurship. Has that sort of thing become, you know, passe, since the dot-com bubble burst and the Web 2.0 thing is waning? Or is i...
