I personally think that franchising is the very best business model around.
YOU’RE NEW TO BUSINESS
Your franchisor was probably really bad at running a business once upon a time.
They started a business; they had no idea what they were doing; they made money mistakes and product mistakes, and they probably had moments when they just wanted to throw the towel in. The best franchisors probably almost went broke once too.
Why is the heck this a good thing?
The answer: because you get to leverage their knowledge. They made all the mistakes so you don’t have to. You get taught the stuff you wouldn’t discover for a very, very long time if you were in business independently.
I started a business independently and now I’m a franchisor so yes, I do have a fair understanding of what it’s like on both sides of the fence.
THE VALUE OF THE RIGHT MENTOR
When I was starting in business, I was searching for the answers. I was looking to plug into other people’s wisdom. My challenge when I was starting in business was attracting all the wrong people to give me advice. You find yourself among a bunch of bottom feeders. You become a target for scam artists or business coaches that might be great, ethical people, but they don’t really know what they’re talking about. It’s like they woke up one morning and just decided to become coaches.
When joining a franchise network, you’re actually joining a support network. The franchisor, if they’re good, will have built the business from the ground up. That means you get advice that’s specific and awesomely valuable.
Franchising should be based on ethics. The way it’s designed is that ONLY once the franchisee is making money, the franchisor starts reaping benefits. They have to help you start your engine successfully to gain any result for themselves.
There are a few different franchising models out there, but your franchisor is motivated to see you grow your business, and that the incentives are in all the right places.
If you’re an independent business, you’re limited to your own ideas. When you get a bunch of achievers together, all aiming for the same results, it’s fascinating to see the rate that your organisation starts accelerating away from the independent businesses. The contributions from the franchise owners all make the systems and model stronger.
Again, when you have multiple people driving for success, your organisation growth rate explodes.
It’s not just your energy. It’s not limited to how many hours you have in the day anymore. It’s all of the other people’s energy simultaneously compounding and growing something spectacular.
All in all, I think Franchising is the very best business model around.
It’s a win/win.