Have you ever thought about going into business for yourself by owning a franchise? You need to talk to Joel Libava, The Franchise King. I met Joel last year at Blogworld. I have always been concerned that people have unrealistic expectations of what it is like to start and run a franchise. Lots of time and money gets wasted in the process. As a result, so many new franchise owners fail.
Joel has helped hundreds of would-be franchise owners. He just released guides that give a new twist to choosing franchise ownership. Joel shows people how to make rational decisions in choosing franchises. He can save you loads of dollars in the process of researching and purchasing a franchise. Check out Joel’s guide!
Do you run a franchise? What helped you in the research process?
Barry,
Thank you so much for posting about my franchise guides.
We’ve known each other for a little while now. You and I are pretty similar;
We want people to win! These franchise guides increase those chances of winning. So many people go out and buy a Subway, or a Quiznos, without knowing what the business is REALLY like.
(Now, there’s nothing wrong with either of those franchise chains, if the right person invests in one.)
I show would-be franchise owners how to customize their search for the right opportunity for them, and then I show them how to properly research it.
If I can prevent some folks from choosing a franchise that’s completely wrong for them, everybody wins, INCLUDING the franchise company.
Again, thanks a lot, Barry. Keeping doing what you’re BAMMING.
The Franchise King®
My pleasure Joel- the worst thing is to go into this with unrealistic expectations and lose all your money!
I went through the process of considering business ownership options and explored buying a local established business, starting something from scratch or the 3rd option was franchise options. Having a business coach who showed me how to evaluate the various franchise options was very helpful to me and through the process, I ended up buying a franchise where I actually help coach individuals through the process of identifying their dreams and goals to identify a business model that will help them get there.
I realized in my research that to mitigate the risk of any type of ownershiop – franchise or not, one had to research the options to make sure they were fully aware of the facts — what would it take to be successful, what do the owners really have to do day in and day out to make it successful.
Do franchise owners fail, absolutely but so do solopreneurs as well as buying something else — in all cases it is about matching your strengths, creating a support system (which most good franchises have), capital and old fashion persistence as well as product/service to demographics. Meeting needs of demographics no matter what type of business.
I learned from my research that franchises are 4x more likely to be in business in 10 years versus individual startup which fail 67% in first 2 years.
I coach my clients similar to the coaching I received — get the facts not just the brochureware on the internet, talk to owners, build a business plan, understand breakeven and ramp up period.
Lastly, don’t make decisions based on friends and family input — get the facts not just the perceptions.
Joel,
I have a concept for a new Edutainment Business but rather than look for investors for the flag-ship store, I would like to enthuse investors for the big picture – the Franchising of the concept.
With national franchising in mind, what do I need to consider before even opening the door of the flag-ship store?
Thanks in advance!
Mums,
The first thing to consider is this;
Is the concept one that could be easily duplicated?
Secondly, why do you want to turn it into a franchise?
Finally, start writing an operations manual as you go..step by step, so that just in case you decide to invest the time and money needed to do this right, you’ll have a blueprint.
The Franchise King®