Element #1 - Drive
Determination
How strong is your desire to own a franchise?
How strong is your desire to own a franchise?
Element #2 - Business
System
How good is the franchise system offered by the franchisor?
How good is the franchise system offered by the franchisor?
Element #3 - Fit
Will the business maximize
my strengths, passions and experiences?
After examining a
franchise, multiply the three scores together and come up with a total. If you can score a 10 in all three elements,
you are batting 1000! On the other hand,
a low score in any element may yield much lower results. Try plugging a 2 in any of the boxes and do
the math.
Desire for Greater
Independence
While it might sound
obvious to say it, the desire to own a business is perhaps the most important
element. Other words that come to mind
that describe this element are drive, the desire for greater flexibility,
control of one’s future, financial success, independence,
etc. Business ownership can be very
rewarding, but it will not be easy.
Someone who is satisfied working for someone else will usually find the
challenges of business ownership too great to ever attempt.
On the other hand, there
are many stories of people who succeed against all odds because they have a
strong desire to have their own business.
So ask yourself this question: On a scale of one to ten, with ten being
high, how do I rate my desire for greater independence? The higher your number, the better your odds
of success.
Business System
A business system is the
total package for running the business: location, marketing, products, sales
process, management and training. It is
even more important than having a great product!
Franchises are all about a business system. Franchises tend to take common products (hamburgers, oil changes, etc.) and business an effective business system around them. With the very best systems being a ton, you want to see that the franchises you select have a great business system.
Identifying a great system
is important, but a word of caution is in order. Prospective franchise owners may be tempted
to put all their emphasis on the quality of the system without considering the
third and equally important element called “fit.”
Fit
No matter how good the
business system is, the business must be one that “fits” you. If
must be a business that builds on your strengths and talents. Every franchise system has successful
operators and less than successful operators.
The difference is the individual.
A business system does not run itself.
Identifying a business that fits your profile, what we call your
business model, is just as important as the quality of the system.
As you probably guessed,
the goal is to find the business that is as close to a ten in how it fits you.
October 1, 2014 – Meet the Franchisors (Oak Brook, IL)
FREE EVENTS! Different franchisors looking to expand in Illinois
will be here and are ready to talk to you!
After a brief introduction to the world of franchising, each franchisor
will overview their business model and what they look for in a successful
owner, tips of franchising funding, and Q & A. There will be time for one-on-one time with
any or all of the franchisors present!
You can always contact either two members of the FranNet Chicago team
with any questions:
We look forward to helping you take these building blocks and start
assembling the way to success! Remember,
all of our services and events are FREE!
