Building Blocks to Success

“Do I have what it takes to succeed in business?” If you’ve never owned a business, it may very well be a question that’s on your mind. Based on our work with thousands of prospective business owners, here are the three fundamental elements of success that FranNet has defined.  The way to maximize your chances of success is to be as close to a ten as possible in each element.

Element #1 - Drive and Determination
How strong is your desire to own a franchise?

Element #2 - Business System
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, rate each element in a scale of 1-10 and then 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 business systems.  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 ten (10), you want to see that the franchise 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.

Learn More About The Building Blocks To Success
Don't miss your chance to learn more about franchises at one of my FREE upcoming events and webinars about franchising.  From basics of franchising to overviews of franchised business concepts, find the event that is right for you!  You can also contact me at 313-821-5060 or at mcory@frannet.com for more information or to talk more about the building blocks to success.

To start building to success, you have to start somewhere.  Let's start together!

Let’s Start At The End, You Just Retired

It’s many years in the future, and you have just officially retired.  You just finished life as a franchise owner, and now you are ready to enjoy rest and relaxation.

Did you enjoy working for yourself?

It’s a sense of liberation being your own boss.  Your rules.  You didn't have to worry about an immediate supervisor and if they were satisfied with your work.  You didn't have to worry about your supervisor’s boss who you have maybe seen five times in five years.  I won't even bring up the corporate suits you have never met that can change your life by a simple order down the corporate ladder.

Did you take on the world and succeed?

You took challenges head on.  You didn't break.  The business you built still stands.  In fact, you may have opened up new locations.  You created.  In fact, you may have created positions for your family and truly created a business legacy.

Did you retire in a much better financial position?

Investments are never guaranteed.  But, savings accounts lose money if you consider inflation.  Stocks go up and stocks go down.  You invested in something YOU control, you invested in yourself.   You may have had to work hard.  You were successful, you made it happen.

Now lets time travel from the present to retirement as noted above?  What options can you consider to find retirement by modes noted above?

Franchise ownership isn’t something that most entrepreneurs immediately think of, but truly is a viable option to consider.  Just imagine, someone else’s successful idea and YOU GET TO USE IT.  You don’t have to worry about creating a product, service or brand.  You are being handed the ball – run with it!

Start the process of finding your vehicle to retirement today, take a look at one of our events or webinars listed to the right.  All of my events are free!  

If you have any questions about franchising or one of my upcoming events, please contact me at 313-821-5060 or mcory@frannet.com.