Many people have considered or pondered the possibility of becoming a franchisee. Many people have pursued it and have reaped great financial benefits as a result. Indeed, when executed well, a franchise business can be a rewarding path which offers a stable work-life balance.
But what does it take to become a successful franchisee? Like an entrepreneurial venture, there needs to be the willingness to put in the work. Having the start up capital is only step one of a long flight of steps. The only reprieve is that you are provided with step by step instructions and guidance to take you through the process from start to sustainability, compared to any other start-up. Typically, a franchise business costs more initially, but the cost recovery can be a lot quicker. Reputable franchisors provide a great deal of ongoing support, and because they are financially invested (royalties, possible land acquisition, profit sharing, etc.), they will make the effort to ensure that your location succeeds.
Inc.com recently interviewed the heads of some of America’s top food franchisors and asked them what words of wisdom they followed that set them on the track to success. In brief, they are:
- Be savvy about location.
- Find the right staff.
- Follow the playbook.
- Pursue your passion.
- Plan for growth.
Although these are all very vital components, the one that resonated most with me was #5, which was explored by Tariq Farid, CEO of Edible Arrangements. Simply put, the goal of becoming an entrepreneur “…isn’t to open one store – we want you to open 40 stores.” And in order to do that, there must be a commitment to succeed.
So think big even if you’re starting small…always.