Franchise Ownership: What’s Love Got To Do With It?
(This franchise article, written by me, was first published on Franchise Direct)
You probably didn’t wake up this morning expecting to read a blog post about love on this website, especially since Franchise Direct is a business website.
But don’t worry. You’re going to like love it.
Here’s a little exercise for you. Ready?
I want you to think about the feelings you have when in love. Specifically, I want you to remember the feelings you had when you first realized you were in love. Feelings such as the way your senses felt awake like never before, or the smile you had when you thought about this person.
Do you remember? Can you feel it?
Of course, you can fall in love with a franchise. And I have proof. Here are some things clients have said to me:
“Joel, I love how that doggie day care franchise does business. They remember your name — and your dog’s name. They give you a leash with your dog’s name embroidered on it after your first drop-off. I just love this business! And I want to buy it for my area.”
Or, this one:
“I love the burgers at Burger’s ABC. They are the best! I just know I would be a great franchisee because I love the product.”
Stop there. No. You. Won’t. Well, not necessarily.
One of the biggest mistakes I see has to do with people falling in love with a product/service a franchise business offers, and thinking they’ll be successful because they love it.
Now, loving the products/services the franchise you own is important for sure. But it’s not the end-all. That’s because in order to be a successful franchise business owner, you need to have the right skill set for the business you own. Along with:
- Great support from franchise headquarters
- Good technology
- The right location
- Enough working capital
- A steady stream of customers
- A good staff
- A positive atmosphere
- A clean place of business
- Expansion opportunities (but not always)
Did you notice what was missing from that list? That’s right, a love for the product or service.
In a nutshell, you need to have the right mindset to own and operate a successful franchise business. Your love for the things your business offers is important — and your customers will feel your passion, or lack thereof — but you need to remember that it’s a business. A business with a lot of moving parts.
There are going to be things you’ll have to do as a franchisee that you may not love:
like payroll, dealing with employee-related issues (maybe even firing employees), local regulations that make no sense, or times when business is slow. And more.
Please don’t be discouraged by some of the things I’ve pointed out today, because there are a lot of things to love about franchising.
For one, it is a great business model, maybe the best one ever invented. It’s enabled thousands of people to realize their dreams of business ownership. Secondly, if you’re comfortable following someone else’s proven system (instead of re-inventing the wheel), you can open a business in your geographical area relatively fast, so you can start on your journey to profitability. Finally, franchise ownership can give you a much-needed lift. The kind that makes you feel like you’ve accomplished something big. That’s good stuff!
With those things in mind, let me leave you with one final thought. It concerns love. And it comes right from my heart.
Instead of falling in love with the products and/or services the franchise opportunity you’re interested in provides, fall in love with what owning that franchise can do for you.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.
Originally published at www.franchisedirect.com.