When I was younger I decided I could own a franchise and run it as a part time business. I had a full time job and a family. The business was a service that was used after work and weekends, so part time made sense. I was sure many people started out that way. Here are a few guides along with my experience owning and running a franchise.
Understand if you have a strong motivation and drive. I did.
Be confident about the product or service. I was.
Be enthusiastic about the product or service. I was.
Be able to train and motivate others. I could.
Have experience in the industry. I did not have it but I convinced a friend who did to join me as a partner in the business.
Be able to promote the business and brand. While the industry was well known the franchisor was not. I knew more than the franchisor and made a decision to promote my business name in my dedicated geography. Why would I want to spend time and money promoting the franchisor?
We used the material and techniques provided by the franchisor.
I ran the business. My partner provided credibility and assisted with delivery of the program. For this I shared the profits 50/50. As a business owner, you probably understand what I mean when I say I ran the business. 50/50 probably was not a good idea, but I hoped I would get more for it.
The business succeeded for a few years until the energy ran out. What we lacked was a viable exit strategy, a way to capitalize on our efforts.
Do you have a better plan?
Steve Koenig, SCORE Counselor
Visit us at: www.scoresouthflorida.net