Are you the next franchise triple threat?
Brett Johnson
Building temporary ceilings and walls that contain construction dust and debris at retail, commercial and industrial facilities.
I was recently at a large franchise expo. There were thousands of aspiring entrepreneurs coming all weekend long seeking out attractive franchise opportunities.
They are forming a new dream of partnering with a franchise system and bringing a proven business model back to their city or neighborhood.
As important as these seekers are, in my opinion, the real stars of the expo are the franchisors standing in each booth.
They are the triple threats of the business world.
Hollywood has their triple threats that include Hugh Jackman and Jennifer Lopez. These performers are stellar at singing, dancing and acting. Becoming world-class in one of these talents is no small feat. Demonstrating proficiency in all three is truly remarkable indeed.
What are the three “threats” that a successful franchisor has perfected? These business people are creators, transformers and recruiters.
1 - Creating a Profitable Local Business Model
2 - Transforming the Business into a Repeatable System
3 - Recruiting Franchisees to Join Them
Each of these roles requires a unique set of skills and capacities.
When creating a profitable business, the aspiring franchisor meets their first challenge. They need to address a specific need in the market, in such a way that the consumers are willing to pay a premium price that yields a 20-30+% margin.
Transforming the business into a system involves a systematic, engineering process to think through the various outcomes and complexities that are involved in marketing, selling, customer service, hiring and accounting. This second set of talents are very different from what is needed in the first.
Thirdly, recruiting the right franchises is essentially a whole new business start-up. Now the product being sold is not a hamburger or a haircut but a vision of the future to the seekers at the franchise expo. This is followed by the process of filtering through the applications to award a franchise to the person that fits your core values and shows potential to be a top performer.
When these three disparate skill sets come together in the same person, the power and magic of franchising can be unleashed.
Our world truly needs more entrepreneurs that are dreaming of taking their single threat and growing it into a triple threat.
If this is a journey you are embarking on, let’s connect to help you increase your clarity, unlock the power of your story, automate your systems and make the leap into franchising.
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