{"id":556,"date":"2019-06-21T08:06:01","date_gmt":"2019-06-21T08:06:01","guid":{"rendered":"https:\/\/www.toddweissfranchisepro.com\/?p=556"},"modified":"2019-06-21T08:08:57","modified_gmt":"2019-06-21T08:08:57","slug":"successful-franchise-owner","status":"publish","type":"post","link":"https:\/\/www.toddweissfranchisepro.com\/successful-franchise-owner\/","title":{"rendered":"What It Takes To Be A Successful Franchise Owner"},"content":{"rendered":"

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What It Takes To Be A Successful Franchise Owner<\/strong><\/h2>\n

I’ve got three questions for you…<\/strong><\/p>\n

On a scale of 1 – 10:<\/strong><\/p>\n

    \n
  1. How confident are you with your current plan to achieve your business and life goals?<\/strong><\/li>\n
  2. How much thought and research have you already put into finding the right franchise to help you accomplish your goals?<\/strong><\/li>\n
  3. How important is having support and systems in place to your overall success?<\/strong><\/li>\n<\/ol>\n

    If you answered anything below an 8 to any of those questions, I want to encourage you to keep reading…<\/strong><\/p>\n

    Being a successful franchise owner depends on a bunch of things. Two of them are the strength of the franchise model you’ve chosen and the mental fortitude — the mental toughness you bring with you.<\/strong><\/p>\n

    I’ve been in business for a long time in very diverse industries. Rarely have I seen business owners fail when they bring their ‘don’t quit – just do it’ game-face to work with them.<\/p>\n

    Especially when they are backed by a solid business model.<\/p>\n

    On the other hand, I’ve seen plenty of business owners crash and burn when their commitment to success is not directly aligned with what it takes to implement and follow through on the roll-up-your-sleeves, let ‘s-make-it-happen day-after-day activities that create success.<\/p>\n

    Even when they have the full support of the best of franchise systems behind them.<\/em><\/p>\n

    So, let’s talk about some of the things that help strengthen your mental fortitude, your mental toughness, and help you gain mastery of the 6 inches between your ears.<\/p>\n

     <\/p>\n

    Relentless Determination<\/h2>\n

    The definition of relentless determination is doing something and not allowing anyone, or any difficulties keep you from doing it. For me, relentless determination keeps me in control and motivated to continue moving forward no matter what life throws my way.<\/p>\n

    To this day, no matter the setbacks and challenges I’ve come up against, I remain more determined more than ever to help people change their lives for the better through franchise ownership. There is nothing more fulfilling than seeing someone transform their life and future right in front of me.<\/p>\n

     <\/p>\n

    Relentless Optimism<\/h2>\n

    Having the mental fortitude, mental toughness necessary to achieve anything in life or business requires self-confidence and confidence in our ability to become successful. Attitude is everything and is a direct result of the thoughts we allow to influence us.<\/p>\n

    Focusing on “what’s wrong” just gets us more of what’s wrong. Focusing on “what’s the next best step in this situation” opens our minds to the different options available in any situation. And, when we have better options to chose from, we are positioning ourselves to make better choices, which create better results.<\/p>\n

     <\/p>\n

    Relentless Self-Evaluation<\/h2>\n

    Honesty and integrity are the pillars of mental toughness. I call it self-ownership. And, it’s a big challenge for just about everyone.<\/p>\n

    It’s tough to take personal responsibility for what’s not working correctly. And, it’s an absolute must if we are determined to be successful.\u00a0<\/p>\n

    Acknowledging what needs improvement and being humble and self-disciplined enough to do what needs to be done to make those changes, powerfully communicates who we are as a person to the people around us. They know they can trust us.<\/p>\n

    And, it boosts our self-confidence because we know that we can count on ourselves to get things done.<\/p>\n

     <\/p>\n

    Relentless Prioritization<\/h2>\n

    Owning a business, especially in the beginning, can eat up all of your time if you let it. And, you don’t want that to happen. When you own your time, you own your energy.<\/p>\n

    If you want to show up 100% every day for your employees and your customers, personal self-care and ruthless time-management must be non-negotiable.<\/p>\n

    Every day, without fail, your personal well-being must be on your calendar. Skipping one workout of a disciplined routine matters. When you skip, you are interrupting the habit, making it more likely that you will skip again. Skip enough times and you just stop doing it.<\/p>\n

    Every decision to show up or to not show up makes a difference — how you do one thing, is how you do everything.<\/p>\n

    Time is a non-renewable resource. It’s up to us to control it and make every minute count.<\/p>\n

    Do your absolute best to single-task. Multi-tasking increases stress and compromises the quality of your work. Both of which are totally counter-productive.<\/p>\n

    As incredible as technology is, it’s cut into our productivity, time, focus and energy.\u00a0 We instinctively respond to every text, email, call, and any other noises our devices make… no matter what else is going on or who we are with.<\/p>\n

    Schedule periodic technology checks throughout the day so you can laser-focus on what (or who) is in front of you without the fear of missing out on any critical communication.<\/p>\n

     <\/p>\n

    Relentless People-Centrism<\/h2>\n

    “Treat others as you want to be treated.” There’s a reason why they call it “The Golden Rule.”<\/p>\n

    Treat your clients and customers right, and they’ll be happier, more likely to come back, and more inclined to recommend you to their friends and family.<\/p>\n

    Treat your workers well, and they\u2019ll be more likely to provide excellent service, which leads to satisfied and loyal customers, which translates to a thriving business.<\/p>\n

    The data doesn\u2019t lie. Studies have shown that companies with a loyal customer base experience a compound annual growth rate of more than twice their competitors.<\/p>\n

    While a cut-throat business strategy may work really well at first, over time it will cannibalize everything it needs for its own success.<\/p>\n

    The most successful business owners understand that relationships rather than transactions are what matter; something that is at the heart of the Golden Rule.<\/p>\n

     <\/p>\n

    It\u2019s Your Business<\/strong><\/h3>\n

    While choosing the right franchise for you and your goals is imperative, having the right mindset and mental fortitude is equally as important.\u00a0<\/p>\n

    I’ve worked in corporate and have owned my own franchises. Franchising allowed me to have 100% control over my time and my finances, something I wasn’t able to do in corporate.<\/p>\n

    The mindset and mental toughness that helped me succeed in corporate helped me to be successful in my franchising businesses. And, they serve me well as a franchise consultant.<\/p>\n

    It’s my passion to help you identify the perfect Franchise that aligns with your personal and professional goals. Just let me know when you\u2019re ready to chat.<\/p>\n

    \u00a0<\/h2>\n

    I’d love to hear from you now.<\/h2>\n

    What\u2019s one insight or key takeaway you got from this article?<\/p>\n

    Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>\n

    Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>\n

    Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>\n

    If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com<\/a>. I’m more than happy to help if I can.<\/p>\n

    And, if you aren’t already a “Franchise Pro Insider,” what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>\n

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    About Anthony<\/h1>\n

    Business CoacH<\/h3>\n

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    (866)-934-7176<\/p>\n

    Email<\/h4>\n

    todd@thefranchiseconsultingcompany.com<\/a><\/u><\/p>\n

    Address<\/h4>\n

    130 Shore Road, Suite 133, Port Washington, NY 11050-2205<\/p>\n

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    What It Takes To Be A Successful Franchise Owner I’ve got three questions for you… On a scale of 1 – 10: How confident are you with your current plan to achieve your business and life goals? How much thought and research have you already put into finding the right franchise to help you accomplish […]<\/p>\n","protected":false},"author":1,"featured_media":558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"

    Franchising Trends For Q3 2019<\/h2>

    Hard to believe that we're heading into the third quarter of 2019 in just a few days. It's been a good year\u00a0 - a very good year - for franchises. And, if you've been considering opening up your own business - without the intense start-up headache phase, it's the perfect time to start exploring what's involved in purchasing a franchise.<\/p>

    The franchising model works this way \u2013 you (the franchisee) buy the rights to market and distribute the products and services of another company (the franchisor) and to use its business name.<\/p>

    Since you're \"borrowing\" another company's proven business model, brand recognition, and reputation, franchising can be a safer option for starting a new business.<\/p>

    So, let's take a look at a few things you need to consider before you invest your hard earned money buying a franchise...<\/p>

    1. Is There Market Demand For Your Products And Services?<\/h2><\/li><\/ol>

      Do you already have an idea of the kinds of products and services you'd like to offer? Awesome!<\/p>

      Do you know if those products and services are in demand where you want to open your business? The only way to answer that question is through market research and hard data. What sells well in other areas of the country may not be well-received locally.<\/p>

      Are you a BIG thinker? Are you thinking about the possibility of branching out to owning multiple outlets in the future? Then, you need to assess the potential for that as well.<\/p>

      1. How Good Is Their Industry Reputation and Track Record?<\/h3><\/li><\/ol>

        Does the company offering the franchise have a proven track record of successfully franchising their business? Just because a company is offering franchising opportunities doesn't mean they are a good franchisor.<\/p>

        It's imperative that you do your due diligence. You should speak to current franchisees to get their perspective on the business - the good, the not-so-good, and the flat out ugly. A good question to ask is, \"If you could do this all over again, would you have picked this company to be your business partner?\" Be sure to listen to the different responses you get. If something negative is repeated often enough, you can be sure that it's a red flag.<\/p>

        1. What Does Your Investment Buy You?<\/h3><\/li><\/ol>

          Franchise fees represent a considerable portion of your investment - that number can range from a few thousand dollars to several million. Those fees typically cover training, equipment, and licensing rights.<\/p>

          You need to understand what the franchisor will be providing you for your investment. You need to carefully evaluate the time it will take for you to earn your upfront costs back to determine if the franchise you are considering is a sound investment.<\/p>

          1. What's The Competition Like?<\/h2><\/li><\/ol>

            Depending on how well-known the franchise is, there may already be lots of franchisees operating in the same area you want to open shop. And, depending on what your product or service is, there could be a lot of other rival companies.<\/p>

            Some competition is a good thing. Too much competition means the market could be over-saturated. That is not good for business.<\/p>

            Product and service offerings are a STRATEGIC business decision that you need to consider carefully. If you have a lot of competition, it will be much harder (and more expensive) for you to establish yourself.<\/p>

            If your products and services are unique, then competition will not be an issue. However, educating the public and creating market demand might be.<\/p>

            1. How Much Training Do You Need?<\/h2><\/li><\/ol>

              I've found that one of the significant advantages of franchising is the training and support offered to franchisees.<\/p>

              If you don\u2019t have a lot of business and operational experience, I highly recommend choosing a franchise that offers substantial training and support to ensure you get things started the right way. Some franchisors even provide on-going support after your franchise is up and running.<\/p>

              Statistics show that having the proper guidance and training from the start dramatically increases the chances of your franchise being successful.<\/p>

              1. Do You Have An Issue With Rules and Regulations?<\/h2><\/li><\/ol>

                \u00a0<\/p>

                It's not uncommon for franchisors to impose specific rules and regulations on how their franchises are to be run.<\/p>

                They usually require franchisees to follow specific guidelines and standards which can encompass things such as product offerings, prices, operational hours, store design, and other things.<\/p>

                While you may be the boss, the franchisor generally has the majority of control. If you\u2019re not comfortable in a situation like this, then running a franchise may not be what you\u2019re looking for.<\/p>

                As I mentioned earlier, 2019 is shaping up to be a VERY good year. The competition for new franchisees has never been greater.<\/p>

                Franchisors are finding new and more innovative ways to craft different offerings to attract new franchisees who normally would not consider investing in a franchise.<\/p>

                It's a franchise buyer's market. And, it's up to you to seek out and invest in a strong brand with solid business fundamentals and high growth potential.<\/p>

                Look for a franchisor who is focused on doing everything they can to help you succeed. It's smart business on their end. Your success will fuel their growth and ultimately their enterprise value.<\/p>

                The marketplace will always reward business owners who can carry a brand forward, build sales, profitability, and create exceptional value based on the strength of their experience.<\/p>

                I'd love to hear from you now.<\/p>

                What\u2019s one insight or key takeaway you got from this article?<\/p>

                Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>

                Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>

                Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>

                If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com. I'm more than happy to help if I can.<\/p>

                And, if you aren't already a \"Franchise Pro Insider,\" what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>","_et_gb_content_width":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[9],"tags":[],"yoast_head":"\nWhat It Takes To Be A Successful Franchise Owner - Todd Weiss Franchise Consulting<\/title>\n<meta name=\"description\" content=\"How confident are you in your ability to achieve your business goals? 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