1851

<p>I have been in the franchise industry for more than 10 years, and I have not attended a discovery day outside of learning about a client. I would suspect many in the franchise industry are probably the same. Are we not qualified prospects? Or are we simply not ready to buy?</p><div>&nbsp;</div><div><span style="">I have thought a lot about the diversification of our business portfolio. I have thought about adding a franchise-side of our portfolio to help increase the knowledge base of our team (if they dedicated 10 percent of their time helping in that business). And I have also thought about how I could groom a team to be amazing at operating a franchise on behalf of our agency. Yet, those thoughts have not come to fruition.</span></div><div>&nbsp;</div><div><span style="">If I were going to buy a franchise, though, I would probably go through the same steps as you. Do I believe in the product? Do I believe I can make money? Do I believe in the leadership? Does the brand have the territory I want open?</span></div><div>&nbsp;</div><div><span style="">Far too often, when really starting to think about owning a franchise, the brand is sold out in the territory I want&#8212;prime time Chicago. The other challenge for me is that I would have to be an absentee owner because the business opportunity that provides me with the most upside would be creating the greatest mid-sized agency that ever existed and an awesome technology content platform.</span></div><div>&nbsp;</div><div><span style="">What category would I look at? Well, certainly, I am attracted to the restaurant industry just like many of you. But I also know that the only way you can truly make life-changing money in the restaurant industry is to have scale. Thus, I would probably look at the QSR space&#8212;an investment around $350,000. I could then buy three units, open them quickly and within brand-influencing proximity of each other, and leverage my leadership staff across all three. I know that by getting three locations open fast, the collective marketing spend would have impact each of my units and would help create the volume needed to open store No. 4 and No. 5.</span></div><div>&nbsp;</div><div><span style="">But restaurants are challenging and they will require nearly 100 percent of your time, all of the time. Thus, most likely (unless it was a $2 million plus volume investment), I would look at service or retail. I would look at something where marketing could greatly impact the business. I like the home category; I like real estate. I even like haircuts, since I get so many.</span></div><div>&nbsp;</div><div><span style="">You see, I wouldn&#8217;t buy a franchise unless I was fairly confident I would have a chance at being No. 1 in their system. Call it competitive, call it what you will, but that&#8217;s the way I look at it.</span></div><div>&nbsp;</div><div><span style="">When it comes to money, I am interested in average unit volume, but I am more interested in what the top unit makes, how many other units are around that unit, how much goes into marketing for that unit and surrounding units, and how much that franchisee spends on labor and real estate. I want to know that data, because if I am going to buy a franchise, I want to be No. 1.</span></div><div>&nbsp;</div><div><span style="">Now do you see my dilemma? Clearly, I am not ready to buy.</span></div><div>&nbsp;</div><div><span style="">Passion will drive me to create ultimate success. If I am already thinking about being an absentee owner who doesn&#8217;t know what he wants, am I ready to fight to be No. 1 in a system?</span></div><div>&nbsp;</div><div><span style="">The dream is free, the hustle is sold separately.</span></div>

1851 Franchise

The process of deciding what franchise to buy starts with taking a hard look at yourself. Are you ready to put in the work to make it worth your while?  

This brand page has been paid for by 1851. Content within this page that is paid will showcase a Sponsored icon. This means the brand has engaged 1851 FRANCHISE to write the content. Content without the Sponsored Icon is aggregated media placements the brand earned. Questions can be sent to editorial@1851franchise.com

What I Would Look For in Buying a Franchise 

what-i-would-look-for-in-buying-a-franchise

Benjamin Franklin Plumbing

image of a benjamin franklin plumber employee franchise

Top 5 Reasons To Invest in Benjamin Franklin Plumbing Right Now

benjamin-franklin-plumbing-franchise-5-reasons-to-buy

Mister Sparky Electric

image of mister sparky cars franchise authority brands

Wired for Success: 5 Powerful Reasons To Invest in a Mister Sparky Franchise Now

mister-sparky-franchise-5-reasons-to-invest

image of Mister sparky electric employee working with customer

On-Time, Every Time: How Mister Sparky Delivers the Electrical Service Homeowners Can Count On

mister-sparky-electric-service-franchise

image of mister sparky electric on time elctricians from franchise mister sparky

The Electrician You Can Count On: How Mister Sparky Delivers Power, Punctuality and Profitability

mister-sparky-franchise-power-punctuality-profitiability

image of a benjamin franklin plumber employee helping a customer

The Punctual Plumber That Wins: How Benjamin Franklin Plumbing Redefines Home-Service Reliability

benjamin-franklin-plumbing-home-service-reliability

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Planet Fitness Franchisees Donate $100K to Support Texas Flood Relief - 1851 Franchise

Planet Fitness Franchisees Donate $100K To Support Texas Flood Relief

planet-fitness-texas-flood-relief

McDonald’s Is the Latest Franchise To Bet Big on Beverages with 500-Store Premium Drink Test

mcdonalds-is-the-latest-franchise-to-bet-big-on-beverages-with-500-store-premium-drink-test

Friendly’s Parent Company Acquired by Multi-Unit Franchisee as More Owners Take the Lead in Brand Acquisitions 

friendlys-parent-company-acquired-by-multi-unit-franchisee-as-more-owners-take-the-lead-in-brand-acquisitions

Subway - John Fitzpatrick Named CEO - Breaking News - 1851 Franchise

Subway Names Jonathan Fitzpatrick as New CEO, Effective July 28

jonathan-fitzpatrick-subway-ceo-leadership-change

AI Is Reshaping Franchising: $100 Billion Valuations and Hyper-Localized Advertising

ai-is-reshaping-franchising-100-billion-valuations-and-hyper-localized-advertising

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores - Agg - 1851 Franchise

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores

hooters-franchise-model-company-owned-closures

Rising Jobless Claims Could Signal Challenges — and Opportunities — for Franchising

rising-jobless-claims-affect-franchising

Hely and Hiral Patel Bring Their Longtime Dream to Life With The Brass Tap

brass-tap-franchise-pasadena-maryland-hely-hiral-patel

Navy Veteran and Professional Artist Couple Open Caring Transitions in Texas

Navy Veteran and Professional Artist Couple Set Out to Build a Purpose-Driven Business With Caring Transitions in Texas

navy-veteran-and-professional-artist-couple-set-out-to-build-a-purpose-driven-business-with-caring-transitions-in-texas

DevHub - Meet the Supplier - 1851 Franchise

DevHub: Scalable Digital Marketing for Franchises and Multi-Location Brands

devhub-meet-the-supplier

1851 Keyword - The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

part-time-franchises-picking-the-right-model

Why This Real Estate Broker Decided To Bring Caring Transitions to Central Texas

What I Would Look For in Buying a Franchise

MORE STORIES LIKE THIS