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

SweatHouz

SweatHouz SWTHZ Franchise - Hunter and Mallory Mitchem - Franchisee Feature - 1851 Franchise

From Aerospace to Wellness: Hunter Mitchem’s Journey to a SweatHouz Empire

sweathouz-franchise-hunter-mitchem-6g

Onigilly Japanese Kitchen

Onigilly - Low Operating Costs Drive High Returns for Franchisees - 1851 Franchise

Maximize Your ROI: How Onigilly’s Low Operating Costs Drive High Returns for Franchisees

onigilly-franchise-fast-casual-franchise-opportunity

Layne's Chicken Fingers

What Is the Layne’s Franchise Disclosure Document, and What Will I Find in It?

laynes-franchise-disclosure-document

Athletech News: How SWTHZ Delivers on Wellness Demands of All Kinds

swthz-delivers-wellness-demands-contrast-therapy

TruBlue Home Service Ally

Why Protected Territories Matter and How the TruBlue Franchise Delivers

why-protected-territories-matter-and-how-the-trublue-franchise-delivers

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

Bed Bath & Beyond - Franchise Expansion - Retail Strategy - 1851 Franchise

Bed Bath & Beyond Launches Franchise Model as Part of Comeback Strategy

bed-bath-beyond-franchise-expansion-retail-strategy

Senior Entrepreneurship - Franchising - 1851 Franchise

Senior Entrepreneurship Is Rising — And Franchising Is a Key Outlet

senior-entrepreneurship-franchising-silver-startups

U.S. Government Shutdown - Impact on Franchises - 1851 Franchise

Government Shutdown Stalls SBA Loans: How the Shutdown Could Impact Franchises

government-shutdown-impacts-sba-loans-tourism-franchises

Subway Franchisees Resist Expensive Remodel Directives

subway-franchisees-resist-expensive-remodel-directives

The American Franchise Act: What It Means for Franchisors and Franchisees - 1851 Franchise

The American Franchise Act: What It Means for Franchisors and Franchisees

american-franchise-act-joint-employer-standard

Power Eats: Smoothie King Rolls Out Food Nationwide To Fuel Franchise Growth

smoothie-king-food-menu-power-eats

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

Health Care Hiring Slowdown Highlights In-Home Care Franchise Opportunities - 1851 Franchise Agg

Health Care Hiring Slowdown Highlights In-Home Care Franchise Opportunities 

health-care-hiring-slowdown-in-home-care-franchise-opportunities

Top Education Franchises To Consider for 2025 - 1851 Franchise

Top Education Franchises To Consider Investing In for 2025

top-education-franchises-investment-opportunities

Top Early Childhood Education and Child Care Franchises for 2025 - 1851 Franchise

Top Early Childhood Education and Child Care Franchises for 2025

early-childhood-education-child-care-franchises

Top Arts and Creative Learning Franchises for 2025 - 1851 Franchise

Top Arts and Creative Learning Franchises for 2025

top-arts-creative-learning-franchises

Top Enrichment and Supplemental Education Franchises for 2025

top-enrichment-supplemental-education-franchises

1851 Franchisee Spotlight graphic with photo of Barb Volk and KidStrong logo

Why This Orangetheory Fitness Franchise Owner Is Developing KidStrong Franchises

kidstrong-franchise-owner-barb-volk-2025

What I Would Look For in Buying a Franchise

MORE STORIES LIKE THIS