Franchise before Start-Up
Despite the misfortune that the business world has experienced this past year, many are finding opportunities to build their business in this downward economy. Franchising is one of them.
Perhaps the most important thing you can take from franchise ownership is simply the title of “owner”. If you are a new entrepreneur and want to be your own boss, then this is the chance to try it out. Keep in mind that often time’s people who are investing or backing a business will push you to go all the way. Many will fail, a select few won’t. It’s the few that pay off all of their other failures. If you want to do what is best for you, then get some experience – real experience – in a franchise business before you run out and try and do a start-up. My bet is you will learn a lot, make some money and put yourself in a position to succeed.
The process of selling a business – any business – is one that can only be learned by doing. You can also learn a lot about buying a business as well (even though you are the seller) because the process has an innate transparency in that at the end of it, you know exactly what the buyer and seller were thinking and doing. If you don’t sell your franchise and instead keep it open as you move on, you learn a lot as well. Namely, how to pick great people, how to delegate and how to incentivize others to perform at the level you are accustomed to doing yourself.
Buying a franchise is really forming a partnership. It is a two-way relationship where both parties bring important tools and skill sets to the table. Make sure that the partner you are going to work with is able to provide you with some of the important skill sets and tools that you need to improve your ability to take advantage of what will likely be one of the biggest opportunities in our lifetime.
At Five Star we work hard with our franchisees to help them bootstrap their operations and keep costs under control. Critical to this success is the use of technology to help owners zero in on the most cost effective spend for their marketing dollars.
For more information on franchising with us, please call Five Star Painting at 1-866-965-STAR.
