Interestingly enough, if you've owned a successful small business for a number of years, and you often have a line going out the door, then more than one customer has said to you that; you should franchise your business. You've also probably had people come up to you and say; if you ever decide to franchise your business, I want to buy the first one. The customers might think they are paying you a compliment, and doing you a favor by offering this advice, but let me tell you that franchising is no easy game. It's much different than running a successful small business, it involves so many more details, and lots of legal work too.
You see, I am a former franchisor founder, operating in the vehicle cleaning business, and I can tell you this; I've worked harder in my lifetime than anyone else I've ever met. I can remember times running my franchising company working 19 hours a day with no days off for months on end, in fact, on average I work 15 to 17 hours every single day with no days off for 27 years. Do you think you have what it takes to do that? If not you may want to consider some other line of work.
Most people believe that franchisors make a ton of money, and while it is a good revenue generating business, it also takes a lot of money to make money, and you could easily sink your life savings into your business, and have more than a million invested before it starts to return the kind of profits that franchising companies are known for.
Further, when you run your own small business you must deal with all the local rules and regulations at the city and county level, sometimes state as well, along with the various federal regulations. Imagine doing business in 23 states serving some 450 cities in four countries. That's what I had to do, and imagine trying to keep track of all the local ordinances, rules and regulations in all those different places? It is a figgin-nightmare, the only difference is it is real, you can't wake up from it.
Do I regret franchisee my company, oh hell no, it was a hell of a ride, like strapping yourself to a rocket. Recently, someone set the record in skydiving, he jumped out of a balloon capsule from 128,000 feet, any accelerated to 1.24 times the speed of sound. He probably couldn't even take his helmet off from a spacesuit to kiss the ground due to the ice which had formed, and the changes in temperature preventing him from unlocking it. Nevertheless, I bet he didn't want to kiss the ground when it was all over.
Are you sure you want to be a franchisor founder? I hope you have fun takes. Please consider all this and think on it.
You see, I am a former franchisor founder, operating in the vehicle cleaning business, and I can tell you this; I've worked harder in my lifetime than anyone else I've ever met. I can remember times running my franchising company working 19 hours a day with no days off for months on end, in fact, on average I work 15 to 17 hours every single day with no days off for 27 years. Do you think you have what it takes to do that? If not you may want to consider some other line of work.
Most people believe that franchisors make a ton of money, and while it is a good revenue generating business, it also takes a lot of money to make money, and you could easily sink your life savings into your business, and have more than a million invested before it starts to return the kind of profits that franchising companies are known for.
Further, when you run your own small business you must deal with all the local rules and regulations at the city and county level, sometimes state as well, along with the various federal regulations. Imagine doing business in 23 states serving some 450 cities in four countries. That's what I had to do, and imagine trying to keep track of all the local ordinances, rules and regulations in all those different places? It is a figgin-nightmare, the only difference is it is real, you can't wake up from it.
Do I regret franchisee my company, oh hell no, it was a hell of a ride, like strapping yourself to a rocket. Recently, someone set the record in skydiving, he jumped out of a balloon capsule from 128,000 feet, any accelerated to 1.24 times the speed of sound. He probably couldn't even take his helmet off from a spacesuit to kiss the ground due to the ice which had formed, and the changes in temperature preventing him from unlocking it. Nevertheless, I bet he didn't want to kiss the ground when it was all over.
Are you sure you want to be a franchisor founder? I hope you have fun takes. Please consider all this and think on it.
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