If there’s one thing that’s fascinated and frustrated me in over a decade as a franchise consultant, it’s the fact that from time to time I’ll see two candidates invest in the same business and end up with completely different outcomes. In some cases, this is the difference between one person growing a multi-million dollar business and the other just not growing. These unmatched pairs have become a bit of a study project for me, because great franchise systems are designed, by definition, to be replicable. Territories and unit locations are meticulously vetted. Candidates are carefully considered until the franchisor is confident they can be successful. Most of them are. But what about those outliers—the ones who take a great concept and run it into the ground? Over the years I’ve made a lot of notes about what divides these two groups so I can better prepare candidates for success.
Among the questions I get most often as a franchise consultant are “What should I expect during the first year?” and “How tough it is to get the business started?” and “How long before owning this business becomes less work and more reward?”
Thirteen years ago, I made a total career change, stepping away from a highly-compensated executive role at a worldwide corporation to buy a master franchise in a new-to-me industry. It’s fair to say I didn’t put my toe into the world of franchising to check the temperature. Nope. I hurled myself off the high dive. After that, it was sink or swim, with nothing less than the financial health of my family and the future shape of my career at stake.
Many things take you by surprise, whether you are watching an NFL game and see a horrific injury... or your son is racing girls which leads to a surgeon's bill. What isn't surprising is the success of CertaPro Painters.
Pete and Nat are joined by a very special guest this week. Another podcast host and franchisee! Ray Pillar of Molly Maids in Aurora, Illinois comes on to discuss why he became a franchisee and why it is often the right choice for others.
Would you believe that during the coronavirus pandemic, franchises added over new 1200 locations? It is incredible to think that during the most significant economic downturn in decades, franchises were still expanding, and people still wanted to own a franchise. Many of the concepts that saw the largest growth were newcomers.
To kick off our first episode of 2021, Nat and Pete talk with Mark Titcomb of Floor Coverings International.