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Euphoria Tip of the Day: Your Franchise is Not a Business in a Box

 

According to the International Franchise Association & Entrepreneur Magazine, the Franchise Sector created an estimated 11,000 new establishments and 150,000-plus jobs in 2013. This outpaced the overall U.S. economy in job growth and business formation. Amazingly, franchising accounts for approximately 10% of new U.S. jobs. And total sales from the sector is expected to reach $802 billion, up over 4% from 2012.

Despite these incredible numbers, a franchise business is not and never will be a “business in a box.” It will not run itself. Good franchise business models are simple, repeatable, profitable…..and usually in competitive spaces. This means you, as the franchise owner, will need to scrap, claw, and most importantly grind your way to success. You will need to master the numbers, minimize the expenses, maximize your engagement, and overcome your failures. You will have to “wow” customers, put out fires, hire employees, fire employees, and deal with the stresses that ALL small business owners have. No system or process provides complete escape from these business realities. Death and taxes are certain. But so is the failure of the naive franchisee that believes his/her franchise is a “business in a box.”