Franchises have been with us now for more than half a century and in that time the model has produced fabulous business ownership and fabulous business flops.
The promise of a franchise is alluring – proven system, proven processes, successful model, help with marketing and operations.
Of course there’s a price for the promise – less control, limited profit, territorial restrictions.
Buying into a franchise makes complete sense for some, but it’s not for everyone.
In this episode of the Duct Tape Marketing Podcast I visit with Joel Libava, you may know him as The Franchise King, author of Become a Franchise Owner!: The Start-Up Guide to Lowering Risk, Making Money, and Owning What you Do
Libava’s history is perfectly suited to be the one to give you the straight scoop on the franchise industry. He spent a number of years working in a franchise and now consults with scores of would be franchise owners to help them find the right fit.
His advice has a lot to do with knowing yourself – “if you’re someone that needs to be in total control and do it your way, a franchise might not be right for you,” he offered during our interview.
There are a number of books out there on the industry, but none with such a great amount of straight forward advice and realism.
Joel’s publisher asked me to review the book for a possible cover quote, which I gladly offered and still contend: “The decision to become a franchise owner is a big one—you would be crazy to even consider making it without Joel Libava’s years of experience in your corner.”