enough of the job do today to stand behind it tomorrow?"
As a franchise owner, the reputation of the franchise company and your own personal reputation are intertwined. It's part of your own identify, and it should make you happy.
There is an even deeper level of personal satisfaction involved here. As a franchisee or an employee, will the company that you represent provide the basic, ongoing and advanced training and support you need to do the kind of job you want to do? As the industry grows, will this company continue to grow with it! The reality is that in order to do a good job, you have to know what it will take to do a good job.
Back in 1965 when Tilden's management wanted to test market the idea of franchising its operations, they asked me to be a pilot franchisee. As I said earlier, I invest then, and it was the best thing I ever did. But I was lucky. Keep in mind that I already knew how the company operated and how the people who owned it ran it on a regular basis. To me, a company that has already been successful in business and has proven a level of staying power is what I want in my own business. I figured that after all this time they must be doing something right, and I was right; they were!
Has the company you are |
considering working for or investing in been in business long enough to establish a positive reputation? Is it a reputation for providing the level of customer satisfaction that will give you pride in ownership-be it for the job you do or the business you own?
For me, Tilden's reputation was a major consideration in making my investment decision. And in addition to its reputation, I knew the management team that ran the company.They were conscientious, honest and hard working. Can you say the same about the people you will be working with everyday? They cared about their customers' cars and their employees. Do you see these kinds of traits with your future business partners?
These were the kind of questions for which I had positive answers before I even looked at the other things, such as profitability, franchisee support and the amount of time I would have to put into my business. These were major consideration, too. Even if I hadn't worked for the company, the fact that it was already a well-established and successful company gave it the kind of credibility I wanted for my business.
So how did I know I could do it by myself, takeover running a business? Well, there were several solid clues. For instance, I knew I wasn't afraid of hard work. |
Hard work is one thing I can assure you will be required if you invest in franchise. hard work and long hours are practically guaranteed. But so is self-satisfaction, job security and the right to bring your family into the business. That's what I did.
My wife, Nancy, is a very integral part of the business. From the very beginning she has done the bookkeeping. Then there are my two sons, Pat and Tom. Tom is the service manager, and Pat assists me in the operation and is instrumental in the day-to-day running of the shop. For me, having my wife and boys with me in the business is one of best perks of being my own boss.
Is there anything to avoid? You bet there is. Don't put yourself into too much dept because of operational cost. Finance properly, and consult with a good franchise accountant and attorney. Listen to their advice, and follow it. If you are investing in more than one franchise from the same franchisor, make sure you have competent people to run the other outlet(s).
When all is said and done, the main things to which I owe my success are hard work, honesty and good judgement. They carried me through thick and thin of being in business for myself and will serve anyone well in the same situation. |