(This is a guest post from The Franchise King®, Joel Libava)
When I was a kid, the word "selfish" was used to describe others, (never me) who wouldn't share their toys, or other really important objects. It was a dark word back then.
In a franchisor-franchisee partnership, "selfish" is actually a bright word in the relationship.
Allow me to explain...
You, as the franchisee, must have absolute faith in the franchisor. You must believe in your heart that the franchisor has created a fantastic system that's easy to follow, and really easy to implement. (Of course, doing proper franchise research will support your faith in the franchisor.)
The executive team at the franchisor's headquarters must have total faith in you, too. They must feel that you're the one. A good franchisor "awards" franchises. An average or below average franchisor, "sells" franchises. There's a difference.
Awarding someone like you a franchise license means that they do in fact believe that you can be a successful small business owner. And they want you to be really, really successful. For selfish reasons.
You see, if you're really, really successful, you'll be making money. The franchisor gets a portion of tha money in the form of royalties. (It's usually a percentage of your gross sales/revenue.)
- The more you're selling, the more you're making.
- The more your selling, the more they're making.
Now, they're not the only one who's a little selfish in this relationship. You are too. And you must be.
When you choose a franchise to invest in, you must select the one that you feel is best for you, for your own circumstances. You need to feel that it's a good match for your skill sets, and that the match is so good, that you'll be able to reach your personal financial goals.
- You are out for yourself, and that is 100% ok.
- The franchisor is out for themselves, too. That's also 100% ok.
It's just business. The franchise business. Go out and find your perfect match. Find a franchise concept that has several very satisfying owners. Like this.
And then make some money as a franchise owner.
The Franchise King®, Joel Libava, is president of Franchise Selection Specialists Inc. Joel provides franchise advisory services to those interested in exploring franchise ownership, by showing them how to select and research franchise opportunities. He is frequently called on by the media for his no-spin insights on the world of franchising. You can follow Joel on his award winning blog-The Franchise King Blog.
Comments