Franchises That Run by Themselves | FranFinders

0
815
“Franchises that run by themselves” – what a great idea! Put that idea alongside body wraps that melt away fat while you watch TV and amazing exercise machines that can make you look like the muscular guy in the picture in just 10 minutes a day with no sweating. Amazing! Unfortunately, there is no such thing as a business that runs itself. Running a franchise, like any business, takes a lot of work. There are customers to gain and sell, operational systems to run, books to keep and there are often people to hire and manage. Small business is for those with vision, enthusiasm, some money, and the willingness to make the commitment to being successful. Fortunately franchises provide a template and support. There are three models of franchise ownership – owner-operator, manager and executive. The owner-operator model is seen most often in service franchises, especially those that can be done from home and sometimes done pat-time. In that model, you are it. If it gets done, you are doing it, though in some situations with maybe a small work force. The key is that the owner needs to be present to run the business or at least provide very significant help. The second model is the manager model. In this setup you hire the workforce and manage them. The success of the business depends on how well you hire and how well you manage both people and systems. This takes involvement on a continuing basis, especially since you are probably going to have some turnover. The advantage is that you can concentrate on your strengths and hire people to handle areas of weakness or that are low-skilled. But, take a lot of time off and you will likely watch things go south. The executive model is the least hands-on of the three. This has the highest overhead because you hire people to run each area of the business and you oversee the managers. That doesn’t mean you can spend your days playing golf or fishing, though. You need to set things up, hire well, train them well and identify problems and opportunities on an ongoing basis. Even managers need direction and training and few will stay for years and years. Let me know your thoughts. Did I miss something? Do you know of a franchise that runs by itself? Leave your comments below. http://www.FranFinders.com
Previous articleHow to Build 500 Franchises with Strength
Next articleWhat’s on the Open Call Application for Shark Tank? | FranFinders
Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.