The Franchisologist Blog

No franchise company can guarantee financial success. But you have a much better chance of having a successful franchise if you follow some practical pointers before you sign on the dotted line.

Many people reach out to me asking how to use franchising to diversify their lives and business portfolios. Why? As recessions approach, people are concerned that all of their eggs are invested in one basket.

What are the two most important things that you need to be successful in a franchise? Hint, it’s not money and passion.

I’m known for liking non-sexy businesses. I think they are great for a variety of reasons but before we get into why let me explain exactly what a non-sexy business is. A non-sexy business is a business that isn’t trendy or flashy and usually sells products/services that are consumer necessities rather than “desirables.”

A great mentor of mine asked me how I define success a few months ago and it was one I pondered on for a long time.

The most positive thing that came from all the delays is that I had the privilege of sitting next to one of the main leaders in the Oakland Raiders organization on my last flight. We immediately hit it off and enjoyed the time learning from each other.

I worked with a very smart entrepreneur about 10 years ago who had built up a real estate empire in Texas. He built his own company from the ground up, and this was the first time he considered franchise options.

The most important question to ask yourself right now is, how do you react in uncertain times? Becoming a business owner in uncertain times requires a certain amount of self-confidence, strength, and resilience.

Many of you have reached out to me about the CARES act that was initiated to provide $376 billion in relief for American workers and small businesses.

Would you have believed me if I told you in January that we would not have sports, schools would be cancelled, travel would be banned, and every person would be wearing a face mask in a mere three months?

I am learning that “Recession-Resistant” and “Pandemic-Resistant” industries are not the same. When I think of recession-resistant businesses, need-based franchises come to mind. For example, fire/water restoration, plumbing, car maintenance, and maximizing your enjoyment on a tight budget.

If you have a dream, go after it! If you fall down, get back up. You’ll be smarter & stronger when you get back up. Use this year as a springboard to live a life that you are proud.