Does your franchise company have an advisory board?
Has shopping for a new franchise opportunity ever given you sticker shock? Especially for owners who are new to franchising - the upfront costs associated with the investment might seem high. After all, the fees are typically much higher than what you’d pay to start your own independent business.
Looking back on my decades of experience in the franchise industry, I believe there is one thing that contributed to my success more than anything else: my participation in a business owners’ mastermind group.
My mother, Flo Francis, passed away last month in December 2021 after a long battle with ovarian cancer. She was a wonderful woman who did a lot with her life - and who experienced a tremendous amount of success in her 85 years.
I’m a lucky dad of two great daughters, who growing up, have had a front-row seat to much of my work in the franchise industry. As children do, they absorb a lot, so they really “got” some of the key concepts around franchising and business ownership and management early - we even turned some of it into a game!
When I was a franchisor, there were few things as valuable to me as the executive business owner peer group I belonged to - I was a member for more than 25 years! I found the group to be both really valuable and fun, as it gave me the opportunity to share ideas, problem solve and find support among like-minded professionals. It made such a big difference in my career and many of those people are good friends today.