Is a franchise business a smart investment? Franchise Consultants Kim Daly and Rick Bisio discuss the many benefits and truths about franchising.
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As a Franchise Consultant, I’m frequently asked, “is franchising a good investment?” And my answer is the same. Regardless of the year or the economy, if you’re looking to make an investment, there’s no better time to explore franchising. And whether you choose to move forward or not, you’ll come away from the investigation process with some really valuable information!
Today I’m joined by ANOTHER one of America’s top Franchise Consultants. He’s a colleague, comrade, author, friend, (and yes, technically a competitor!). His name is Rick Bisio, and I’m so pleased to share our conversation about franchise investment and ownership, that is sure to inspire and educate you.
Rick dives into his consulting background:
“I started franchising in 1993. I was hired out of graduate school to be the director of International Franchise Development for Popeye’s Chicken and Biscuits, and Church’s Chicken, Seattle’s Best Coffee, and Cinnabon. I put those brands in about thirty countries in the 90s. The most important thing was that I was surrounded by seasoned individuals who had decades of experience. They taught me because I would be gone on the other side of the globe, and I needed to know what to do. They spent so much time teaching me about franchising.”
Rick expands on how the franchising industry fosters a community of leadership and support:
“We have natural competitiveness, but we spent a lot of time supporting each other, teaching each other and guiding our best practices and holding each other accountable. It’s a fundamental advantage of franchising in general. When owning a non-franchise business, you have to figure it out yourself. Nobody wants to help you, and the only people who know what you’re doing are your competitors, and they don’t want to talk to you. When you get into a franchise, the franchisor teaches you stuff initially, but how do you continue to evolve long-term by talking to other franchisees. The community you’re talking about exists within our community—it’s that camaraderie where everybody wants to be number one. But at the same time, everybody wants everyone to be successful because it’s in everyone’s best interest.”
Rick summarizes the best thing that franchising has taught him:
“We’re stronger together. Franchising takes individual business owners and gives them the power of a large collective, like a chain-based business. It’s possible to be independent, and an independent business owner while being under a larger umbrella, and that larger umbrella can provide real advantages. And so, we are stronger together.”
Rick enlightens us on what he likes most about Franchise Consulting:
“It goes back to who you want to be at your core. I’ve spent probably a decade trying to figure out who I am and what I stand for. It’s close to my actual personal vision statement. It’s connected. My statement is through humble strength. Empower others to become more than they dreamed possible. What do I love about Franchise Consulting? I get to do that. One day, we’re going to leave this world. And we’ll leave behind the things we’ve done. And that’s what I want people to remember me for.”
Rick offers advice to candidates who aspire to be a top performer in their franchise:
“You’ve got to be willing to work harder than most people. At first, you’re not going to do it very well. You’re not going to be very efficient at it. You look for performance measures and ask yourself what you need to do to get better. Take notes, keep listening to people, keep watching people, keep trying to get better, and put the time in and the effort in. You get better over time. When something goes wrong in a business, you can never blame somebody else. As a business owner, you always have to blame yourself. Once you blame yourself, you have the opportunity to learn. Before that, you can’t learn. We never improve by doing things right. If you do something, and it doesn’t work out, then you get an opportunity.”
Check out Rick’s book, The Educated Franchisee at http://theeducatedfranchisee.com – It’s one of the best-selling books on franchising! And feel free to contact Rick directly at firstname.lastname@example.org. (Make sure you mention this video 🙂
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