Owning your own business is an exciting, challenging, rewarding and scary situation. Buying a franchise vs. starting a business from scratch is an excellent option for the new Business Owner.
A Franchisor who is selling you and teaching you their PROVEN and OPERATING MPPT (Business Model / Methodology, Processes, People and Technology) solution is exactly what the green Business Owners needs – Right?
Yes and No. The Franchisor is providing the model and the operating manual that makes it work. But who is providing this new, green, never operated a business before franchise Owner the Business skills to make it all work?
According to Business Guru Michael Gerber in his book, “The E-Myth Revisited” he states:
“The fatal assumption is: If you understand the technical work of a business, you understand a business that does that technical work. And the reason it is fatal is it just is not true.”
Failure rates of new Franchise owners range from 7% to 36% according to Unhappy Franchisee,com. – http://www.unhappyfranchisee.com/failure-rates-of-the-10-most-popular-franchises/
So if you are investing $50,000 up to millions of dollars in a Business with a proven MPPT and you do not have the requisite business skills to RUN a business – WOW. JUST WOW
If you have never ensured all five components of a business – Marketing, Sales, Operations, Administration and Client Support are working together toward your Business Vision, Mission, Values and Purpose by implementing the required Business Skills of Business Planning, GOSPA, Forecasting, Financing, Marketing / Sales Metrics, Hiring staff, Delegation, Big picture focus with ground level Performance tracking to Big Picture results, etc. etc. then how can you be successful?
Operating a business, even a franchise business with a head start on MPPT still requires the baseline skills of BUSINESS.
Do not fret however, there is a solution that you can implement. For a very small cost compared to your investment you can hire a Business Coach, who sole purpose is to educate, develop, transfer, implement Business skills in you and your business while ensuring the franchisor’s MPPT you have purchased is being implemented.
It is amazing how many new Franchise owners get starry eyed that the Franchisor and their MPPT will solve all business for them. Most of the time that realization comes way to late. Do not let this happen to YOU!
If you own a business – any type of business, for a short period of time bring on an expert who knows how to coach you to run it. In what other area of life does one buy an item and without training in skills to operate it?
For more information visit http://www.businesscoachingofpa.com/ and talk to one of our Business Coaches.