In this episode, Tom Scarda, franchise coach and advisor at the Franchise Academy, shares his insights on how to succeed at owning a franchise.
He debunks common misconceptions about franchises and emphasizes the importance of evaluating oneself before evaluating business models.
Tom also discusses the ideal attitudes and mindsets of successful franchise business owners and shares tips for overcoming fear and taking action.
If you’re serious about becoming a franchise business owner and want insights from an industry expert on how to evaluate opportunities and set yourself up for success, this episode offers valuable advice worth listening to in its entirety.
Key Topics & Timestamps
- 0:01:12 – Common Misconceptions About Franchises and the Importance of Evaluating Oneself
- 0:03:52 – Ideal Attitudes and Mindsets of Successful Franchise Business Owners
- 0:07:09 – Different Types of Franchise Business Owners and Their Ideal Mindsets, The Importance of Following the System and Doing the Work
- 0:07:58 – The Importance of Having a Clear Vision and Knowing Your “Why”
- 0:09:27 – How to Choose the Right Franchise for You, “You’re Not Buying a Business, You’re Buying a System”
- 0:10:00 – The Balance Required for a Franchise Model, It’s a Business With Training Wheels, So You Get the Help You Need
- 0:12:47 – The Process of Evaluating and Buying a Franchise, It’s Important to Work with a Franchise Coach and Go Through the Legal Requirements, Cooling-off Periods, and Disclosures
- 0:14:03 – The Importance of Evaluating Oneself and Finding the Right Fit in a Franchise, Knowing One’s Strengths and Weaknesses and Considering the Time Commitment and Type of Employees Required
- 0:15:00 – The Benefits and Challenges of Multi-unit Franchising
- 0:16:50 – Tools, Tips, Hacks, and Techniques for Succeeding in Franchising, Don’t Become Infatuated With a Concept and Seek Advice From Podcasts and Franchise Coaches
- 0:23:11 – Resources Available at the Franchise Academy and Sandler for Aspiring Franchise Business Owners
- 0:23:50 – The Franchise Academy Offers Free Educational Videos and a List of 39 Questions to Ask Franchise Owners During Due Diligence
- Conduct an honest self-assessment of your strengths, weaknesses, values, vision, risk tolerance, and goals. Choose a franchise that leverages your strengths and aligns with your priorities.
- Evaluate various franchises, franchisors, and requirements to find the best opportunity. Look beyond fads and hype to options with a proven business model and dedicated support system.
- Partner with an expert franchise coach who can provide guidance based on years of experience. They help in assessing franchises, negotiating contracts, and avoiding costly mistakes.
- While self-evaluation and research are critical, taking action is ultimately required to achieve your goal. Move forward with confidence based on the preparation you’ve done, accept some uncertainty, and commit to overcoming obstacles.