I cringe when I hear someone say they are “open to anything” when looking at a franchise.
While it’s good to be open-minded, you need to gain clarity.
Have you ever told a realtor that you’re willing to live in any house, in any neighborhood, at any price point?
No, that’s crazy! It’s no different than when searching for a franchise to own. You need to develop very specific criteria.
You need to define your perfect business model.
A Lesson from a $100M Franchisee
A few weeks ago, I had Mark Rubin on my podcast. Mark & his partners have scaled their 1-800 Got Junk franchise business to 10 markets, doing over $100,000,000 in sales per year.
I asked Mark why he chose 1-800 Got Junk 20+ years ago. This is what he told me:
1) Simple – complicated businesses are hard to get right
2) Services – products typically have a sales cycle, and services have a marketing cycle
3) Mobile – it’s better to go to where the money is than make the money come to you
4) Unskilled – finding & keeping people with specific skills is hard. I wanted it to be easy to hire
5) Quirky – riches in the niches. The more narrow, the further your marketing dollars go
What’s Best For You?
Are those five characteristics the perfect business model?
No, those are best for Mark, given Mark’s personality, skills, & goals.
My auto repair business is almost the exact opposite: complicated, products & services, retail, skilled labor & huge market!
We’ve scaled it to $42M+ per year. Two other operators in our system do $100M+
There is no universal answer.
A Framework To Help
How do you figure out what the perfect business model is for you? There are many factors to consider:
- B2C vs. B2B
- Mobile vs. Retail
- Simple vs. Complex
- Level of Seasonality
- Unskilled vs. Skilled
- Emerging vs. Timeless Industry
I created a framework to help simplify this process. This is the exact same framework I used to define my criteria that led to buying 13 territories of “That 1 Painter”.
I’m excited today to share this step-by-step process with you.
Following this framework will give you massive clarity. Within a week, you’ll create a specific list of characteristics just like Mark did.
Let’s Make A Deal
I’m giving away this course 100% FREE.
Here’s how it works: every morning for the next 5 days you’ll receive an email diving into 1 or 2 business model characteristics.
These emails are spread out to give you time to think. Don’t rush this process.
Why am I giving away for free?
I want to be own as the “franchising guy”. I want to help thousands of people achieve financial freedom by owning franchises.
Creating massive value (for free) will be the quickest way to earn that reputation.
I look forward to helping you build a fortune through franchising!
Cheers!
