To be an expert in anything, you have to start somewhere; you have to be willing to learn something new as you grow and refine your skills. Recently, I set out to fix this old truck myself—largely because I don’t know how to.
The steering pump went out and I decided that rather than pay someone else to do it, there was no better time to learn how to fix it. Doing all this work on this old truck has me thinking about how important it is to deepen our skill sets as business owners.
Learning Is an Investment
Being a business owner requires continuous learning. Personally, I take several trips every year to interact with franchise brands, and I am also frequently invited to franchise-hosted events to take a deeper look at their operations.
Why do I do this? To become better at understanding the ins and outs of how these business models work. I view these trips as an opportunity to invest in myself, to learn and grow, and to be a better consultant for the franchise candidates I serve.
When I take these trips, I dive into these franchises and their processes, as well as their successes and failures. To determine the quality of a brand, I ask questions like:
- How does the brand execute store openings?
- Do these openings happen at the right pace to build the brand?
- What is the actual cost of opening and how does this compare with the brand’s franchise disclosure document (FDD)?
- How well does this brand use technology to drive customer conversion and engagement?
- How does the brand’s use of technology enhance the “stickiness” of the customer experience to create repeat customers?
At each of these visits, I get to interact with franchises just like your potential customers do. I receive initial lead-generating emails, follow-up emails, and everything in between, giving me a clear picture of the full customer experience.
Every one of these immersive trips is a new learning experience for me, a chance to continue my journey toward becoming a “master” of the franchise world. Truthfully, it’s a fascinating experience. I get the chance to view hundreds of different brands. Thanks to this investment in myself and my candidates, I can see how some franchise brands stand out compared to others, which helps me offer better recommendations.
Never Stop Learning
As business owners, it’s our responsibility to be learning continuously; to always be working on our craft. As a franchise candidate evaluating various franchise brands, you will want to learn everything you can about the businesses you are considering investing in. You will want to discover what you can about store openings, the speed and cost of these openings, and how the brand is growing as a whole. You’ll also want to compare the FDD with the real-world numbers and dig into how the brand uses technology to support your business.
As a candidate, if you choose to work with me, I won’t necessarily go into all the minutiae I discover on these learning trips, rolling out pages upon pages of data and statistics. But this learning helps fill out my role to understand which brands are the absolute best, and why I may choose to present one brand over another.
I may be new to fixing trucks, but I’ve been a Franchise Consultant for over a decade. During this time, I’ve never stopped learning. I am always looking for new ways to invest in my business and perfect my craft so I can bring real value and practical guidance to my candidates. If you’re considering the world of business ownership, and if, like me, you’re passionate about learning and stepping outside of your knowledge comfort zone, let’s connect. Give me a call or reach out today and let’s learn together!
David Weaver is the Founder of Franchise Your Freedom and a senior consultant with FranChoice, the premier national network of franchise consultants. David helps people all over the country find the right franchise fit by sharing his personal experience and philosophy on how to select the right brand. He shares proven strategies and over a decade of experience growing franchise companies for himself with those that are doing it for the first time. You can learn more about David at FranchiseYourFreedom.