The #1 Franchise Advisor In The World

Now, I, I, like how you stated that people typically get into franchises of things that they, they know, they like, they love, and sometimes they work out, sometimes they don't.

Is there any sort of quantified metric that you can share as far as success rate? And, you know, again, I know that this is a very, a, a wide target that we're kind of shooting at here.

Sure, yeah.

I mean, is there any statistics that you can share where, you know, the listeners that maybe have been thinking about...

Because a lot of people do diversify their businesses by adding a franchise to it.

So there's a lot of people that have consulting firms or they have successful businesses, and they like to diversify their assets with something passive where they can get a, a, a certain franchise up and running, and then obviously hire a general manager to, to run the operation.

So are, are there any quantified metrics of success or failure that you can share with the audience just to kind of paint a real-life picture for them?

You know, um, I wish that there was.

And, you know, I've seen a lot of stats around this, and I don't believe any of them to be true, and only because I think everybody has different definitions of success, you know? And so, you know, like, whenever, you know, you go into a, let's say a brick-and-mortar concept, whatever that might be, let's call it fitness, um, then, you know, some people's expectation of and, and their metric of success is like, "Hey, am I making money my first eight months, my first year?" And then you have, like, other, like, bigger groups, big firms, private equity firms.

They, they may look at this like, "Hey, we're gonna try to make money in five years or six years," you know? And, you know, "We, we're gonna throw enough capital at this where we're gonna build not one but six or eight, and then we're gonna have this cash flow in at whatever multiple and then sell this for this multiple," right? And so, um, so I think that, like, you know, peoples has different def- people have different definitions of success and what that looks like for them, and really that's kind of really the, the most important part of my process is like, you know, w- can you define success? Like, what is that gonna look like for you, you know, if you were to get this fitness franchise or, you know, this spa? Like, what is it that you're hoping for, and l- is that realistic, you know? And I- a lot of people don't want to tell you that they're failing either, you know? Like, they made this decision, and they want to, they want it to feel as if they made the right decision, and even though they may be just breaking even or barely making money, you know, they don't want to sit here and share with you that it was the wrong decision for them.

And so, you know, like, so there's, you know, there's really no hard metrics that I really believe in.

There's nothing that I've seen that, like, I feel, "Okay, yeah, that's probably a true number," you know? Um, I, I think that there is definitely a higher success rate with franchising, and I believe the reason for that not only is that you're buying a playbook, but there's a accountability factor that a lot of people don't have starting on their own, you know, where you have the franchisor there who's like, "Okay," like, "This is the next step.

You gotta do this.

You gotta do that." And then you have other franchisees that you can reach out to and have touchpoints with and have accountability groups.

And those things that are in place can kind of help motivate you and, and under- you, you understand, like, hey, there's a lot more at risk here than, you know, just me folding up shop, you know? And so I, I believe that franchising offers this, you know, accountability that people don't really think about, you know? Like, where a lot of people need that extra motivation to be successful.