Joe_blow_andCo
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So I guess I'll start with a quick rundown of my story. I was listening to one of MJ's books and in one section found myself nodding along to everything he was saying, I was like 'yep thats me'. It was the part about your business being 'a job'...
Dont get me wrong I love being self employed, I could earn more if I transfered my current hours into a 'normal job' but I think I would hate it, at least in my current position I have almost unlimited potential. BAsically I became head of the good old family business when my dad got ill, I have been trying to transform it with virtually no money as it goes as quick as it comes, the business is a restaurant, the work is long, manual and boring. The amount of faith you have to put into other people within the business is untrue and the worst thing is you rarely actually see the money you generate, I spend more time planning on what I can use it to pay for than enjoying it, bills are huge, wages are huge, running costs are huge.
Anyway we own a decent size building in a town, my dad was only using the restaurant, next door is a pizzeria and upstairs another 2 floors of nothing. I at least managed to open the pizzeria, this is currently what Is keeping me going, there is potential there, I looked at what mistakes my dad made in the restaurant and constantly make sure I dont repeat them. But mainly the competition isnt great, I have unknowingly been following the 'do it better than everyone else' strategy for the past couple of years! The pizzerias around us are very 'samey', low effort basically the bricks and mortar version of a 'comic sans' website. Following the do it better strategy has started to pay off, business and income has been on a generally upward curve, our food is good and I invested in a white label professional looking online ordering system (which doesnt take a commission!) which has really pushed us up to the next level.
However I always had a doubt in my mind and TMF book confirmed it, Im not gonna get rich from it because I honestly cant see it physically being able to bring in much more than £7k per week (revenue), not to mention its a business that needs constant baby sitting, I feel tethered to it and any kind of vacation feels like a distant dream. I could build a chain of them but Im not sure I could cope with or WANT to cope with the burden of having that many staff to deal with, so I've decided the best exit strategy is franchising it.
But I have no idea where to start with this, im wondering if anyone has had a similar journey? What point did your business hit before you decided it was 'ready' to offer for franchise? Do you just advertise locally or is there an 'official' route you have to go down?
Also the best piece of business advice ever... 'You're not selling a drill, you're selling a hole!' Mind F*cking blown haha.
Dont get me wrong I love being self employed, I could earn more if I transfered my current hours into a 'normal job' but I think I would hate it, at least in my current position I have almost unlimited potential. BAsically I became head of the good old family business when my dad got ill, I have been trying to transform it with virtually no money as it goes as quick as it comes, the business is a restaurant, the work is long, manual and boring. The amount of faith you have to put into other people within the business is untrue and the worst thing is you rarely actually see the money you generate, I spend more time planning on what I can use it to pay for than enjoying it, bills are huge, wages are huge, running costs are huge.
Anyway we own a decent size building in a town, my dad was only using the restaurant, next door is a pizzeria and upstairs another 2 floors of nothing. I at least managed to open the pizzeria, this is currently what Is keeping me going, there is potential there, I looked at what mistakes my dad made in the restaurant and constantly make sure I dont repeat them. But mainly the competition isnt great, I have unknowingly been following the 'do it better than everyone else' strategy for the past couple of years! The pizzerias around us are very 'samey', low effort basically the bricks and mortar version of a 'comic sans' website. Following the do it better strategy has started to pay off, business and income has been on a generally upward curve, our food is good and I invested in a white label professional looking online ordering system (which doesnt take a commission!) which has really pushed us up to the next level.
However I always had a doubt in my mind and TMF book confirmed it, Im not gonna get rich from it because I honestly cant see it physically being able to bring in much more than £7k per week (revenue), not to mention its a business that needs constant baby sitting, I feel tethered to it and any kind of vacation feels like a distant dream. I could build a chain of them but Im not sure I could cope with or WANT to cope with the burden of having that many staff to deal with, so I've decided the best exit strategy is franchising it.
But I have no idea where to start with this, im wondering if anyone has had a similar journey? What point did your business hit before you decided it was 'ready' to offer for franchise? Do you just advertise locally or is there an 'official' route you have to go down?
Also the best piece of business advice ever... 'You're not selling a drill, you're selling a hole!' Mind F*cking blown haha.
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