Become a Franchise Millionaire with Richard Denny
Keynote speaker Richard Denny, AKA the 'Millionaire Maker', is a Business Growth Specialist. Having been associated and worked within the franchise industry for many years he shares his thoughts with The Franchise Magazine.
Success is so hard to define; we all want it but in most cases don’t know what it is which in turn means that we are unlikely to get it. I think we are all familiar with the cliché ‘a person going nowhere normally gets there’. I have never been a franchise owner but I have worked with over 40 franchise companies and literally thousands of franchise owners and I can emphatically say that I have seen more success in the world of franchising than in all other business start-ups.
It is obvious really as franchising works on the basis of tried and tested business concepts supported by clearly defined success parameters. In other words the starting point to franchise a business is to ask the question “What does success look like?” It therefore becomes a fundamental prerequisite that new entrants into owning a franchise business will set clear achievable objectives (goals) with guidelines from their franchisor who in turn knows what success looks like from their own business plan. This is really so important and is why so many start-ups outside the franchise industry are no longer (like the dead parrot in the Monty Python sketch) a premature demise. It is paramount that businesses have clearly defined and achievable goals and with that knowledge the impact can be as much as 50 per cent towards eventual achievement.
I don’t believe anybody investing into a franchise opportunity does it in the hope that they will lose their investment and fail. For many it takes courage to go into self employment and step out of the so called job security.
The world that we now live in is so different from when I left school, when my parents and teachers believed security was to get a good job and then it would be normal to stay there for the whole of one’s working life. The reality is that the only security we have is within ourselves, franchising provides probably the best opportunity to have and gain security. Please hear me loud and clear, for those of you who are going to invest or have recently invested into the success opportunity of a franchised business and that is to follow the plan. Every franchise company has a willing team of people supporting that fledgling business and the advice and support that they give has one purpose only, to make the business owner successful to enhance their lifestyle, to make them wealthy and in turn provide that all important desired security.
Why do some franchise businesses rocket to success quickly and others do well or OK providing a lifestyle, but not achieving their potential success? So what is it that the mediocre businesses just don’t do? In my experience the overwhelming cause of non achievable potential is that the franchise owner just does not follow the franchise business plan to the letter. Some new business owners even think they know better and decide to do it their way, ignoring the wealth of concepts and practicality that was behind the original franchise opportunity.
So in this my first article in this new series my advice is: having selected your business opportunity and investment set some realistic goals with advice from your franchisor and then follow the plan and you will certainly build a fine business, create a good lifestyle and with luck a capital asset to sell or pass on at some stage in the future.