Every business owner has an end game in mind. You started their business to be independent, remove any glass ceilings and to pursue your passion. At some point in your lifespan as a business owner your focus shifts from just making money to how to work less and make more money, ultimately leading to an end game (at some point every business owner has an end game in mind). But to get to that end game it means hitting different benchmarks along the way. Subsequently it is not uncommon for business owners to constantly set and hit goals (with an end game in mind).
What’s the End Goal
There is no right or wrong end game and it all depends on you. Different end goals might include:
- Building your business to a certain level (which may mean multiple locations) and then sell it.
- Growing your business to pass onto a family member.
- Doing something spectacular and becoming legendary (perhaps a paradigm shift).
- Attracting investors or private equity to grow bigger for an eventual sale or merger.
- Going public.
All of these end goals have a common thread, which is growth and as time passes you may want to figure out a way of how to work less and make more. How do these five end games and the notion of working less and making more relate to franchising you might ask? Easy. Franchising could be the vehicle for achieving these goals. Simply because of the scalability aspect of franchising.
How Franchising Can Help Meet Your End Goal
Franchising your business could be the solution for you if while operating your business you want to make more money (see our article on, “How to Make Money Franchising Your Business”). Simply put, rather than opening or starting additional businesses yourself, franchising is about teaching other entrepreneurs (franchisees) your business so that person can do the same thing in their market and experience the same type of success. Does it take work? Sure it does initially and if executed correctly you will be making more money because you will also get a small percentage of revenue from each of your franchise locations every month (see our article on, “Franchising is About a Little of a LOT, Rather Than a LOT of a Little!”).
You may be saying to yourself “wait a minute this sounds like more work not less”. And you are correct, franchising is more work but only on the front end. It will take commitment and dedication to ramp up your franchising efforts, bring on franchisees, train, mentor and coach them. However, eventually each franchisee is self-sufficient and you can soon surround yourself with additional talent. All this, if executed correctly: fuels branding and growth, leads to you working less, making more money and swings the door wide open for any one of the end game strategies listed above.
Oh and by the way, there is one more end goal. You may want to keep your business small and work like hell until you die! And now this particular end game might be very attractive to some people. And honestly franchising has no relevance to someone whose end game is to keep their business small and work like hell until they die.
So what’s your end game? Visit our main website for additional information on franchising your business. You can call us at 1-877-615-5177 to understand more about franchising to see if this strategy makes sense for you and can be part of your future.
- Franchising a Business Means
- Steps to Franchise a Business
- Are You Being Solicited to Franchise Your Business
- Benefits of Franchising
- Franchising Can be an Unlimited Portal for Growth
- What Makes Me More Money, Franchising or Opening Other Locations?
- What are the Advantages of Franchising as a Strategy for Growth?
