From Entrepreneurial Institute: A Conversation with Franchising Strategy Champions
"Know what you want when you decide to become a franchisee," recommends Dee Robinson, president of Robinson Hill, an airport concessionaire who operates a variety of franchises, including Ben & Jerry’s, Smashburger and Hudson News. "If you are clear about your goals, everything else falls into place." Shawn Taylor, president of Zaxby’s Houston LLC and limited partner, Houston Astros, agrees and suggests that a strong business plan that clearly outlines how you plan to be successful is a good first step; with visits to everyone you know to ask their input as the second step. "These visits are not to ask for money, but to make connections that lead to other introductions that lead to financing." Robinson funded her first business with money from friends and family and Small Business Association loans, but now has experience that makes it easy to attract commercial funding. "When you have a business model that makes sense and a track record that proves you can make money, someone will be there to fund your venture." Start now to develop the relationships that will lead to connections and advice that help you achieve your franchise goals, suggests Taylor. Form relationships built on sharing, giving and supporting others rather than always taking, he says. "Givers always have a long list of friends they can ask for advice while takers have a short list." Finally, both speakers point out that while relationships can help you get started as a franchisee, "At the end of the day, you have to produce!" |
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