EPISODE 217
Is the Franchise Business Right for You?
with Jon Ostenson
Have you ever considered opening a franchise? Maybe you’re looking for a new investment opportunity, or you’re attracted to a business model where all the systems are already up and running.
Today’s guest breaks down what you need to know beforehand, the best industries to invest in, and what separates successful owners from the rest.
Jon Ostenson is the Founder and CEO of FranBridge Consulting, an Inc. 5000 company and a top 1% franchise consultant. He’s also the author of the bestselling book Non-Food Franchising. Jon draws on his experience as a former Inc. 500 Franchise President and Multi-Brand Franchisee to help his clients select their franchise investments. Jon is a frequent contributor on franchising for publications such as Forbes, Inc., and Bloomberg.
Why Invest in a Franchise
The franchise model offers some advantages over starting your own business. For one, the business has already proven to be successful. The franchise has a playbook for what works and what doesn’t–all you need to do is execute it. You also have a community of other franchisees running the same business, where you can learn from each other and exchange best practices.
What Makes a Successful Franchise Owner
Some entrepreneurs struggle to run a franchise because they don’t like following the playbook; they aren’t coachable or willing to learn. As an owner, you need to trust the franchise that you bought into. The most successful franchise owners are the ones who follow the system the closest. You can innovate within the system, but don’t try to reinvent the wheel.
The second-most important characteristic is to be good with people. If you’re a good person to work for and with, everything runs more smoothly. Being well-liked can even turn into a competitive advantage.
Enjoy this episode with Jon Ostenson…
Soundbytes
5:10-5:35
“The model has been proven out in other markets. You’ve got a playbook. It’s all about going out and executing. So you’re essentially starting on third base. You’ve got bulk buying of services or products, you get those synergies, but you also get a community of other franchisees, other people running the same business, day in, day out, in their markets, and you’re constantly learning from each other and exchanging best practices. You’re in business for yourself and not by yourself.”
18:43-19:10
“Our top performers had two characteristics. One, they were good with people, and that’s just business 101. They’re someone that people want to work for, work with. No, they don’t have to be gregarious, but they’re decent people. And then secondly, they’re willing to follow a system. They’ve got the humility to say, hey, there’s a reason why I bought into a franchise. I’m going to come in and trust you. The ones that follow the system the closest were most successful.”
Quotes
“For most people, franchising is a better path to business ownership, because it allows you to have those training wheels.”
“You’ve got to be someone that people want to work with.”
“If it were easy, everybody would be a business owner.”
“As long as you can be someone that people want to work for and find your competitive advantage.”
Links mentioned in this episode:
Connect with our Guest
Website: https://franbridgeconsulting.com/
Connect with Jon Ostenson on LinkedIn: https://www.linkedin.com/in/jonostenson/
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