The Pursuit of Profit

Hi Reader,

​On the Pursuit of Profit podcast, you’ll find conversations that are unfiltered and unapologetically honest.

The aim is to help our listeners thrive as business owners and human beings without sugarcoating reality.

Our guest entrepreneurs have shared some incredible stories. They’ve endured some scary times when their businesses were on — and sometimes beyond — the brink.

Our motivation is to mentor new franchise owners so they avoid the pain of business failure.

The four corners of any viable business

So, if you’re planning to start your own business — whether it’s a franchise or not — we want to share four essential pieces of advice for avoiding failure.

It’s hard work. In fact, owning a business is the most difficult — and rewarding — life challenge we’ve ever experienced.

A business owner’s best bet for success is to follow these four pieces of advice.

Location

Hundreds of franchise brands are what we call “Chuck in a truck.”

Mobile services are typically inexpensive options. And many of these businesses provide home services — a sector we believe will experience sustainable growth in 2024.

Not all brick-and-mortar brands require large footprints. Some of our favorite franchise businesses — even in the retail sector — are based on under 1,000 square feet.

And when real estate is a requirement, there are lots of brand options that don’t need a prime location or require any new construction or remodeling.

Don’t buy high-traffic counts when you don’t need them.

The right people

Finding the “right fit” has less to do with matching the business service or product with expertise and more to do with the ability to implement a business blueprint.

Successful franchise owners know how to follow instructions and execute the brand’s business model.

An auto mechanic may not be the best fit for a car service franchise because the temptation can be for the expert to work in the business, rather than on the business. They know cars better than they know entrepreneurship.

But operating a small business requires skill sets beyond the product or service they provide.

Community involvement

Successful business owners get out of the office and into the community.

Someone who owns and operates a mobile fitness business can sponsor a local 5K, join a running club, and volunteer in the community.

Depending on the brand and the service provided, a business may or may not require a substantial marketing and advertising budget. But the greatest ROI, in our experience, has been being active in your local community or a trade organization.

Risk tolerance

If you’re young, you may have the option of losing everything and starting over. But if you’re more than halfway through your career and you’re motivated to leave the rat race of the corporate world, chances are that you need to reduce risk as much as possible.

As a first-time franchise owner, the highest risk is investing in a brand that’s not right for you.

Our mission is to help people find the franchise that’s right for them, their lifestyle and investment goals, their financial situation, and their skill sets.

Not every entrepreneur makes millions. But millions of small business owners earn a comfortable living.

Until next time,
The Franocity Team

P.S.… if you’re interested in working with us, sign up for a free franchise consultation or visit our website for more information.

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