As you consider franchise ownership, have you ever thought about what type of entrepreneur you want to be? Well, there are thousands of franchise options out there, but there are only a few structures, and that’s what I’d like to share with you today.
Owner Operator: The Hands-On Entrepreneur
Those structures are an owner-operator, where, for the life of the business, you are the “face of the business”. You might build a small team, but you’re essentially fully involved for the life of the business, and the business needs you to drive it constantly.
Executive Owner: Scaling with Strategy
The next one is the executive owner. It looks like an owner-operator for the first couple of years while you’re learning and growing the business and establishing that team. But once the team is established, you will shift into that leadership role; at that higher level, you’re going to be focusing on scaling and growing the business. For instance, some people, if they had come from a sales and marketing background, might focus on driving increasing revenues. Other people who come from managerial and are more operational, might focus on hiring salespeople and leading them to drive the business, while focusing on leading the fulfillment team. The main thing that you want to understand is that you’re focussed on scaling the business and leading the team so that you’re no longer “the face of the business”.
Enterprise Owner: Building an Empire
The third option is the enterprise owner. This is for the people who really want to grow and scale the business, and it requires a larger multi-unit or larger territory to do so. From the get-go, you are focused on customer and revenue growth while building teams and building infrastructure. This really appeals to the type of people who, once they set a goal and achieve it; they are already setting the next goal, and when they achieve it, then they set another goal, and so on. They thrive on challenge and just want to continue to grow and grow.
The reason why this is so important when you’re thinking about your franchise search is because not all franchises are able to give you the different options.If you’re looking at that owner-operator model, then that’s maintaining a business and a lifestyle, once you get the business up and running. Owner-operators are the backbone of a many franchise models; many owner-operators are the lower and mid-level performers on the franchisee performance bell curve. The executive owners are typically the mid-to-high performers on the franchisee performance bell curve. They can build great lives and create tremendous wealth through franchise ownership.
Not all franchises are created equal. Let me help you figure out which ones are the right ones for you. Let’s have a discussion. Book a call today. I look forward to our discussion.
