Should I Franchise My Business? Temptations & Inspirations
Franchising a Business & Greek Mythology Go Together. Here’s A Great Analogy And A Great Lesson.
Do you remember Homer’s Odyssey – ‘Songs of the Sirens‘ back in high school or college? The Sirens were creatures from Greek mythology that enticed sailors to their destruction with beautiful singing. Half vision/half beautiful ladies who beckoned Greek sailors to sail their ships to the Sirens’ rocky coast. A story of temptation and desire as old as time.
Those sailors wanted to go ashore very badly. They believed in an opportunity and those who rushed in without evaluating the dangers were killed. The story of sirens and sailors is folklore on the subject of temptation and irrational behavior. It also pertains directly to franchising a business. When a business owner starts asking themselves “Should I franchise my business?”, you can bet the Sirens are going to sing and the temptation to sail ahead is going to be strong. Here and in Part Two you’ll find a reality check for all prospective franchisors. If you find yourself wondering about franchising your own business, the last thing you need is encouragement. What you need is a team of horses holding you back and a mentor asking lots of questions. Lots of questions.
Entrepreneurial Success Prior To Franchising
Successful businesses are brought to life by smart, hard working entrepreneurs. Without the entrepreneur’s blood, sweat and tears, the business would not have succeeded. The entrepreneur feels a deep sense of satisfaction, but because of human nature, they want more than their business success in grilling steaks, inspecting houses, dry cleaning, or a thousand other tasks required and managed over and over again to keep things moving.
Work is work and even the most enjoyable aspects of running a successful business leave a person open to change after five or more years of repeating the same chores. For many, a tune begins to play that goes something like this: “I’ve figured out how to make a success of this business. I’ve done what others have failed to do. I know how to avoid failure and I can show others the way. Hey, I think I should franchise my business.” The seed is planted, and now it only waits to be watered.
Vanity And Temptation Can Make Franchising Too Tempting
Our Greek sailors heard the Sirens calling and understood exactly what they were offering. As mortals, they wanted those women. The thought of pleasure ruled over reason. They risked their lives for a chance to meet those women and they lost. The allure of franchising a business is not one bit different. When desire trumps reason, disaster has an opening. Know full well that disaster regarding failed franchises is not an uncommon occurrence at all.
Tough minded, successful entrepreneurs are just as open to temptation as the Greek sailors. Once the seed of franchising is planted, it waits to be germinated and that’s when the sirens show up. Who are the franchise sirens? They come in the form of a satisfied customer, a relative, a friend, a bookkeeper, or the banker. One of those folks is going to say: “What a great business you have! You should to franchise it.” Boom, lightning strikes and thought appears: “Gee, I really should think about franchising. If others see it, then it might make sense.”
Franchising offers tremendous appeal, but it demands careful scrutiny. Beware of the sirens’ songs, and temper your desire with a long, hard look before you proceed. Find truly knowledgeable franchise people. Find people who want to see you safely through the process and run like hell from consultants who are selling you on the idea of franchising. If you’re tempted by the franchise sirens, read Part 2 of this article and everything you can about franchising a business.