Featured Coaching Training: What Is A Franchise Coach?
What is a franchise coach? What is a franchise broker? Who are these people and why are so many people using a franchise coach to help them? Learn all of this and more from franchising legend Terry Powell.
Featured Coaching Excerpt - Notes & Transcript, Part 1
Ask Yourself: What do you want most our of buying a franchise?
Action Step: Ask your franchise coach if there is a way to fine-tune the franchise search based on your particular needs.
Lesson Nugget: Franchise coaches will make money from working with you, but they will make money while they are helping you achieve your income, lifestyle, wealth, and equity goals.
Action Step: Ask your coach what the process and the interaction will be like in looking for a franchise.
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-I feel like if I was going to hire a coach to learn how to start a business, I would want to ask-- you know, if I didn't know you or if I did know you, I would still want to ask, can you name me some franchises that are a good investment? Is that a question I can ask a coach?
-Sure. You can definitely ask them any question. And if I were your coach, I would answer, we really need to define what's good in relationship to what's going to be good for you. We personalize that through a possibility profile.
But if you look at franchising in general, you can go online to the Franchise 500. And there's a process that goes every year that looks at the top 500 franchises based on what the entrepreneur media believes is the criteria that would distinguish those.
-Is there any questions I should be asking coaches, if you could kind of advise me if I'm looking for a coach. Are there any questions I should definitely be asking my coach?
-Yeah, absolutely. You really want to understand how they're going to go about bringing to you the types of things that will meet your specific needs. So the questions I would ask are, are there an opportunity for us to really fine-tune the search and what we're going to explore based on my particular needs rather than, just in general, what's happening in franchising?
What's hot or what's not is not the approach you want to have your coach take. OK, so making sure it can be customized to you, and they're going to really pay attention to your needs, and what it is that you want to accomplish with that relationship.
-What if I asked my coach, how much money are you going to make if I buy a franchise? Is that a question that you get asked a lot, or that people--
-Actually, we don't.
-Yeah, actually, we don't. It happens occasionally. And say, well, that's a great question. Obviously, I am in business.
And our coaches would say, I'm also in a franchise business, so I'm a franchisee. I've already invested in franchising. And I did this because I expected a return on investment. So you understand that I'm going to make money in this business, and by helping you, meet your income, lifestyle, wealth, and equity goals. The beauty is the byproduct of I get to take care of my own.
-I think one of the things that people-- it's a gap that we have, is when we jump from employment to self-employment. And employment, sometimes, you're always like the man-- the man is trying to take our money. He's trying to get us. Profit is bad. I can't believe the prices.
And then when you're self-employed, you kind of celebrate profit. And you're excited about it, and that kind of thing. So I think there's a little bit of a gap there as you jump into this realm of self-employment. Is there any other questions that people ask you all the time as a coach that are some hard-hitting questions that you get asked, or questions that you feel like we should be asking coaches?
-It's quite a transition from being in corporate America to becoming capitalist and in your own business. And that changes your perspective quite dramatically.
And some of the questions you want to be asking your coach is, tell me a little bit about what the process and the interaction will be like. And is it important for me to be in a decision-making mode, or can I be in a discovery mode? Can I just be exploring and looking to learn and be educated and informed?
And the coach, a true coach, is going really welcome that question because that's what they do best. So make sure they're not looking to move you in a direction towards buying something rather than discovering how to own the right type of business model.
-You might have won all seven rounds of this boxing match. But there will be another round another time. I'll make a comeback.
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