In Franchise Secrets, Episode 36, Erik Van Horn dives into expressing and teaching the secrets that come with buying and growing a franchise. Erik has owned multiple franchises for over 20 years. Erik shares not only some of his personal stories, experiences and hardships with the Franchise owning process, he also shares necessary tips on how one can become a successful franchise owner. A widespread attraction many people seek when becoming a franchise owner, is the ability to be semi absentee owner. This is a common attraction for future franchise owners, because many people want to own a company, but still have freedom and flexibility for their personal life. In this episode, Erik conveys proper steps to take in order to achieve a successful franchise, while also obtaining the semi absentee role as a franchise owner.
Outline Of This Episode:
(01:27) Semi Absentee Ownership
(07:26) The difference of a first, second and third franchise
(15:39) Planning Properly For a Franchise
(16:40) Responsibility of the Franchise is on You
(17:54) What type of person you must be to be Successful
(21:58) Picking and Paying the Right Employees
(26:16) Hands off or on ownership
(29:48) The Danger of Consultants
(33:48) Ask yourself if you are able to be a Franchise Owner
Erik Van Horn shares his excellent experience as a franchise owner with the public. From his episode, we are able to dig deeper on the truths of franchise owning. Eric shares some important advice and tips when it comes to purchasing and owning a franchise. Franchises are open to the public for purchase, anyone can own a franchise. However, not everyone can maintain a successful franchise. It takes a major level of devotion and hard work to be a successful and semi absentee owner.
No one franchise will be the same, even if an owner owns multiple franchises, they must be prepared for each to have different outcomes. So much goes into what will make a franchise successful or not, such as market location, franchise consultants and employees. Franchise owners must be prepared for ups and downs. They must learn from their past mistakes, understand that revenue will fluctuate, learn how to balance employees with new franchise locations that may open, and learn how to keep employees satisfied and eager to contribute to the success. All of these key points that Erik touches on in this episode, and are important for impacting successful franchises.
As we learn about the different factors that contribute to being successful in owning a franchise, understanding what kind of person you are plays a major role. Erik talks about how he is a delegator and how that has helped him become successful. He expresses the obstacles that come with micromanagers.
As many of us know, the choice of employee selection is crucial, but what is hard for many people is taking a risk on employees. Erik dives into the importance of properly paying, training and treating employees to promote in successful business practice within the franchise world.
A major red flag that Erik speaks on in this episode, is the danger of consultants. Many times, a consultant is more of a salesperson. Consultants do not always have to have a certain criteria for their job, and do not always require certain criteria from franchise buyers. This can tend to lead to a dysfunctional or unsuccessful franchise. A franchise buyer must be aware and alert of the type of consultant they are dealing with.
Walking away from this episode with Erik and hearing about his personal experiences, ask yourself… will you be achieve these key points Erik has shared with us? Can you do what Erik has done to allow yourself to not only be successful, but have the freedom and flexibility that comes with being a semi absentee franchise owner? Are you able to devote and put in the work that Erik has? Tune in and find out!