Uneasy lies the head that wears a crown, Shakespeare said. Well, it’s usually hard to find fault with The Bard’s wisdom, but Joel Libava certainly doesn’t seem too overwhelmed by the burden of being the self-proclaimed Franchise King. The franchising blogosphere is wide-open country and Joel has been one of the most active voices on the ‘Net, offering oodles of insight and advice into the state of franchising.
So we were intrigued to read an interview with the Franchise King over on the Small Biz Resource Blog. Follow the link and you'll find Joel offering a number of independent, refreshing observations into the state of the franchise industry, such as this nugget:
SBR: Why buy into a franchise instead of just starting your own business?
JL: If the franchise is the right match, then they can get to market a lot faster because there are things in place to do that. They don't have to make the mistakes that are made when one starts his own business from scratch. The Internet has changed everything -- a business can be old in three or four months. So I think it's important to get to market quickly.
SBR: So clearly the biggest mistake people make is not picking the right franchises.
JL: Absolutely. For example, someone will say, "I think I will open a submarine sandwich shop because they're always busy." And? "Well, I'm sure I can make money." How do you know? They're not working the whole thing through in their minds. Do you realize the work is seven days a week, 16 hours a day? That the help is hard to find and keep? Do you know the history of the location you're interested in?
Anyone interested in franchising has undoubtedly come across the Franchise King at one stage or another. He has a lot to say and you might learn something from his various internet ventures.