Choosing the right franchise: The 4th P
In last week’s Global Garage Flooring & Design Franchise article, we discussed the three P’s of choosing the right franchise that my associate Julie had talked about. After reading the article she said that there is one more P. That P is “Process”. So, in addition to the 3 P’s: People, Purpose & Product, we add Process. Process is actually the third step in choosing the right franchise, not fourth.
When you are sizing up a franchise or business, look to the People first, quality people build quality companies. Next look at the purpose of the business or franchise. If the purpose is to make money they probably won’t. If their purpose is to help someone else make money or provide their clients with great services or products they will probably provide great services and products and make money as well. Next, is Process which we will discuss in a moment. Lastly, look at their products or services. If you have great, People, Purpose, Processes and Products you certainly will have the recipe for a successful business or franchise.
We are in the franchise business. Processes are very important to franchise companies. As a franchisee you pay a lot of money for those processes. Make sure those processes are great. Talk to the existing franchisees before you buy in; make sure the franchise’s processes are up to your standards. This will start with a sales process when the franchisor is introducing you to the concept. If the franchise doesn’t have a clear, written sales process for you to follow before you buy in, you can bet they won’t have good clear processes for your sales and operations when you become a franchisee.
To conclude, when you are looking to purchase a franchise look into the 4 Ps: People, Purpose, Process & Product. If you can find a franchise that does all four of these well it will be time to roll up your own sleeves, get to work and find your success.
At Global Garage Flooring & Design, we make it our business to excel in the 4 Ps. Contact us to find out more about about joining the Global Garage team.
