Franchising 3 Ps.
When looking at a Franchise look at the three P’s: People, Purpose & Product
I was on the phone this morning with a vendor and they said that they do business based on the PPP principal. People, Purpose & Product come into her decision making structure in that order. These three dimensions are particularly important when deciding which franchise is best for you.
People. This is the most important part of the decision making process when choosing a franchise. Good people are worth working with. There is an old adage that a contract is only as good as the people signing it. She looks at business the same way. If you have good people then you can do business in a good manner. If they have integrity, if the work hard, if they work smart you can stand on that and get any problems solved. Most people work in a predictable manner. If that manner is good you’ll get good decisions and you’ll be able to stand by those people as they’ll stand by you. When problems arise you will be able to work them out.
Purpose. If you look up “purpose” on amazon.com or any other book seller you will see that there are literally hundreds of books written on the subject. From the way people live their lives to the way they operate their businesses if they have purpose in it they can typically be successful no matter what they are trying to accomplish. Julie tells me to look at people’s purpose before making decisions surrounding them. It’s a good idea to look at the franchise’s purpose before deciding to invest.
Product. Last but not least look at the products. Good people with a single minded purpose produce excellent results. Usually their products are right in line with what they should be. They fit the niche and the company, the people, the products, the purpose all match up and this is typically a great place to do business.
When looking for the right franchise for you consider these things. What are the people like? Do they have integrity, do they work hard, do they work smart? What’s their purpose? Do they know what their purpose is, can they act out on it? Lastly what are their products like? Do they fit the niche, are they good at providing them etc., etc.? Chances are if the people are good and the purpose is focused the products will be great. Don’t settle, it’s your money and more importantly it’s your career. Find a franchise company that exemplifies these ideals and you will probably find a very profitable franchise winner underneath.
Lance Jensen
Global Garage Flooring & Design, CEO
