Michael Jordan once said, "I have missed more than 9,000 shots in my career. I have lost almost 300 games. On 26 occasions I have been entrusted to take the game winning shot, and I missed. I have failed over and over and over again in my life. And that is why I succeed."
This winter, I felt like my emotions were all over the place. So I got to thinking. As a business owner, maybe this could be something worth tracking to see how my mood is affected by the time of the year and the happenings in the business (and my life in general).
Now that I have been in business for nearly seven years, I am convinced that companies both grow and fall fast. Getting rich quickly doesn’t exist. And if you somehow make fast capital, your background and experiences put you in a place to make sure you don’t blow it and you can properly feed that money back into your company.
I recently asked a major multi-unit franchisee, who also happens to be a single brand franchisor, why he decided to add yet another brand to his portfolio as a franchisee as opposed to starting another franchise as the franchisor. His answer? It was simply simpler.
In today’s franchising world, brands share Item 19 (the earnings claim) to help influence and inform your decision to become a franchise owner. These numbers are quite often the average -– a number that dictates the average unit volume that the stores within that set perform. What this number doesn’t tell you is how well you will perform. Performance is much more than average unit volume, it is more about your desire to be the greatest.