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Blueprint for Success - Part 1

Written by : John McGavin
2007-05-15

What Does It Take to Succeed?

Do I have what it takes to succeed in business? If you have never owned a business before, it surely is a question that is on your mind. Working with thousands of prospective business owners, here are the three fundamental elements of success that we have defined. The way to maximize your chances of success is to be as close to a ten as possible in each element.

Blueprint for success

Desire for greater independence

While it might sound obvious to say it, the desire to own a business is perhaps the most important element. Other words that come to mind that describe this element are drive, the desire for greater flexibility, control of one's future, financial success, independence, etc. Business ownership can be very rewarding, but it will not be easy. Someone who is satisfied working for someone else will usually find the challenges of business ownership too great to even attempt.

On the other hand, there are many stories of people who succeed against all odds because they have a strong desire to have their own business. So ask yourself this question: On a scale of one to ten, with ten being high, how do I rate my desire for greater independence? The higher your number, the better your odds of success.

Blueprint for Success

Business system

According to Robert T. Kiyosaki, author of the highly acclaimed book series Rich Dad Poor Dad, having a great business system is an essential key to success. It is even more important than having a great product! A business system is the total package for running the business: location, marketing products, sales process, management, training and so on.

Franchises are all about a business system. Franchises tend to take common products (hamburgers, oil changes, etc.) and build an effective business system around them. The section entitled "Qualities of a Good Franchise System," addresses how franchisors do this and how you can evaluate a particular franchise business to determine the quality of its business system. With the very best systems being a ten, you want to see that the franchise you select has a great business system.

Identifying a great system is important, but a word of caution is in order. Prospective franchise owners may be tempted to put all their emphasis on the quality of the system, without considering the third and equally important element. We call it "Fit."

"Fit"

No matter how good the business system is, the business must be one that "Fits" you. It must be a business that builds on your strengths and talents. Every franchise system has successful operators and less than successful operators. The difference is the individual. A business system does not run itself. Identifying a business that fits your profile, what we call your business model, is just as important as the quality of the system.

Section five, “Tools for Structurally Sound Decisions,” addresses how FranNet helps you develop your unique business model and use it to find the business that is right for YOU! As you probably guessed, the goal is to find the business that is as close to a ten in how it fits you.

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