Beware of This Type of Entrepreneur When Franchising
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Entrepreneurs are a key component of franchising. Aspiring franchisors put all their finances, relationships and energy on the line in the hopes of developing the next successful brand. But when these entrepreneurs successfully develop that brand and are ready to expand through franchising, we find ourselves in the ironic situation of advising them to avoid selling franchises to anyone that reminds them of themselves.
These words of caution are especially true for franchisors selling their initial franchises. Real entrepreneurs never saw a rule they did not want to break. And there is no worse time to award a franchise to an entrepreneur than when selling your very first franchise, as this franchisee will set the tone for each subsequent franchisee that joins the system.