Three Takeaways from The Wealthy Franchisee (Not Just for Franchisees)
If you haven’t read Scott Greenberg’s book yet, put it at the top of your list ASAP
I’ll be honest, I hadn’t prioritized reading Scott Greenberg’s book, The Wealthy Franchisee, mainly because I wasn’t sure how it would apply to me. Although I work in the franchise space, I’m not a franchisee (or trying to be a franchisee, at least not at the moment). While I could certainly get behind the premise of the book and I was happy to recommend it to others, it hadn’t yet made it to the top of my own reading list.
Well, I’m happy to say that I finally took the plunge, read the book, and I could not have been more wrong. The Wealthy Franchisee is packed full of experience-informed wisdom that feels like it was written specifically for me, a person who is definitely not a franchisee (yet). Here are the three key takeaways from The Wealthy Franchisee that resonated for me, and I believe will level up your life whether you’re an aspiring franchisee or not:
1. Mind your mindset. Throughout the book, Greenberg returns again and again to this theme—your mindset matters and may be the single greatest determining factor in any franchisee’s success. Specifically, he identifies five areas of distinction that separate a wealthy franchisee from everybody else; he calls it The Quintuple-Double C.
- Clarity & Calm
- Controlling Your Critic
- Cool Confidence
- Combating Complacency
- Constructive Comparison
As I read through Greenberg’s explanation of how The Quintuple-Double C model can impact one’s trajectory to wealthy franchisee status it became more and more clear to me that all of these things applied to me just the same. Maintaining a focus on self-awareness and self-improvement with the intention of supporting a more positive mindset can make anybody better at what they aspire to be on a daily basis.
2. Relationships matter. In the case of the wealthy franchisee it all starts with the relationship you have with your franchisor and the relationships you have with your team, vendors, fellow franchisees, and the franchise community at large. Giving time and attention to nurturing healthy relationships will enable you to operate more effectively and efficiently than those who are constantly battling through frustrations with a franchisor or store managers they don’t trust.
Who among us couldn’t benefit from building great relationships in both our personal and professional lives? I’d venture to suggest that it doesn’t matter what you do related to the franchise industry, it’s all about relationships. With your team, with clients, with brands, with your competitors, with other vendors—so much of what happens in franchising and what catapults people to success is a robust network of healthy relationships. Give those relationships the time, attention, and patience they deserve.
3. The buck stops with you. Wealthy franchisees maintain a high degree of personal responsibility for the success of their business. Of course they rely on the foundational systems and processes that are the core of the brand they operate, but they take personal responsibility for building a culture that aligns with the brand’s values, providing exceptional customer service, and top notch operations to build and grow their customer base, execute local marketing strategies even when times are tough, and on and on.
I think one of the greatest misconceptions in franchising is that all a franchisee has to do is sign the agreement and show up to unlock the door and turn on the lights to have a smashingly successful business. Not so. The franchise model will give you the foundation, but it’s really up to the franchisee to build the business.
We all need this reminder from time to time—we are all ultimately responsible for our own destiny. It’s easy to point fingers at our bosses, our teams, the economy, or other outside forces when trying to understand why we aren’t as successful as we’d like to be. Often, the simplest answer is the correct answer—taking personal responsibility for your own success frees you from the limiting factors that surround you and puts the power to succeed squarely in your hands.
I’m so glad I finally took the plunge and read The Wealthy Franchisee, I hope you’ll do the same! You can get your copy here. I’d love to hear what you think. Drop me a line and let me know what your biggest takeaways were.
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