Scott Greenberg, author of The Wealthy Franchisee, believes successful franchisees all share common traits and strategies. Drawing on concepts from cognitive behavioral therapy, brain science, expert interviews, and his own first-hand experience as a franchisee, Greenberg shares the mental habits, tactics, and financial results of high-performing franchisees.
In the video above, he breaks down three main factors that determine how a franchise performs.
Table of Contents
1. External Factors
The first factor is all indirect. All those external things that have a direct impact on what you do, like the economy, the competition, the weather – things that we have no control over. Greenberg has seen the same circumstances lead one franchise to trouble and others to success. What makes the difference is the ability to pivot and problem solve versus blaming and throwing in the towel.
Related: The 3 strategies we used to open 24 new real estate franchises in just one year
2. Operations
These are the tangible things that consume your time and keep you busy. So it’s your sales and your marketing and your policies and procedures. It’s your unique recipes and your unique approaches to delivering your products and services. What matters to success is how you perform surgeries.
Related: Is Franchising Right For You? Ask yourself these 9 questions to find out.
3. Human factor
It’s your ability to keep your head clear, to bounce back when the going gets tough. It’s all those intrapersonal skills, but it’s also your interpersonal skills, the way you interact with others. Every effort you put into mastering the human side of your business will pay off in all areas.
