Jan 26, 2022
The 3Ms [Franchise Opportunities]
What are the "3 Ms?" And why do they matter. Roughly speaking, a good franchise broker looks for 3 things in a candidate:
What are these?
Want to get out of the rat race and out of your W2 job?
Build a legacy for your family?
What personality traits do you have that would allow you to excel as a franchisee?
Can you thrive in a business that you didn’t create?
Rule follower. Franchises have lots of rules.
Willingness to ask for help. Help is available, but you have to ask.
Access to capital
Unsecured Lines of Credit
Equity in Real Estate
Partners with money
Why are they important? They go a long way to predicting success with a franchise because you have to be VERY motivated to succeed, you have to have the right attitude to be a franchisee, and you need MONEY to start.
Taken together, these three things will ensure the highest likelihood of success as a franchise.