Interview: The Franchise King

Posted by 22 January, 2009

3166601945_346008321e_b

This is an interview with The Franchise King, Joel Libava. He is a franchise expert and was nice enough to give us his insight into the franchise world. You can find out more about him on his blog, http://thefranchiseking.typepad.com.

1. Can you start out by telling us a little about yourself?

I am a Cleveland, Ohio based franchise consultant, blogger, and marketer. My late father, Jerry Libava, was one of the first real franchise consultant/brokers, back in 1991. I joined the firm in 2001, after being downsized {fired} from a management position in the Automotive franchise industry.

2. Why should people consult you prior to considering a franchise?

Because they don’t know what they don’t know. A lot of folks that I talk with have blinders on; they are thinking food, food, food, when it comes to franchising. There are so many different opportunities out there. There is really nothing wrong with investing in a food-related franchise. {If you have real life food industry-restaurant experience} One can do very well in a franchise that cooks and serves food. It’s a matter of lifestyle. If someone with previous restaurant experience invests in a food type of franchise, they have a much better chance of being successful, because they know what they are in for; super-long hours, big time employee turnover issues, and a high investment.

Another reason to consult with someone like me is that I have access to opportunities that they may not yet know about. A great reason that one may want to talk with me, before they embark on their franchise adventure is that I am independent. I get to choose which franchise companies that I want to work with, and help grow. I used to be  with a large national franchise brokerage group, and they told me who to work with. I have lots of latitude, and lots of very unique franchise concepts that I work with.

Finally, one should consider working with a franchise consultant or broker because they usually know what types of franchises are doing things right, and which ones are not.

3. What type of person fits the franchise mold?

Here is my one sentence answer:

Someone who is ok working and following someone else’s business idea and business system.

4. The economy is down. Should people look at franchising right now?

Yes, it is certainly ok to look. I am recommending that people be very careful about what types of franchise opportunities they are exploring. Here is some food for thought; In a down economy, are consumers buying what they want, or what they need? Investigate opportunities that provide a need. The ones that provide a want, may not do as well in a recession. Another words, would you rather be the franchise owner of a senior care franchise, or an upscale massage studio? I am not saying that investing in any one of the 3-4 massage studio franchises is a bad thing. What I am suggesting is that watching consumer spending trends during tough times is well worth it.

5. I stress alternative income, known to some as passive income. Are there any franchise avenues that allow a person to own a franchise part time or better yet, hands free?

There are very few legitimate franchise opportunities that allow for part-time ownership involvement. Franchises like Great Clips, and Best Cuts are examples of franchises that actually encourage their franchise owners to keep their jobs for awhile, while they are ramping things up. They are not the hairdressers, anyway. As for hands-free franchise ownership, I don’t know of any opportunities like that.

6. If someone was interested in owning a franchise, can you give us some resources that would be of value?

I suggest spending some quality time with some of the major search engines, and type in several different words that include franchise of business opportunities. This will lead you to articles, franchise news sites, and maybe even some opinions from current and former franchise owners, that could prove to be valuable. I also recommend reading anything that has to do with trends in franchising. See what the future looks like. There are a number of book out about franchising. Just go to your local library or bookstore.

7. Is there anything else you’d like to add?

Yes. These are difficult times, and anyone who tells you otherwise, or tries to convince you that this is actually the best time to invest, is not living right. It is what it is. For now. Things will get better. Personally, I just finished the toughest year I have ever experienced. It was so tough, that in order to cut my expenses, I have moved my office to my home. It was not my 1st choice, but I had to do it. I am actually enjoying it, so far, though.

One more thing. If anyone you know is looking for a franchise, I always suggest that they work with a local franchise consultant/broker. Number one, they know the local area, and hopefully have great connections that can assist them with legal and real estate issues. Number two, by working with local consultant/brokers, the fees that they are paid by the franchise companies stay local, which contributes to the local economy. I know that it may not sound important, but it is.

My info:

The Franchise King, Joel Libava

franpro@sbcglobal.net

216-831-2610

877-262-2816

Company website:

http://www.FranchiseSelectionSpecialists.com

Award winning Franchise blog:

http://thefranchiseking.typepad.com

My e-book on How to Research a Franchise:

http://www.FranchiseResearchSteps.com

Photo by: Tony the Misfit

Related Posts:

Interview: Do You Have What It Takes to Own a Franchise?
Interview: So You Want to Own a Franchise?
Case Study: My Adventures in Forex Trading
Interview: 2 Million Dollars Made in Network Marketing – It’s All About Leadership!
Do You Squidoo?


------

Don't miss the next article, add our RSS feed
If you enjoyed this article, please Stumble it!
Follow me on twitter

Categories : Entrepreneur Tags : ,

Comments
July 13, 2009

hmmmm Sorry but, don’t fully agree with the thoughts here… the people who are embarking on a business venture know much better about their passion and preferences than the brokers or other consultants.

zencontrol.net’s last blog post..10 ways to deal with stress and enjoy life more

Posted by zencontrol.net
September 7, 2009

Within the current economic scenario, you will find franchises doing business everywhere. It is only natural to become attracted by the huge business potential. With so many options out there, spotting and buying the right franchise business can be quite difficult.

So what makes the right business franchise opportunity? While it is important to pick a brand that has wide visibility and is a pioneer in its field, it is equally crucial to put your money into something that matches your skill level, fits with your lifestyle, and rightly complements your business goals.

October 5, 2009

Web is a high paced world and you need to constantly introduce novel ideas to the market. As such being a little innovative will give you an idea about how to make a product or service better than its current version. By bringing a little change or adding some extra zing, you can give an all new look- and- feel to an existing product. Thus you can find a great number of new free home business opportunities first by evaluating the current market and its existing products and services and then analyzing the points where they might require some improvements.

Leave a comment

(required)

(required)