Simple But A Much Overlooked Concept
That is‚ to succeed in business you need to seek out and rely on the advice of others. I know that this may sound overly simplistic but this is an important point (for everything really) that it should never be understated.
In "Franchise Players: An Auntie Ann's Franchisee on The Importance of Seeking Advice" Entrepreneur Magazine Staff writer Kate Taylor interviews Auntie Anne's franchisee Eleazar Puente (Eleazar was an Auntie Anne's employee and actually won a franchise in a contest) about the lessons that she learned in constructing and establishing her franchise and the advice that she would give to future franchisees. One piece of advice that I wholeheartedly agree with was well stated by this new franchisee:
All I know is that hard work does pay off‚ as cliche as that may sound. I knew that I had to be smart financially and gain knowledge from people who have been in my shoes…
Look if you are buying a franchise then take this one piece of advice to heart. That is‚ learn from others. Before signing a franchise agreement reach out to others and learn about their experiences‚ what it took to establish the franchised business‚ the costs involved and the support from the franchisor.
I do‚ however have one disagreement though with Ms. Puente while I would always agree with her that "hard work" is always required – it doesnt always "payoff". You see just working hard is not enough – you must also work smart and work "on your business" and not just work hard "in your business". A critical point presented so well by Author Michael Gerber in his book The E-Myth.