5 Rookie Mistakes to AVOID in Your Franchise Journey!

Are you starting your franchise journey? 

Avoid these common rookie mistakes that can cost you time and money!

Franchise expert Giuseppe Grammatico shares his top 5 pitfalls to avoid, based on his 20 years of experience. 

Learn how to set yourself up for success from day one and build a thriving franchise business. 

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Transcript

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I personally left my job in the first 30 days of running our business, I did every aspect. And I got a much, much better appreciation for the business really kind of figured out costs where I need to be at, how long jobs really truly took how many people were needed for the jobs, turnaround times where the mistakes were made It's not about right or wrong. It's about match and you want to make sure that your skillset matches the franchise and that's the service we offer. We're essentially matchmakers. culture is big culture is that a franchisor that truly cares and wants you to succeed. Will do everything they can to set you up for success. They're not going to run your business for you, but they'll do everything via training, set expectations give you feedback, Welcome to the Franchise Freedom Podcast, where you can escape the corporate trap through franchise ownership. Here's your host, Giuseppe Grammatico, The Franchise Guide. Hey everyone. Welcome to the Franchise Freedom Podcast. I'm your host, Giuseppe Grammatico, your franchise guide, the show where we help corporate executives experience time and financial freedom via franchising. Thanks for joining us today. A really excited episode for today. We are going to be tackling, or the title of the show is Avoid These Five Rookie Mistakes in Your Franchise Journey. Just as a reminder, if anyone listening in has any questions on franchises thinking about maybe investing in their own franchise give us a call. You could schedule a call with us. Just go right to the website, GGTheFranchiseGuide.Com. There's a few questions there and you can book a call right after and a wealth of resources. If you're not ready for a call including 25 FAQs and my exact blueprint a book I wrote back back in 2020 call franchise freedom, same title as the show. So check that out. But if you are ready to speak. You can book a call or shoot me an email, GGTheFranchiseGuide.com love to answer any questions you have around franchising, no silly questions, more than glad really kind of figuring out if a franchise is even the right fit for you. Before exploring brands and models and things like that. Thanks for joining us. Why did I create this show today? Avoiding these five rookie mistakes in the franchise journey, because I've seen these mistakes. I I've seen, I have made some of these guilty as charged. Of these rookie mistakes, I have seen others talking with colleagues and their past experiences. These are not, you know, mistakes you make, you know, down the road. These are, we're, we're going to go specifically rookie mistakes. What are rookie mistakes, basic mistakes you make in the very beginning. Now a lot of people we have helped over the years are first time business owners. They may have had an Airbnb on the side or a small side hustle, but getting into their franchises, their first kind of full out type of business. You know, other people may not make these mistakes if they've owned the business. It is our job really to kind of remind people to, to be prepared not only to choose the franchise, but when, you know, starting that franchise business. And this is typically part of the franchise training as well in order to prepare you for success and set you up for success. Diving in today and I'm, I'm, I'm jotting notes because I had more than five and maybe, maybe, maybe we'll have kind of subcategories of these five. number one in, you know, calling basically a rookie mistake is. Paying yourself too high a salary essentially almost suffocating the business financially the first year. So what do I mean by that? We're not saying not to pay yourself a salary. This one I did, I, you know, I kind of went into the business saying first year. Personally, I didn't, I did not have to take a salary at all and any profits would be reinvested in the business. Well, some other people may not have that ability. Maybe they left their job. Maybe there's not another income. My case, my wife was working. So what do I mean by that? Go ahead. Definitely pay yourself a salary, but the intention is not to really match the salary. So if you left your job to run this business, to match that salary immediately. Unless it's a lower salary, but paying yourself too much of a salary when, when the money is there, it's great. It's tempting, right? You have the money in the account and usually what's going to happen is that the rest of the business is going to suffer because if you're paying yourself you know, just say you're around the number 10, a month. And the money is there. That's great. But now what's going to suffer. And usually what we've seen is marketing and marketing suffers or. Maybe another employee not being hired maybe that just doesn't happen because there aren't enough funds in the business. Again, not saying you can't, you know, pay yourself any type of salary, but making sure you budget accordingly when you're going into a business, you know, you don't want to use all your, your life savings here. You want to make sure that there's enough there. So number one, if you are leaving a job, who is paying your rent, your mortgage, your student loans, whatever expenses you have. Also, you know, it may take, the business may take a little bit longer to get up and running. So you want that financial cushion if your spouse or whoever your partner is working or if you're keeping your job, great. You got that income coming in, but expect the business to have a little bit more expense because you're probably going to factor in a general manager another salary in the mix. Whereas if you took on that role, you would you know, get rid of that salary, not not the need to pay that salary. Paying yourself too high a salary is is one. And I would just say, Hey, if you're going into this to need to match your salary there are other options. Maybe the investment's too high. Maybe you look at a general manager and keeping your job the first six to 12 months and transition into it. But if you have to do that you know, think twice also it is tempting, as I mentioned, as soon as that, you know, we we had Rocky Lovanni, a good friend of mine from profit first, and then you have buckets. So when that money comes in, you close a 10, 20$30,000 deal. Maybe that, that 10 percent that you allocate towards marketing gets eliminated right away and goes right into that account as you have your, you know, your tax account, your income account and things like that. You may want to do some type of profit first system. There are, there is some services out there that will automate it where maybe you have one bank account where everything hits all the income and then it gets split up into five different buckets. That way it's less tempting and that way you can figure out what. You should truly be paying yourself after the expenses of the business are being paid. Profit first, check it out. Rocky Lovanni. We can post that or link that that episode to this to this show. And that way you can use that as a reference. And yeah, highly, highly recommend working with Rocky and taking a look at profit first. All right. Number two, what is, what is the the you know, second rookie mistake in your franchise journey to avoid? And that is not giving enough time to your marketing. A lot of the franchise companies that we work with if you ask them what business they're in and they'll come back and say, Hey, we're in the marketing and we're a marketing and sales agency or machine. Or a company that happens to be in X business, painting, restoration, roofing, and you hear that often and, and over and over again. And what that really means is that they're, you know, where they excel the franchise or is marketing is sales is lead generation and you know, it takes time. So usually the marketing will start while you're in training gaining some traction, testing, what's working every, every market is going to be a little different. So there may be some, some tweaks to the ads and things like that, to the SEO. And part of that, it's going to take time. So will the first month, you know, be a great indicator of exactly how the marketing is going to be. No you know, maybe, maybe it yields you. Immediate revenue or at least appointments is get started. Maybe it takes a few months, but you do need to be patient with the marketing. When you look at a franchise, you know, you're looking at what that marketing spend is you know, what's that, what's a healthy range. What are franchisees you know, actually spending at the end of the day. And when you look at the initial investment, you'll have about at least three months baked into that are included in that investment. Some brands I've seen that go as high as six or even higher up to 12. So when you're looking at a franchise, look to see what's included, if that needs to be paid up front, if that's just what to budget for for the year. Marketing takes time. I'm guilty of this as well. Maybe not guilty of the, of paying myself too high of a salary. Since I went in with zero expectation and to pay myself nothing, but marketing you know, I'm guilty of this is kind of just needing to see much quicker results and it takes time and it may be a combination of things. It's, there's, there's marketing of the franchise or we'll be providing in many cases along with a call center. And you may be doing additional things like door hangers. If you're offering a home service, having your technician, yourself, your salesperson go out and do door hangers in the area, letting people know that you just completed some work on the, in the neighborhood. That's you know, one of the, some of the best leads and referrals because you're now you're getting a happy customer in the neighborhood that would refer and recommend you guys. Marketing is big, it takes time. And then you start to kind of get your groove once. The settings get a little bit tweaked. You start figuring out what you want to do over and beyond. We talk about autonomy, right? And how you're running your business and marketing can be a piece there. And maybe it's a launching a podcast kind of like we did. Maybe it's you know, being a guest on other shows. It could be the door hangers. It could be doubling down and going to the chamber of commerce events. Joining a chamber doesn't cost much. It's more of your time, maybe a sponsored event, maybe buy donuts and coffee for a morning event or meeting. So things to think about, but don't rush the process. You know, really find that how well the marketing is working and not just from the franchise or the franchise company, but speaking with franchisees getting their, you know, their feedback. What's the conversion rate, you know, what happens if, if the conversion is less, is it, is it the lead quality? At what point does the salesperson potential need to get retrained? There's a lot of moving parts there. We're not just looking for number of leads, right? We want quality, we want high quality and we want, you know, a high close ratio as well. Give that time to, to the marketing you know, venture to get there and you know, use, I would recommend typically to use. You may have some marketing experience, which you can, you know, use over and beyond, but try to go with. What the, the franchise or is recommending and and seeing how it goes from there. let's look at another one budgeting. You know, another one is budgeting and in costs and really figuring out, you know, always planning on, on costs being higher than anticipated. What does that mean? You know, in any new frame or any franchise, you'll get an item seven, which essentially will give you an investment range on the business and they're getting, you know, information from other franchisees, things could change economic environments, interest rates, all that needs to be adjusted. I always go on the higher end and then you have to anticipate how you're going to run this business. So obviously running it full time and leasing a vehicle, you'll be on the lower end, but on the higher end, if you're hiring a general manager, if you're buying the vehicles, if you want to go a little bit more expensive on the marketing you know, brick and mortar retail spaces, depending on the environments we're in. May cost more, you know, maybe the build outs have have increased unexpectedly given the environment. So this is something more recent than from past data, you know, that they're gathering from the franchisees. So always go on the higher end. You know, each business could also take a little bit longer to get launched. Life gets in the way. You know, what does that mean? Well, things could happen. Maybe you got sick, maybe there was a death in the family, something, you know, it happened personally that you needed to, to address and it took an extra month to get to the, to the training or, you know, weren't able to leave the job, or as I mentioned, a death in the family, whatever the case may be. You always want to budget additional time to get the business up and running. You know, obviously when you buy a franchise, there's the investment of the franchise fee. You want to find out when the if you're taking a loan via the SBA, when, when are those loan payments come due? When do they start? What exactly is a payment? I always budget a little bit on the higher end so that there's, you know, in the event of surprises and hopefully you're under budget and you, you sock some away, maybe you pay yourself a salary, maybe do a little bit extra on the marketing. You know, I always say with the business, you can always find ways. To spend money, but you know, compensate yourself. You know, again, not overly compensating, especially that first year, that, that year to really learn the business. But you know, just keep an eye on those numbers. The profit first system has you analyzing that on a monthly basis and, and as well as quarterly and annually. Again, take, take advantage of that system. Great system, pick up the book profit first. I highly recommend or talking with with Rocky. So that is it, you know, but budget accordingly. May take a little bit longer. You know, when you talk about having living expense on the side as well if you are leaving a job, anticipate those numbers increase as well. If your property taxes go up, there's an unexpected you know, damage to the home, to the roof, whatever the case may be always plan accordingly and and budget a little bit more than anticipated. Number four, which is something I see happening. Not all the time. It really depends on the individual itself. And this is straying away from the system. This is a, and something you should avoid doing a typical rookie mistake and straying away from the system. Well, why the heck would anyone do that? And sometimes it's just, you're, you're, you're in it. You're in the day to day. You're running the business and you feel as if the business model could be run differently. Or maybe you saw an opportunity to make a few extra bucks, adding an additional revenue stream. And by doing that, I always say there's an opportunity cost for just about anything we do. So if you are straying away from the system, if you are looking at other things, other businesses or additional ways of making money, I'm not saying this is negative, but especially. That first year, if you start getting distracted, yes, you will maybe increase some revenue streams, but what is that pulling you away from that? That's the thing to always kind of think about. So if you're providing that additional revenue or getting that additional revenue stream you know, what are you pulling away from? So maybe that's your core business. And you're in the painting space, but now you're, you know, something not offered is refinishing hardwood floors. I'm just making this up. That's great and all, but how is that pulling you away from your bread and butter franchisor won't be able to support you, obviously, if that's not some, a service that they offer. So I'm talking specifically something outside the scope and the range. So it'll be a distraction. It'll be yes, an additional revenue stream, but it'll pull you away. So what are you losing in the process? So it is always tempting. I always say, jot those down and talk to your coach you know, say, Hey, you know, I think I can upsell and offer hardwood floor resurfacing, staining, restoration, whatever the heck it is. And, and finding out what they think, maybe talking to some other franchisees to something that maybe that's a. An add on down the road, a couple of years down the road, maybe it's a franchise add on, whatever the case may be it allows you to say, write it down, put together kind of a plan. Okay. In 24 months, we're going to start adding some additional services or adding another Frank franchise to this enterprise of kind of taking, being able to offer the homeowner or the commercial property. Multiple kind of a, kind of a one stop shop, which is super attractive in that, you know, that the homeowner can really use you just about for everything. But, you know, going back to our previous episode, many of the franchisors have talked about riches and niches and how do you scale down the service and do a really good job? And we talked about the idea of marketing when you offer 20 different services, it is very hard to effectively market across the system, buying search terms and, you know, kind of owning that space. Whereas if you offer one streamline, you know, painting service and epoxy flooring, and that's it. Keeps it simple, easier to buy the keywords and, and, and track and follow that data and increase conversion. Things to think about when it gets really tempted that first year, especially when the the finances are tight, maybe it's taking a little bit longer to launch the business. It gets tempting. I know for my case. It was the same deal. Kept adding additional services. And, and, and by the way, sometimes we, we work with companies that offer that may have 10 revenue streams but they'll come back and say, you know, we want you to focus on these top two streams and we want you to work and focus on residential. Why? Smaller jobs less issues with payment. You know, you typically get paid half upfront, half on completion or whatever that looks like. But there's smaller jobs. If mistakes are made, you can learn from there before tackling some of the larger jobs, or maybe it's a government municipality job where the payment terms are not going to be as favorable. Maybe there, maybe if, if anything upfront and pay within 30 to 60 days, or, or if it's related to insurance, now you're getting paid again, 30 to 60 days out. You know, you want to be able to provide a service, pay the crews, compensate the subcontractors, whoever's involved in the process. And that goes back to not straying away from the system. It goes back to, you know, having the extra cash reserves. How do you, how do you do that? Well, don't over, don't overpay yourself. So these kind of all work together and there's a lot more than these five. We're going to talk about five right now, but. You know, these are kind of the top five that I can, that I, that I really thought of, and then, you know, maybe I can talk about five mistakes franchisees make later on, you know, not just their, their rookie year. This is one number five, which is, which is. Which I made the mistake of, and you know, this is the final of avoiding the five rookie mistakes in your franchise journey. And that's doing everything yourself to save on costs. Man, I, I am guilty of this as a when I had my franchise, I was really trying to, to cut back on expenses. I was interviewing staff. I should have you know, had hired a lot sooner than I did, but I was doing, I was doing the sales. I was doing the training. I was, you know, really heavily involved in the marketing and just about every aspect of the business, the bookkeeping as well. You know, part of, you know, not doing everything yourself, there's going to be a cost you know, to hiring staff. And, and, and again, going back to initially how you start this business, if you do decide to dive in full time, you know, you, maybe you lost that, that income, maybe you didn't have an income. Maybe, maybe you were laid off your jobs. We've been hearing layoffs continuing and just seem to be getting worse tech space amongst other industries. So doing everything yourself is great. It does cut back on the costs. But what happens, the business, you know, there's a cost, there's an opportunity cost missed. And if you're doing bookkeeping, sales, marketing, and training. The sales, right? And especially that first year is going to suffer because you should really be out there closing business and having a team could do marketing much better than you, that could do training much better than you and much more efficiently and just focus on that area. They can really take that off your plate. So if you're doing five meetings, sales meetings a week you know what, you know, what kind of business will you have if you double that and did a 10 meetings a week, assuming the marketing was bringing in that type of lead flow, if you doubled. Your appointments every week. What would that mean to your business? Would that double the revenue and income? Would that be 50%? That's significant. Would that be more than cover the additional staff? Typically? Yes. The answer is yes. You know, you can't be an expert in all areas. You definitely want to touch all areas and understand the, how social media marketing and all aspects play together so that you can effectively lead and manage you know, a great team, but ultimately, you know, you cannot wear all the hats, you can test everything out and learn, learn the business. You get a better appreciation, especially if you're coming from a job. First time business owner, and you're in a brand new industry. Absolutely. I encourage everyone to dive in, do the work. If it's, if it's painting, doing the sales, the marketing, the, you know, being involved a little bit in training and bringing on staff, painting a house if needed that's going to be part of the, of the training, you know, maybe doing your first couple of jobs with your staff, with the contractors, whatever, whatever you think is best, but sometimes you gain a much better appreciation. For me, click together. I personally left my job in the first 30 days of running our business, I did every aspect. And I got a much, much better appreciation for the business really kind of figured out costs where I need to be at, how long jobs really truly took how many, how many people were needed for the jobs, turnaround times where the mistakes were made you know, being hands on, I made mistakes, believe it or not, we all do. And, you know, getting a, a customer, you know, thinking it was going to get a five star review and they came back and said, well. You know, these are some areas that needed some attention took care of it right away to get the five star review. But it's amazing the things once you have it figured out there, there are always, there's always that learning curve in any new business. Yeah, and this is also the case, you know, you, you talk to franchise brands and they understand this, they understand they don't want people to, to fall prey on this. They explain it. And some, sometimes people insist. I'm doing their work themselves. So to give another example, maybe it's a roofing franchise and you have a roofing background. Some franchise may be that may, may be frowned upon. They may come back and say, well. We understand you have a roofing background that you installed roofs in the past or repaired a roof here and there, but we don't want you being the roofer. And that's sometimes what happens. Hey, I can just do this roof myself, not pay the subcontractor and net an extra, we'll call it, you know, 30 to 40%, whatever the cost was for the subcontractor. But while you're on that roof, you're not going on sales appointments, reviewing the marketing, the KPIs and everything else. Sometimes it is frowned upon because number one, you have the experience there. So how open are you to learning the system? And then number two, are you going to be up on the roof as opposed to building this enterprise and, you know, bringing on new staff and looking for additional territories and areas to develop partnering with new vendors, overseeing the KPIs and the list goes on. I'm not saying you can't have experience, but expect that, you know, as part of your, when we send out our franchise investigation procedures to anyone that we work directly with, it'll go through kind of, you know, what this due diligence looks like. It's a, it's a two way interview, making sure that. Franchise or feels like you're a good fit and you feel like they are a good fit for what you're looking to accomplish and what they are truly looking for are people that can follow a system. You'll notice some of these questions on the website. People that have the financial backing that they can afford. This business if business takes a little bit longer to get up and running at the scale and grow and, and, you know, invest in the marketing, that that's a big one and roll in the business. They're not looking a roofing franchise and most franchises are this way. Have an ideal franchise avatar. They're not looking for someone that has experience in the industry. They're looking for, you know, people that have a transferable skill set as well. So if they anticipate or they created their avatar and that avatar, the franchisee. Is, you know, hiring their team, you know, going to marketing and focusing on sales. They're going to look for someone who's more of an extrovert who can go on sales appointments that have maybe been set by the call center, you know, offered through the franchise or, and going to chamber of commerce events. What does sales have to do with roofing or painting or whatever the business is? Well, that's the widget, right? And that's not as important to me as the actual overall franchise model. You know, being a match, if you are introverted and, but great at maybe management, you know, you're not going to go into a franchise of this type. Maybe it's a, a franchise that has a lot more staff. We see this in the cleaning business, in the healthcare types of businesses where you're, you're matching people one on one assisting them, both medical and non medical. So you have a lot more people, whether they be W2 or 1099 contractors they're looking for more management experience. And when you, when you look at franchising, don't consider franchising an industry, look at the industry, roofing you know, healthcare home services, whatever the case may be, and then look for the requirements of the actual brand, because that will differ. Some will allow you to be full time. Some will allow you to run it semi absentee with a general manager in place. So those are things some will in very rare cases, expect you to have. Roofing or home services experience. Others are looking for the transferable skillset. So you may have two or three brands and they're all going to have different franchise avatars that is created from the brand. You know, that's something you want in that interview process. And the first couple of calls is, is the match there. So yes, there's a vehicle. Yes, there's, there's maybe some great numbers that you saw, but is this going to be a good fit for you? And if you are not an extrovert, if you are not good at sales. But really want to work on the business, not necessarily in it, review KPIs. Is there the option of getting a general manager in there or running that business and hiring and outsourcing, or I should say hiring a salesperson to run all the sales appointments because you're more into the networking. And you know, you want a salesperson to go on all the meetings that the call center marketing had booked for you. So these are questions. It's not about right or wrong. It's about match and you want to make sure that your skillset matches the franchise and that's the service we offer. We're essentially matchmakers. Similar to an executive recruiter, except we're helping you, helping you find the ideal business based on, again, off your skillset, your resume, you know, what you enjoy doing, maybe your weaknesses. We're taking a look at just about everything to match you to the right franchise. Let's let's kind of go through these again. So avoiding these five rookie mistakes in your franchise journey, the first is paying yourself too high a salary. Suffocating your business you know, taking a toll on marketing and other costs potential even with new hires, the second is not giving enough time to your marketing, rushing through, expecting marketing to work immediately. You know, you know, really figure out what works in your market starting earlier than later. Is what you'll see a lot of great brands offering budgeting always expect the investment in costs to be higher, especially that first year there's going to be mistakes made. There's that learning curve. Costs can go up interest rates, the economy, there's so many different factors. So always anticipate investment in costs to be higher than what you originally anticipate or calculated straying away from the system. Again, you know, following a system, that's why you're buying a franchise, you're buying a franchise for their system. So very important to stay close and what, well, actually one thing I didn't mention was working with your coach. If you're having issues I've talked to people and say, well, I'm having issues, but I'm not necessarily communicating that back to the franchise or they feel bad bringing things up. And I always say, well, you bought a franchise. This is a, a partnership, right? They're going to be working with you goals, interests, everything is aligned. Talk to your coach, talk to whomever at the franchise company for, for assistance where you need help if everything is going well, but you're not netting enough, you know, maybe looking at the financials to see if something is off, if there's theft, if something has been booked incorrectly or whatever the case may be working closely. And finally. Doing everything yourself to save on costs, completely natural. I did this myself, but in order to, to grow, you really need to trust the marketing review, the KPIs in that first year sales cures, a lot of stuff. I'm not saying it's the most important thing, but you need a base. You'll notice that there's going to be a lot of fixed costs. So if you're doing, you know, a$100,000 a year or$500,000 the cost may be very similar. There's going to be fixed costs or maybe a fixed royalty, but you may, you know, have the initial staff of three and that doesn't change. So your profitability will, will increase. So we want to make sure the numbers are aligned. You're taking advantage of everything else. You're keeping costs low, but you're not going so aggressive that you're really kind of going back to paying yourself too high a salary, suffocating the business. So you can't afford the marketing, the pay per click. Or the sales staff, you know, a great salary and commission schedule to, to close your new close your new business. Thanks for joining us today. I really appreciate it. These, this was actually part of one of my conversations last week about mistakes made and, you know, things to avoid. So I try my best to, to let everybody know kind of the, the typical mistakes. I'm sure you'll hear this from the, from the franchise or as they get feedback from all their franchisees. Work very closely with your brand. Culture, you know, if you kind of bundle this all together, culture is big culture is that a franchisor that truly cares and wants you to succeed. Will do everything they can to set you up for success. They're not going to run your business for you, but they'll do everything via training, set expectations give you feedback, you know, do weekly calls is, you know, they, they, they're, they're, I'm seeing brands really spending the extra time to get a pulse and, and, you know, kind of know what is going on on a daily basis. So don't feel shy. Don't feel bad. Work with your coach, work with the franchisor and increase your chances of success significantly. Thanks for joining us today. Got some great shows. We got some guests lines up. We have some franchise companies that reached out that wanted to be on the show. I'm not going to, I'm not going to say who, who those were, but we'll have some people coming back on the show. We'll have first time guests. We're going to, we're going to mix it up quite a bit. We've got some guests outside of franchising, which is Which is pretty cool. And hopefully we get those booked on the show. So look for some new shows here in the next month or so. And thanks again for your support. Continue with your questions. If you want me to talk a little bit more about a topic, whether that be for a future episode or want to have a one on one call again, ggthefranchiseguide.com book a call. There's a plenty of options there. The website may answer your question, but just don't be shy. We love helping people. And looking forward to chatting soon. Take care, everyone. All right. Bye bye. If you want to learn how to make the transition from corporate to owning your franchise, join Giuseppe on the next episode. You can also follow on all social media platforms and achieve financial and time freedom today.