Starting your franchise journey is exciting, but picking the right one? That’s where things get tricky. In this episode, we’ll break down the biggest mistakes new franchisees make, explore the incredible opportunities when you find the perfect fit, and lay out the principles and strategies for making the best decision. Whether you’re just starting or looking to expand, this episode is packed with insights to guide you toward franchise success!
Imagine you’re at a buffet with every kind of food imaginable. You pile your plate with everything, only to realize nothing actually goes together. That’s what picking the wrong franchise feels like—you end up with a mess that doesn’t suit your taste, lifestyle, or goals.
Here’s why finding the right franchise is such a struggle:
Picture this: You walk into your franchise location, and it just feels right. The customers are happy, the business is booming, and you’re actually enjoying your work. Instead of dreading Mondays, you’re excited about the opportunities ahead.
Here’s what happens when you find the perfect franchise:
Let’s say you’re picking a car. You wouldn’t just buy the flashiest one—you’d check the mileage, safety, and whether it actually fits your lifestyle. Finding the right franchise works the same way.
Here are four key principles to follow:
Imagine buying a house without ever stepping inside—crazy, right? But that’s exactly what some people do when choosing a franchise. Here’s how to avoid that mistake and find the right fit.
Think of this like assembling IKEA furniture. You have the tools, now you just need the step-by-step instructions to put it together.
Here’s how to take action today:
What's up everyone? Welcome to today's podcast. Today, we're gonna be talking about finding the right franchise.
Have you ever started a list of franchises? Feeling like a kid in a candy store? Overwhelmed? Excited? A little terrified?
You are not alone. Picking the right franchise is one of the biggest decisions you will ever make. Choose wrong, you're stuck in a business that drains your time, money, and sanity. Choose right, and you're on the fast track to financial freedom and a thriving business. So how do you make sure you pick the right one?
Exactly what we're gonna dive into today. So let's just start off with a story about my journey to picking my franchise. So as you guys know, I own UPS stores, and I've owned UPS stores for over twenty two years now. And when I first started off on this journey, I looked at several different franchises, things that caught my interest. I like to work out, so I looked at a GNC.
I also looked at PostNet, which was a franchise in my hometown of Athens, Tennessee, and that franchise was doing pretty well. And my dad had talked to the owner and stuff, and so I looked at a post in that franchise. And my dad said, hey. This this guy's doing pretty well, and this may be something you may wanna look at, and you may wanna pick a different city to do it in. And in the same breath, my dad said, hey.
You also may wanna look at Mailboxes Etcetera. Now a lot of you folks may not know who what a lot of you folks may not know who Mailbox Etcetera is. Well, it's the previous name for the UPS store. Back in February, UPS bought Mailbox Etcetera, and they renamed it to the UPS store in 2023. I'm sorry.
They renamed it to the UPS store in 02/2003, and I bought my franchise in February. You can do the math. Right at twenty two years, I've been doing this. In saying all of that, it was a very hard decision. I also looked at Subway sandwiches, and I decided that at the time, I did not wanna be open seven days a week and work late hours.
So I narrowed my franchise's search down to PostNet and the UPS store. And at the time, like I said, it was mailbox, etcetera. And I talked to the franchise consultant, and he said, how important is the name UPS? And I said, well, UPS is a is a is an international brand. I said, everybody knows what UPS does.
The franchise consultant said, yes. And let me let you know a little secret that we are gonna be rebranding the mailbox, etcetera, to the UPS store. And that's when I was sold on going with the UPS store. But there's kind of my little story about how I got started and how I chose. But like I said, I had five or six different franchises that I was looking at, and it was a really tough decision.
But in the end, I chose correctly. So let's get started by looking at the problem. Imagine you're at a buffet with every kind of food imaginable. You pile your plate with everything only to realize nothing actually goes together. That's what you've picked, the wrong franchise feels like.
You end up with the with the mess that does not suit your taste, style, or goals. So here's why finding the right franchise is such a struggle. First of all, analysis paralysis. With thousands of franchise options, many people freeze up, unsure of which the right one is for them. And that's kinda what it was for me.
So then I had to just kinda make a make a list of things. The next one is the hidden cost and false promises. Some franchises look amazing on paper, but come with hidden fees and unrealistic expectations. Another one is mismatched with skills and interests. Franchise might be profitable, but if it does not match your strengths, you'll end up hating it.
And the last one is the lack of proper research. Many jump in without truly understanding the business model and leading to costly mistakes. And so my journey with the UPS Store, I look very closely at some of these things. First of all, I wanna narrow down what I would be willing I wanted something that I was interested in. And with the UPS store, it's a combination of, I could be creative with the printing department as and I love the customer facing aspect of it, so I was great with people.
So a lot of these things just really hit me. This particular franchise really caught my attention. It really made me wanna look at this a little more. I really like the customer service aspect of what we were doing, and we had a full line of products and services that we could offer. Unlike with a Subway sandwiches, you're looking at subs.
Right? You're looking at sandwiches. Unlike a GNC, you had a you had a large product line, but the problem was is that it was all in the health industry. With the UPS Store, you had things that was basically a full service business center, and I really like that because, you know, faxing didn't match up with printing. Packaging didn't match up with copies.
A lot of these things were different, and I really like that aspect of it. You know, the shipping was the main core of this, and there was a whole process to it, and I really like that. So the thing is is that for me, there was no hidden cost. They had everything come up, but the mismatch skills, all this was in my wheelhouse. And the thing is is that I did lots and lots of research on this.
Now, let's flip the script and what happens when you find the perfect franchise fit. So the thing is is that, when I when I found the UPS store over PostNet, it ended up being a really big thing for me because the relationship I had with the franchise consultant with them was Mailboxes, etcetera, was a better relationship than the franchise consultant with PostNet. And I am a relationship buyer. And so the thing is is that that there's a big thing for me. So that's the reason why I chose partly the reason why I chose the UPS store.
So let's start off by this. Picture this. You walk into your franchise location, and it just feels right. The customers are happy. The business is booming.
You're actually enjoying your work. Instead of dreading Mondays, you're excited about the opportunities ahead. That's the possibilities of finding the right franchise. Here's what happens when you find the perfect franchise. You wake up excited to work and not dreading it.
Passion drives you. Passion drives you to succeed. Your business grows faster because you're playing in your own strengths. The right fit means less struggle and more wins. Financial stability comes easier.
A franchise that allows with your market and your expertise leads to profitability. I really like that. And the last one is, you build a legacy, not just a job. The right franchise can become a long term asset, even sometimes to pass down to your kids or family members. So I really love that piece of this, is that, you know, my daughter is showing interest in our businesses, And I could possibly pass down a one of our UPS stores to my daughter.
It's really cool. So sounds amazing. Right? So how do you actually find the perfect match? Let's talk about the core principles.
So the core principles are pretty interesting. And so the thing is is that when we start talking about the principles, you kinda dig into the nuts and bolts of what you're really looking for. So let's say you're picking a car. You wouldn't just buy the flashiest one. You check the mileage, safety, whether it actually fits your lifestyle.
Find the right finding the right franchise works the exact same way. So here are four key principles to follow when you are trying to find that key franchise to really get you to the next level. Know yourself first. Understand your strengths, weaknesses, and what actually you enjoy doing. And when I was looking at the UPS store, I actually went in and worked a day in a store in Knoxville, Tennessee.
And the thing is is that the owner greeted me really great and let me come in just to kinda test run what I thought about the franchise. It was something that I was very, very much interested in. And so I would really encourage everyone to kinda go in and figure out when you're looking at a franchise, see if you can go in and just kind of either work a day or even just go in and stand in and watch the interactions for an hour or two. It will really let you understand whether this is for you or whether it's not for you. The next one is research like a detective.
Dig into the franchise financials. Talk to existing owners, and read the fine print. That was what I did. I when I was talking to a UPS store that day, I went and worked. I also spent a couple hours talking to the owner about the finances, how profitable these things can be.
What was the things that I needed to know that I couldn't get from a franchise consultant? And he was able to shine a whole lot of light on the things that were really important and things I needed to know. Some of the downfalls, the tips of the trade, those kinds of things. The next one is assess market demand. A great franchise in the wrong location is a recipe for disaster.
This is a great little story here. So at the time, I lived in Athens, Tennessee. Athens was not a great market for what I was wanting to do. So I asked the franchise consulting, hey. What other markets would be available?
And he come up with Lenoir City, Tennessee. He said it was a great little market, little small town. He said, but a UPS store is really needed here. This is one of the areas that they want to grow into. So what did I do?
I did my own market research. And sure enough, it was a great location, a great place to open up a UPS store. It was right in front of the local Walmart. So lots of foot traffic, lots of people being able to see my location, and I had signage from the front and the back. So and that there was part of the reason why I picked the location I picked, because I was on a main road through Lenoir City, and I had and the landlord required that I have a sign on the front and the back.
So this way, people could see the signage from leaving Walmart or the main road, which was Highway 321. Next is assess market demand. And I kinda touched on this just a minute ago, but there was a great demand in Lenoir City for this. Everybody was having to drive into Knox Will to get these needs met. And so the thing is is that I kept it in the local hometown.
And on top of that, I was able to service the the I was also able to service the entire county with this one location in Lenoir City, which was fantastic. The next thing is evaluate the support system. Strong franchise support can make or break your success. And luckily, they had a great support system. Mailboxes and Cedric have been around since the eighties, They have been established and have been doing very, very well.
That's the reason why UPS Store bought them out. That was one of the other reasons why I bought the UPS Store as a franchise. Now that we know what we're looking for, let's break down the exact steps to find your perfect franchise. It's the strategies. Imagine buying a house without ever stepping inside.
Crazy, right? But that's exactly what some people do when they choose a franchise. Here's how to avoid that and not make mistakes and get the right fit for you. So the first one on this is make a must have and a deal breaker list. And this was highly important for me.
That's the reason why when I looked at subways and I looked at a GNC, one of my deal breakers was I did not wanna be open up seven days a week, and I didn't wanna be open late late at night. GNCs normally didn't close to 09:00 at night. Subways didn't close until ten. They normally opened up around 11:00. With the UPS store, it was pretty interesting.
They were only open up six days a week. With the UPS store, it's pretty interesting. They were only open up six days a week. Saturdays were normally a half a day, and it was normally from eight to seven PM, Monday through Friday, which was a great fit for me. The next thing is talk to franchises, not just franchisors.
Existing owners will give you the real scoop on the challenges and profits. And when I went and worked that one day in the UPS store, the owner really gave me some insight into why I should or should not buy this particular franchise, and it was really interesting. He had had some issues with the franchise, but he also had great things to say about the franchise. And so there's always gonna be positives and negatives with anything in life. And I got the best of both worlds talking to this franchise owner.
The next one is test the waters. Visit the location, experience the business as a customer, or even work a shift, and that's what I did. This is a great way to really understand if this franchise is for you or not. Next thing is, hire a franchise consultant. So the UPS store had their own franchise consultants, and so there are people out there that buy and sell franchises, and they can get you hooked up with another franchise.
Franchise consultant, like an independent franchise consultant not associated with any one particular franchise can really help you out because they've already done most of the research. A pro can help you sort through the noise and find the franchise that aligns with your goals. It may be beneficial to you to find a franchise consultant and actually let them help you through their experience, find what exactly you need. Now that you know the strategies, let's put this all together in a actionable game plan for you. So think of this as like assembling a IKEA furniture.
You have the tools. You know what you need. And now it is a step by step instructions on how to put it together. Here's how to take action today. Define your goals and strength.
Write them down. What you want in a business and what you're good at. Also, write down what you don't want in a business. Once again, the negatives are as important as the positives of these things. Number two.
Create a short list of franchises. Narrow your search to three to five franchises that match your criteria. Number three. Interview franchisees and attend discovery days. Get real world insights before making a decision.
And I really suggest that you really go try to work in one of these franchises for a day to see if that's really what you like. Number four, review financial and legal documents. Don't sign anything until you fully understand the cost and obligations that's gonna happen with this franchise. And like I said, there are some hidden fees and things and you wanna make sure that you get a lawyer to actually go through the document and make sure that there is no hitting hidden line items in there or hidden things that that you just don't know about. Because some legal documents are really hard to read and I would really suggest hiring an attorney, let them go over the financials and legal documents of a franchise.
With this plan, you're not just picking a franchise, you're setting yourself up for long term success. Finding the right franchise isn't about luck, it's about strategy. And when you take the time to research, evaluate, and align your choices with your strengths, you set yourself up for success. So whether you're just starting out or looking to expand your franchise portfolio, these steps to make a smart choice and informed decision. If you found this episode helpful, please tell a friend.
Let them know to tune in to this episode. Also, if you would like to subscribe to my weekly newsletter, just go down and look in the footer. There's a link that you can go to my website and sign up for free and get valuable information about your franchise business and how to grow in my newsletter. I just wanna thank you for listening. Have a great day, and I will see you on the next one.