| A Better Mousetrap |
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A Better Mousetrap
"To become successful and outstanding at something, we don't have to come up with something new; we need only find ways of doing it better." Although personal development expert Earl Nightingale wasn’t talking specifically about franchising, these words perfectly describe one of the cornerstones of why franchising is successful. Some prospective franchise buyers look for business models that possess patents, exclusivities, and high specialization. They want something that has never been done before, because they believe there is less risk in a business with little or no competition. But, if you look into the reality of franchise success stories, you’ll discover that this thinking is counter-productive. In his book The Millionaire Next Door, Thomas Stanley reported that three out of five American millionaires grew wealth through owning a business that “caters to the ordinary needs of their neighbors.” Look at successful franchise owners with that in mind. They sell hamburgers, janitorial services, oil changes….pretty ordinary, huh?
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