Tom Scarda says it’s a crapshoot out there if you don’t know how to identify a superior franchise model.
Years back, Tom left his day job to open up a smoothie franchise.
At 41, he sold it for a large sum of money and semi-retired.
Now he wants to help you control your destiny with franchising.
It’s a great place for someone to start who has no experience or skills. A franchise is basically a business with training wheels, Tom says.
Read on for my Tom Scarda review.
What if you don’t have $1 million just lying around though?
Or what if you don’t wanna smell like fast food all day long?
What if you’ve never done anything entrepreneurial in your life?
Tom had the same concerns when he first thought about opening up his own franchise.
What he discovered though, was that:
- Of the 90 different franchise industries, 89 of them have nothing to do with food.
- Many cost about the same as you’d spend on a vehicle.
- And hundreds can be operated from home.
You could even keep your full-time job and hire a manager to run the entire thing, Tom explains.
So yes, you can do this.
To find the perfect franchise for you, there are seven simple steps.
Step 1, start with a blank slate.
Erase the myths and misconceptions surrounding franchising.
For example, you don’t need to buy a franchise that you’re passionate about.
Step 2, know thy self.
Figure out your personal strengths and weaknesses. What do they tell you about the type of business you should run?
Step 3, identify franchises that make sense for you, your personality, your goals, your situation.
Step 4, read and understand each potential franchise’s disclosure document.
It’s like their Bible. Everything that’s important is in it.
Step 5 is to talk to current franchise owners in your areas of interest.
Tom calls this the single most important step in the entire process.
Step 6 is to meet the franchise team that’s gonna help you build your business.
It’ll usually take place at the franchise’s headquarters.
Step 7 is to make your decision: what’s it gonna be?
If you need an expert in your corner, Tom works as a franchise consultant.
He walks his clients through these seven steps and matches them with their dream franchise.
Believe it or not, there is no cost to you.
Wait, so how does Tom get paid? He earns a commission from the actual franchise company once you sign up. Sorta like a recruiter.
From there, he can help you with systems, management, and tax savings.
After Tom’s successful smoothie exit, he and his wife actually opened a second franchise. It didn’t do nearly as well.
In fact, within two years it drained most of their life savings and they were forced to shut it down.
That experience is what made Tom an authority on franchises.
He got a PhD in what not to do. These earned-earned lessons led to a book he published on Amazon titled Franchise Savvy.
Top takeaways?
- Stay away from new industries and new companies.
- Have plenty of money.
- And understand day-to-day operations.
You want something that can withstand recessions, pandemics, and now even Amazon.
Senior services, healthcare, children’s services, automotive, pet services, home and building maintenance – all of these have done well in this new world we live in.
Other things to consider include growth, leadership, culture, transparency, validation, litigation, track record, and of course, profitability.
It’s a big decision with lots of moving parts.
Tom’s course, The Franchise Academy, costs $397.
It could save you from going down the wrong path.