My friend Ron Ashkenas interviewed me for his blog on the Harvard Business Review. Ron is a managing partner of Schaffer Consulting, and is currently serving as an Executive-in-Residence at the Haas School of Business at UC Berkeley. He is a co-author of The GE Work-Out and The Boundaryless Organization. His latest book is Simply Effective. For what I had thought were a few simple ideas about taking what we've learned about startups and applying it to corporate innovation, the post has gotten an amazing reaction.
Statistics and big data took over baseball scouting some years ago, with the rise of Moneyball. More recently, those tactics have spread to the political world, with presidential candidates using big data to maximize their vote, and Nate Silver using algorithms to correctly predict outcomes in all 50 states.
Now we're doing it, too. Instead of relying on the gut instincts, punditry and armchair quarterbacking that VCs are notorious for, our firm is pattern replicating to decide which entrepreneurs to fund.
Sorry for the long delay in posting but we have been very hard at work on the Rippcord website!
One of the things we are trying to do with the website is to make it easier for franchise owners to promote their franchises, expand their customer base, and enhance their personal franchise brand. So, we’ve come up with a cool interface where franchise owners can claim their franchise locations in our mapping system and then upload information about their franchises – things like hours of operations, goods and services, promotions, deals, etc. – all for FREE!
Here is a sneak peek at what one of those webpages will look like when a franchise owner starts the Claim Your Franchise process:
We are very excited to start offering this feature to existing franchise owners because we want everyone involved in franchising to come to our site and contribute to the world of franchising. This will also help existing franchisors and prospective franchisees learn about what is happening in the franchise industries they care about!
Until we launch, you can go to http://rippcord.com/ and sign up to learn about Rippcord, and to receive an invitation to the website launch.
Until then, Happy Franchising!
Apologies for the huge delay in posts!
We are working our butts off on the Rippcord website, and it’s amazing how time has flown by!
Designing a website has been a massive undertaking, and we are working hard to produce some killer content for our readers – content we think will change franchising.
Please stay tuned, and we will post when our website is ready.
Thanks very much for following!
Even though I've always felt this is true I've never quite known how to express this in words. But after spending a weekend reviewing extraordinary applications for the Peter Thiel 20 under 20 fellowship program and then directly after spending time with "
At this point, we’re rarely surprised with what we hear. From promises to start franchising within six weeks, to charging over $100,000 to get a company franchising, franchise consultants make all manner of unrealistic and misleading statements. But lately, we’ve realized that it’s not what we’ve been hearing from our clients about other franchise consultants; it’s what we haven’t heard.
Not once have we met with a prospective franchise client and they’ve told us that a franchise consultant recommended testing that particular franchise model. This is crazy because there are so many benefits to testing, and as we’ve discussed in a prior post, franchising is expensive, even if you save money wherever you can.
In our next post, we’ll discuss the most important reasons to test your franchise model. In the meantime, please visit the Rippcord homepage or the Rippcord Franchise Consulting page for more information.
We meet with lots of prospective clients about franchising their businesses and eventually selling franchises, and it is interesting to hear what they hear from other franchise consultants.
Perhaps the most interesting thing we hear from prospective clients is that other franchise consultants tell them that they can be franchising their shiny new franchise company in just a few months.
We will discuss in more detail why – if you hear this as a franchise client – you should run for the hills!
But what’s important to learn from this post is the importance of testing your franchise model BEFORE you start franchising. Here are the three secret powers to testing:
1) Save money – Franchising is expensive (click here for a past post on this topic). Testing your model allows you to see if it works – simple as that. If it doesn’t work and you haven’t tested it, you have just wasted $150,000.
2) Save time – Franchising takes time (see same prior article). Even at a feverish pace, franchising should take at least 12-18 months. Now, the caveat is that testing will add time to franchising. BUT, testing makes it more likely that your offering will be well received because you will learn how to improve your model by integrating real-time information. Rushing your model to market could require you to stop selling and rework your model if it fails.
3) Test Assumptions – Testing is all about determining whether your assumptions are accurate. For example, before you franchise, you can only guess about how your model will function, so you may think you know your perfect franchisee or how expensive a franchise will be to operate, but until you’ve tested these assumptions, that’s what they remain.
There is much more to testing, but hopefully this gives you an idea of the sorts of questions you should be asking yourself before you really commit to franchising. You want to challenge your assumptions and make certain that you can produce a franchise model that will make your franchisees incredibly successful, and taking a little extra time can make all the difference.
Or, simply email email@example.com and a representative will respond to you within 24 hours. Thank you, and happy franchising!
I realize that this is a franchising / startup blog but I have to take a moment to recognize my New England Patriots, who today earned a trip to the Super Bowl!
The Patriots have something important to teach us about running a world-class organization. The Patriots are about winning and every organizational process, system, and decision is aligned with that goal.
The Patriots also look for people who have talents and characteristics beyond what most employers consider because the Patriots know that conventional wisdom is often wrong.
In the end, the Patriots reflect the smart and tough mindset of their owner Bob Kraft, who demands and rewards the best from his employees.
I hope this post reminds us all that we should always strive to be great.
Please visit our splash page at www.rippcord.com for information on our upcoming franchise beta test!
As franchise consultants, we meet with a lot of prospective clients, and many ask us if it is a good idea to purchase a franchise.
As we tell these folks, this is a very hard question to answer because in the end, the buyer needs to have a strong understanding of their goals, limitations, strengths, motivations, and finances.
This is not to say that franchising is something to fear. But, we at Rippcord Franchise Consultants would say that franchising is a little like fire – powerful but dangerous. In other words, if you take the time to learn about franchising and get some expertise, franchising can be the most profitable course for your professional life. But, if you rush into franchising, you can make big mistakes quickly and lose control.
The short answer is that you should only franchise your business if you have a lot of resources, and a lot of energy. Sometimes, having or finding money is the easy part. (I know, what world am I living in?) But really, money follows great ideas. But in the end, great ideas require great energy to start and to persevere.
Conversely, you should not franchise if you don’t think you’ll have the time, passion, discipline, or resources to follow through. Trust us, you will save a lot of people a lot of heartache.
Click here for some franchising definitions to help you gain a basic understanding, and click here for another discussion on Three Reasons to Franchise. And if you’d like more information please click on the link to our home page called Rippcord. Or, you can email Rippcord at firstname.lastname@example.org
Please let us know if you have any franchising questions!
As franchise consultants, we are always on the lookout for the perfect franchise opportunities. So, how do franchise opportunities differ from business opportunities? Well, it depends.
When we discuss franchises and franchising, we need to separate franchise opportunities into two franchise segments:
1) Franchisees – people who want to own and operate franchises
2) Franchisors – people who own an existing business and want to franchise their business
For franchisees, they will need to spend a lot of time looking at franchise opportunities from the perspective of looking for an outstanding franchise system that is a good fit for their skillsets, resources, and professional goals.
For franchisors, they will need to think long and hard about whether they can franchise their business, and whether they want to spend the next 18-24 months working on a concept in addition to their everyday jobs.
As you can see, franchising can get pretty expensive and sophisticated in a hurry. But there is an upside in that if it were easy, everyone would do it and succeed. So, for those who focus and work hard, the results can be life-changing.
In the end, franchise opportunities are in fact business opportunities but the person or business making the choice may decide that staying in business without becoming a part of franchising is the best decision for them.
Until next time . . .