You want a franchise business, but not just any old thing -- you want something big-time. We're talking about a multimillion-dollar enterprise. So how do you go about accomplishing that goal?
The easiest way to do this is to simply start at that level. Buy yourself a multimillion-dollar operation from the get-go, and you've already arrived. Of course, the challenge with this approach is that most people don't have the capital available to purchase such an operation or the experience to run it effectively once they buy it.
For most of us, if we want to "hit the big time," we're going to need to grow to that point rather than start there. It may take a little longer that way, but the advantage is that you'll have learned everything you need to know to run the big operation along the way. You'll also have built a huge equity stake that belongs to you, because you created it with your own sweat and perseverance.
You can use a number of different strategies in this building process. First you have to decide what type of franchise business model you want to be involved with. Most franchises fall into either the "owner-operator" or the "executive" model of business. In the former, the assumption is that the owner will work full-time in the business, managing an individual unit and/or delivering the product or service to the customer. In the executive model, the assumption is that the owner will hire a manager to fulfill these tasks at the individual unit level.To build a really big owner-operator business, you'll need to make sure the concept you're starting with has the potential to grow a single operation to this level. If it's a territory-based service business, for example, you need to know that the territory has sufficient population to support a multimillion-dollar volume of sales. Even though, in this circumstance, you're focused on an owner-operated business, you should be aware that most owners who grow such an operation to this size end up adding more layers of management into their business over time to help deal with all the volume.