Take Six Months to Work in the Industry
Dana Mattioli of the Wall Street Journal interviews franchise owner James Sparks, who is a Servpro franchisee of some three years. The company is a cleanup and restoration service for homes and businesses after fires, floods and other damage. James joined Servpro after speaking with two franchisees and didn't consider competitors or other franchises. As he struggles to make money, he regrets not doing more due diligence before signing up. Here's the interview with James about lessons learned. This franchisee suggests working at least six months in the business before buying. Ever hear that advice before?
WSJ: What advice would you give to those interested in buying a franchise?
Mr. Sparks: I would interview at least five owners. I would also get experience in the field first, for at least six months. If I look back, I should have gone to work with another Servpro part time and gained the job-process experience. If I had more money saved and worked part time, I would be a year ahead of where I am now.
WSJ: What are some of the challenges you have faced?
Mr. Sparks: I'd say the money strain is the hardest. It's taxing on your family...