Joel Libava is the Franchise King, an internationally-renowned expert in the world of franchising. We’re grateful to have worked with Joel before on our guide ‘What is a Franchise?‘.
We caught up with him to ask him some big questions like ‘Are vending machines a good investment?’ and to see what he’s up to at the moment. Here’s how our conversation went.
Hi Joel, we know you’re busy so what are you working on at the moment?
I’m working on my newest project, Franchise Business University. I’m adding new videos to the paid course, and working closely with students who have questions and need answers.
We see you’re offering a free online course right now on your Franchise King site. Can you tell us more about that?
Sure! I feel that it’s crucial for today’s prospective franchise business owners to learn all they can about the business model of franchising. My free online course does that and more. As a matter of fact, a couple of weeks ago a gentleman emailed me to tell me that he wasn’t really expecting all that much in a “free” course, but that he was “pleasantly surprised” with the information and valuable tips that were included in it. I always over-deliver-in every aspect of my business. Doing so equals very satisfied clients, customers, and/or students.
You were kind enough to give us your top tip for a prospective franchisee a few months back. You talked about the importance of talking with existing franchisees. Why is this so vital?
Not only is it important for a prospective franchisee to talk with existing franchisees because of the information they’ll receive about performance etc., it’s a great way to form bonds with the folks who may later turn out to be friends and sometimes even mentors of sorts.
In your article on the Top 10 Tips for Buying a Franchise in 2016 you also talk about the importance of matching your skills to different franchise opportunities. What if someone is unsure what skills they have?
Allow me to be blunt here, (as usual)- If someone can’t figure out their top skills either by themselves or by taking some type of career assessment, they’re in trouble. I suggest that people interested in becoming business owners, franchise or not, spend a day by themselves…free of electronic distractions, and do something the old-fashioned way: Get out a pad of paper and a pen and start writing. They can write down their top skills in past jobs for starters. I’ve found that just the act of sitting down and physically writing things down can really set the wheels in motion.
Our audience includes people thinking about vending machine franchises (or business opportunities as you might call them?) and you’ve written several articles about them on the Franchise King blog. Do you see vending machines as a good investment?
One of the great things about owning and operating a vending machine business is the simplicity of the business model. Place your machines. Stock your machines. Collect your money. Re-stock your machines. The most powerful word I used: “Your.” It’s your business and your money. How great is that? And, once your locations are up and running, your income tends to be pretty steady.
As an added bonus, when you team up with a franchisor like TUBZ, you even get locations to place your machines!
Do you have any specific advice for people operating this kind of vending business?
Yes: if you decide to go the franchise route, follow the franchisor’s plan. They want you to succeed!
Is there any reading you’d suggest for potential vending machine franchisees?
A simple google search of “vending machine business tips” will do the trick. Also, the TUBZ website has oodles of great information.
What can you tell us about Franchise Business University, of which you’re Dean?
Franchise Business University wants to teach franchising to the world.
What are your plans and ambitions for the rest of 2016? World domination?!
In addition to expanding franchising in the usual places; the U.S., Great Britain, Australia, Brazil, and India for example. I’m excited to introduce the business model of franchising to people from all over the world, who all of a sudden have internet access.
Also I realize that not everybody speaks and reads English. That’s why I’ve added a Google Translate button to my courses. Now, anyone with a computer and internet access can take my course and learn about franchising. And, if they decide to take a shot at franchise business ownership, they can do intelligently – because of everything I’ve included in my free course and my paid course, “The Ultimate Online Franchise Course.”
Maybe they can change their world.