The journey to start your own business is only for some. But the rewards you’ll find are life-changing.
Here’s what you’ll learn:
1. Franchising can be a great option for a business.
2. It is very rewarding to own your business.
3. Coaching is essential to make your business a success.
Our first entrepreneur was a high-ranking executive at Ford, then at Terex. Terex is a company that specializes in lifting and material processing products, such as. All the perks and incentives that come with cranes. Meet Pete Gilfillan. He lived a happy life with no reason to stop until the day he died.
Alan: I noticed that your main business was helping people evaluate franchises (FranChoice). How did you start your own business? What was it that prompted you to make this decision?
Pete: I was a corporate executive with Ford, then Terex. They controlled my life. I traveled all the time. I decided that one day, I would be done with traveling and would like to be an entrepreneur.
Alan: Please tell me about your decision to quit corporate life.
Pete: I worked for Terex in my previous position. Although I am based in Chicago, Terex is headquartered out of Connecticut. I was often on the road six days a week for much of the travel. Due to all the traveling, I could not eat well and didn’t exercise. I was in another country when I woke up in the middle of the night to find out where I was. Then I realized I was done. When I returned to Chicago, I informed my wife. My wife was initially hesitant about the idea of me leaving corporate. My wife saw the benefits of corporate security (financial security) but was not keen on my opinion of going. I quit my job and began working with a consultant to find a franchise. Junk King was a great fit after a few months. It was a service-based business that could be scaled up, such as adding trucks to grow the business. There was also very little overhead. FranChoice was my next step, and I am now one of the most sought-after franchise consultants. Their business model is great. It is free for individuals (companies pay FranChoice). I get to do what my heart desires: help people find the right business.
Alan: That’s great. You can do what you love. Let’s switch gears for a moment. I noticed that your book was a bestseller. It is an enormous step to write a book. How did you get the idea for your book in the first place?
Writing is an important way to show your expertise and grow your business.
Pete: Darren Hardy is a well-known mentor in the entrepreneur community. I attended his High-Performance Summit. Darren told me that one of the best ways for people to give back is to write a book. A book was ideal for me since I have much to learn about the franchise business.
Alan: How do you find the time and energy to write?
Pete: There are many ways to create a book. I found a company that would write the words while I spoke. I would outline each chapter and then talk with the writers for hours. We would meet for two hours each week, either in the morning or at night. After I created a draft, someone edited the book. It took me almost a year to finish the book.
Alan: What was your method of publishing it?
Pete: My business coach helped me find a publishing house.
Alan: After working in corporate, it was daunting to start your business. What did you wish you had known before starting your own business?
Pete: It would have been much easier for me to stay in my corporate job, invest in franchises and then take the leap to start my own business. Junk King might have been a better example of what I could do. A franchise could have been created part-time, say 15 hours per week. Junk King made it impossible to do this on a part-time basis.
Alan: What’s next?
Pete: I speak at speaking engagements to reach more people. Also, ExecuNet is a private network comprising over 750,000 CEOs, VPs, and other leaders and influencers.
Alan: Do you have any final words for me?
Pete: To be successful in franchising, one must have an open mind. People ask me about franchising, and they already know what food would be like (Mcdonald’s, etc.). Because they know that many people eat at these restaurants, they believe it to be a viable business. They learn that the food industry is highly competitive. It requires a large capital investment as well as high food prices. There are more than 3000 franchises available in all possible business types that suit their needs. It doesn’t even have to be food.
No matter what type of business you are in, franchise or not, you must work hard. Hard work is the only thing that can replace it.