Richardson Insurance Agency has, and will continue to further adopt the principals from Michael E. Gerber’s book The E-Myth Why Most Small Businesses Don’t Work. Here is where the Format Prototype, and the Business Format Franchise, is fully explained. In its quest for expansion capital, Richardson Insurance brokers strongly urges the reader, (all funding sources), to become familiar with this concept. With an understanding of the concept the investor has a road map, a security blanket, for the protection of their capital as well as for the return on the investment of their capital.
NOTE: As stated earlier here, “We know 80 of all businesses fail in the first five years, but 75% of all Business Format Franchises succeed.”
Essentially the …show more content…
Infancy – This is the initial phase of the business. The owner and the business are one and the same. The problem is that most businesses are run according to what the owner wants instead of what the business needs. The Technician wants a place to go to work, to be free from the constraints of working for The Boss, not realizing that the business becomes The Boss as it grows. Infancy ends when the owner realizes that the business cannot continue to run the way it has been; in order for it to survive, it will have to change. Once this reality occurs, most of The Technicians walk away. The rest go on to Adolescence.
Adolescence – This is the point in the life of your business when you decide to get some help, precipitated by a crisis in the Infancy stage. Every Technician then goes out and gets experienced technical help for the work that isn’t getting done. Unfortunately, at that point the owner then falls into Management by Abdication rather than Delegation as he relies on the experienced employee to handle things for him. Once this happens, the business begins to deteriorate quickly; the work is ultimately never done to the owner’s satisfaction, which ends up taking back ownership of all the jobs from the employees and once again does them himself. The adolescent business has just reached the limits of its owner’s Comfort …show more content…
We all know about the Industrial Revolution, and we’re all experiencing the Technological Revolution and the information explosion that it has given birth to. Now the Turn-Key revolution has taken its place alongside them.
The impact of the Turn-Key revolution on small business is profound because it has the power to transform any business of any size from a condition of lacking direction and confusion to a condition of order, excitement and continuous growth. The idea then is to utilize a turn-key paradigm to create a Business Format Franchise, a necessary subset of the Franchise Prototype.
To accomplish this and with a capital infusion for expansion, Richardson Insurance will develop its business along the lines of a turn-key operation. At the heart of this is the creation of Operations Manuals where every aspect of the business and roles of those who will be responsible for actuating them are outlined and followed, just as they are at McDonalds or Federal Express or Disneyland. The Business Format Franchise provides the owner with an entire system of doing
NOTE: As stated earlier here, “We know 80 of all businesses fail in the first five years, but 75% of all Business Format Franchises succeed.”
Essentially the …show more content…
Infancy – This is the initial phase of the business. The owner and the business are one and the same. The problem is that most businesses are run according to what the owner wants instead of what the business needs. The Technician wants a place to go to work, to be free from the constraints of working for The Boss, not realizing that the business becomes The Boss as it grows. Infancy ends when the owner realizes that the business cannot continue to run the way it has been; in order for it to survive, it will have to change. Once this reality occurs, most of The Technicians walk away. The rest go on to Adolescence.
Adolescence – This is the point in the life of your business when you decide to get some help, precipitated by a crisis in the Infancy stage. Every Technician then goes out and gets experienced technical help for the work that isn’t getting done. Unfortunately, at that point the owner then falls into Management by Abdication rather than Delegation as he relies on the experienced employee to handle things for him. Once this happens, the business begins to deteriorate quickly; the work is ultimately never done to the owner’s satisfaction, which ends up taking back ownership of all the jobs from the employees and once again does them himself. The adolescent business has just reached the limits of its owner’s Comfort …show more content…
We all know about the Industrial Revolution, and we’re all experiencing the Technological Revolution and the information explosion that it has given birth to. Now the Turn-Key revolution has taken its place alongside them.
The impact of the Turn-Key revolution on small business is profound because it has the power to transform any business of any size from a condition of lacking direction and confusion to a condition of order, excitement and continuous growth. The idea then is to utilize a turn-key paradigm to create a Business Format Franchise, a necessary subset of the Franchise Prototype.
To accomplish this and with a capital infusion for expansion, Richardson Insurance will develop its business along the lines of a turn-key operation. At the heart of this is the creation of Operations Manuals where every aspect of the business and roles of those who will be responsible for actuating them are outlined and followed, just as they are at McDonalds or Federal Express or Disneyland. The Business Format Franchise provides the owner with an entire system of doing