Tom Scarda was able to semi-retire with his first franchise, then failed miserably in his second. His lessons learned from failure are what make him such an inspiration.
The Franchise Academy – Is franchising right for you?
3 Value Bombs
1) Whatever you choose, your choices always come down to uncertainty, and unhappiness. Choose uncertainty.
2) There’s no way to get past fear. The only way is to embrace it and understand the ramifications.
3) Don’t get into something that has zero market unless you have lots of money and lots of time. Get into something where there’s a niche, but not something that has never been done before.
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Today’s Audio MASTERCLASS: Choose Scary – That’s where magic happens.
[1:03] – Tom shares something that he believes about becoming successful that most people disagree with.
- Embrace fear and failure.
[1:43] – Tom’s backstory.
- He started out as a city subway conductor for his first career, opening and closing the doors for subways in New York
- A franchise is a business with training wheels.
- Back in 2000, he bought his first franchise, built it within 5 years, then sold it. He semi-retired at 41 years old.
- It’s amazing to embrace all the stuff that everybody told you not to do.
- His mission is to help people not be afraid when it comes to franchising
[3:45] – The backstory behind the 2nd franchise, and why it failed miserably.
- His wife was getting ready to retire in 2007. She read in a magazine about SuperSuppers, a make-and-take concept where you can choose a location, follow their recipes and ingredients, make meals in bulk, take them home, and freeze them.
- Even the New York Times said that they were changing the way Americans eat, like McDonald’s did 50 years earlier.
- In less than 2 years they lost the business and almost their entire life’s savings.
- Don’t get into something that has zero market, unless you have lots of money and lots of time.
- You can’t change people’s habits, especially when it comes to food.
[6:20] – The fear of the unknown stops people from taking a chance. How do we get past fear?
- There’s no way to get past fear. The only way is to embrace it and understand the ramifications.
- Have a real compelling reason to embrace change.
- When you have faith, magical things happen.
[11:20] – Who inspires you, Tom?
- His wife inspires him the most.
[15:22] – People are terrified of losing their life savings. What happens if we lose our life savings?
- You’ve gotta get a job that you probably hate to pay back the bills and the loans.
[16:56] – Tom’s key takeaway and call to action for Fire Nation!
- You have nothing to lose. You came into the world with nothing, and you’re going to leave with nothing.
- Whatever you choose, your choices always come down to uncertainty, and unhappiness. Choose uncertainty.
- The Franchise Academy – Is franchising right for you?
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