Peter Cancro’s success story of turning a local sub shop into the nationwide franchise giant Jersey Mike’s is an inspiring tale of the American dream. By purchasing the local deli at just 17 years old instead of pursuing his football dreams, Cancro took a chance that ultimately paid off. Despite facing challenges like almost going bankrupt in 1991 and navigating through the pandemic, Cancro has remained resilient and learned valuable lessons along the way that have contributed to his success. From seizing opportunities to focusing on quality and community engagement, here are six key takeaways from Cancro’s journey that can benefit entrepreneurs.
One of the most important lessons from Cancro’s story is not to count yourself out before you’ve even started. Despite lacking the funds and experience, Cancro took a chance on buying Mike’s Subs and turned it into the successful franchise it is today. By being open to opportunities and taking risks, entrepreneurs can achieve great success. Another key takeaway is the importance of focusing on what you can control. When faced with competition, Cancro prioritized taking care of his own store and customers, rather than worrying about what others were doing. This mindset helped Jersey Mike’s outperform rival sub shops and gain a loyal customer base.
Cancro’s hands-on approach to running his business is also noteworthy. By spending 80% of the year visiting franchisees and making subs himself, Cancro demonstrates a commitment to maintaining quality and consistency across all Jersey Mike’s locations. This level of involvement has helped instill a culture of excellence within the company and sets a standard for others to follow. Prioritizing quality is another key takeaway from Cancro’s success. By insisting on using fresh sliced meats and showing customers the superior product they are receiving, Jersey Mike’s has been able to differentiate itself in a competitive market.
Being selective in choosing franchise owners has also been crucial to Jersey Mike’s success. By only allowing 1% of applicants to become franchisees, Cancro ensures that those who represent the brand are truly invested in its future. This level of selectivity has contributed to the brand’s strong performance and high average sales per franchise. Finally, Cancro’s commitment to giving back to the community and rewarding top-performing employees showcases his dedication to paying it forward. By sponsoring the Special Olympics and encouraging franchisees to participate in charitable giving, Cancro has created a culture of generosity and goodwill that extends beyond just business success.
Overall, Peter Cancro’s journey from a local deli owner to a billionaire franchisor is a testament to the power of hard work, perseverance, and a commitment to excellence. By following these key takeaways from Cancro’s story, entrepreneurs can learn valuable lessons on how to build a successful and sustainable business that makes a positive impact on both their employees and the community.
