Do you have the right personality type to own a franchise? In a post ‘Get Rich Quick!’ world, where it’s getting harder and harder to believe the hype of an ‘overnight success’, owning a franchise is proving to be a successful long-term model for acquiring real wealth!
Of course, you need to be someone who is prepared to play by the rules and even start in the kitchen as you serve your time learning about the franchise you’re buying into before you get to be your own boss.
Kevin Oldham is the host of “Franchise My Business Podcast” and CEO of Diffactory, providing actionable franchising strategies that make this business model seem increasingly attractive for entrepreneurs who don’t want to get a real job.
Together with host Mark de Grasse, Kevin is taking us through the steps required to own a franchise, how to get out of an agreement if it’s not working, and a breakdown of the pros and cons of owning a business where you pay royalties on your income.
There’s a valuable community aspect to franchising that can’t be underestimated as you learn that you can’t do it all on your own. And while it’s a business in a box effectively, you still have to build the box.
Illuminating insight abounds inside this episode on how to own a franchise and why it might just be your next smart business move!
Kevin Oldham is a digital marketing expert, franchisor, and emerging franchise systems advisor with over 15 years of experience in franchising.
KEY TAKEAWAYS:
01:54 What is the current state of franchising? How Kevin got into it
04:05 What are the benefits of buying into a franchise?
06:25 How does franchising work?
10:26 How do you know which franchises are good?
14:13 How do you exit a franchise agreement?
16:45 Who is a good prospect for owning a franchise?
18:59 How do you set franchisee expectations?
23:30 How MBA graduates are being recommended to own franchises
27:12 Measuring the expectation that you’re not going to cash in right out of the gates
29:11 Appreciating the community aspect of owning a franchise
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