Franchising 101 – Episode 1 – 4 Things to Know About Franchising – Part 3
Are you diligent to applying the systems that you need in order to grow your business? Have you ever thought about franchising? In this particular episode Clay Clark, Business coach and former US Small Business Administration Entrepreneur of the Year, sit down with Terry “Boom Boom” Powell to discuss what it takes to be successful in operating a franchise. Terry Powell is the founder of the entrepreneur source which is a company that brokers franchises for investors. If you were wanting to open a franchise of a corporation, you must be willing to implement all of the systems. If you short cut in only implement a percentage of the systems that the corporation has provided you, you will not receive the results that you’re thinking. If you invest 80% of the effort and 80% of the systems that the corporation has provided you, you will not receive 80% of the results; reason being is because the parts that you’re not implementing or integral to the entire operation. If you want to grow your business as a franchise, you must be willing to sit down in detail out all of the systems that are required to operate your business. If you shortcut your Business by not writing down specifically what you do want to day-to-day operation, then you will never be able to franchise. That is specifically what investors are looking at investing in when purchasing a franchise. Terry Powell is a wealth of knowledge when it comes to franchising a business. He knows specifically what Will sell a business owner or investor when looking at a good franchise for them. Make sure that you’re taking detailed notes on this episode, and you begin detailing the specific systems that are required in order to grow your business as a franchise. If you enjoy this training, make sure that you check out the other videos that we have on the website in the series, and sign up for one of your free assessments for one-on-one business coaching.