Franchising 101 – Episode 2 – 4 Things to Know About Franchising – Part 1
Do you know what you buy when you buy a franchise system? Are you wondering about what it takes to franchise your business? What questions do you have when it comes to buying a franchise? Are you set up for success? In this episode, Terry Powell educates the Thrivers on his knowledge about franchising. Terry “Boom Boom” Powell is the founder of the entrepreneur source which is a broker for those people that want to buy franchise. When he coaches business owners on their franchise, one of the first things that he does is make sure that people are using the systems that the franchise has provided them. If you’re not using the systems, you are not going to achieve the results that were outlined to you when you were going through the franchise purchasing process. In this episode, Clay Clark, Business coach and former US Small Business Administration Entrepreneur of the Year, ask Terry very good questions about what you particularly get when you are buying a franchise. A franchise is a business that has a proven system for success. If you were wanting to become self employed, and you have the resources to purchase a franchise but not the time to learn how to operate within an industry, then purchasing a franchise might be for you. If you can diligently apply all of the systems that the franchise Corporation has provided you, then you will achieve the same results that they have put in their franchise disclosure document. Over the past years, the franchise disclosure document in how businesses can sell franchises has become more regulated because of former President Obama. If you enjoy learning about franchises, make sure that you check out the other trainings by Terry Powell, and be sure to take detailed notes. If you need a coach, make sure that you check out the one-on-one business coaching program that Thrive provides to business owners.