Franchising Your Business: The Pros And Cons – Episode 1 – Part 3
Are you looking to start a franchise? Are you looking at the pros and cons of to create a franchise business model? If so, then this is the training for you. Terry “Boom Boom” Powell sits down with business coach Clay Clark to discuss the pros and cons of franchising a business. Terry is a wealth of knowledge because he started The Entrepreneur Source which brokers franchises for business owners and investors to purchase. If you’re thinking about franchising your business, you need to make sure that you watch this episode. One of the top reasons why businesses will franchise a business is that you can attract top talent. If you have set up all of the business systems to operate the business, then there is no longer any guesswork needed on a day-to-day operations of the business. There is no strategy behind what needs to be done every single day in order to fulfill a product or service. However, there also are some cons. There are things like a loss of control over the business end and accountability to following the systems. If you were looking to do things your way, then operating a franchise might not be the best fit for you. Reason why is because franchise corporations hold you accountable to operating a business exactly the way that they have set up. If you were not operating your business with in their guidelines, they can take your franchise away from you. This is why compliance for franchise systems are so important. If you enjoy learning about franchises, then make sure that you check out the other videos by Terry Powell and lineup for one of our upcoming business conferences. If you need a business coach to hold you accountable, make sure that you sign up for a free assessment for our one-on-one business coaching.