The Franchise Business Model: The Pros And The Cons – Episode 1 – Part 1
Are you ready to learn the things that you need to know before you buy into a franchise? Get ready to learn some valuable tips while you tune into the conversation between the man with a franchising plan, Terry Powell, who has successfully coached over 10,000 different franchise businesses, and the former SBA entrepreneur of the year turned business coach guru, Clay Clark. After watching this three part series, you’ll not only have an understanding of how the franchise model works, but you’ll be able to make a better decision on if franchising is the right move for you. One of the first things that you need to have a general understanding of when discussing franchises, is a business plan. To be put simply, a business plan is the plan that’s implemented by a company to generate revenue and make a profit from operations. The model includes the components and functions of the business, as well as the revenues it generates and expenses it incurs. Many people want to jump on the train to being self-employed, but often use the excuse of not wanting to leave the security of their corporate job. Well, if you’ve come to the realization that corporate jobs aren’t actually all that secure, and you would like to create a future that’s more self sufficient by going into business for yourself, the franchise model is less risky than starting an independent business on your own. The reason why this is, is because systems have already been tested and implemented that actually work, and all you have to do is turn the key and man the ship. In independent business, there are many challenges that you have to face and build systems to address on your own. Follow along in the remaining videos of the series on the pros and cons of the franchise business model to learn more about how to build and operate a successful franchise.