The Franchise Business Model: The Pros And The Cons – Episode 1 – Part 2
In this series, you’ll join in on the valuable conversation between the father of franchising, Terry Powell, and the world’s best business coach, Clay Clark, as they discuss the pros and cons to the franchise business model. A successful franchise must be replicable and duplicable. The negative to this is that a business that has been duplicated and proven to be successful will typically cost more up front. It’s fairly common for business owners to get a little bit of ‘sticker shock’ when seeing the price of franchise, and in the beginning, they are a larger cost, but they typically give a faster return on your investment than an independent business. Another benefit to buying into a franchise is that you receive a complete system from day one to operate the business successfully. You won’t have to waste time and money guessing about what you need to do, or what might work for you, the work has already been done for you. Not only do you not have to waste your time, but you won’t have to invest time on creating ideas that will work for your business. The negative to this is that you are required to stick to the system that you bought. The success can be very predictable when you’re involved in a franchise as long as you stay within the guardrails that have been set for you. One thing that you should be prepared for before you enter into the franchise model is setting your opinions aside in the beginning stages. As long as you’re able to follow the model that’s been set in place for you, you’ll be able to achieve the success that you signed up for. To hear more helpful tips on the pros and cons to the franchise model, tune into the rest of this series today!