The Franchise Business Model: The Pros And The Cons – Episode 1 – Part 3
Are you thinking about franchising? If you’re thinking that franchising might be the next step for you, then there’s a few things that you need to know before you do. Sit in on the conversation with the man with a proven track record of coaching over 10,000 franchisees through successful ventures, Terry Powell, and SBA entrepreneur of the year, Clay Clark. You’ll learn some helpful tips about what you need to know about the franchise business model. Many people have dreamed about being self-employed. The idea of being able to make your own schedule, on your own time, is very enticing, isn’t it? With franchising, you’ll often receive all of the benefits and freedom of being self-employed but you’ll also have a big brand, corporate, supporting you. You’re able to be in business for yourself, but not by yourself. There’s a sense of dependability created in consumers minds with multiple brand recognition. With franchising, you automatically have a sense of awareness for your business, whether it’s regionally, or nationally, which will automatically attract customers to your business. When you invest in a franchise, you have a team of support with the other franchisees who are helping create more brand loyalty for the business. The only downside to this, is that as a franchisee, you’re held accountable to protect the image of the brand. In regards to operations, some people may want to branch out and make their own decisions in regards to the services or menu, but the best way to run a franchise is to focus on operating the business by following the proven system. The next benefit goes hand in hand with brand recognition because it’s easier to attract new customers to a new business than it is to attract new customers to an independent business. To hear more in depth about the pros and cons to the franchise business model, tune into the rest of the series today.