The Franchise Business Model: The Pros And The Cons – Episode 3 – Part 1
If you’re wanting to learn about franchising, there’s no better person to learn from than the franchise guru himself, Terry Powell. With over 30 years in the industry and over 10,000 clients successfully coached through the process, you won’t want to miss out on this series. One of the benefits of purchasing a franchise is that there are many systems already in place and all you must do is implement them in your business practices. An issue that many entrepreneur’s face, is the hiring process. It’s often difficult to find good help, and fortunately many franchises have hiring systems in place to help with that process which will create predictable results for the business. Another thing that many business owners face is marketing related issues. There are so many different ways to market a business and how do you narrow it down to the best option for your business. Well, there’s some good news for this in regards to franchising. All marketing materials are standardized. Why is this a benefit? One of the biggest mistakes that many entrepreneurs make early on in their career is a lack of marketing. You might think, I’ll market when I have the funds to market, but what you might now realize is in order to generate a profit, you have to spend the funds on marketing to generate that business. With franchising, this headache is removed from the equation with effective, standardized, pre-tested, marketing material. The only negative to this is that some franchisees may feel that there is less room for creativity when it comes to marketing. The option for creativity comes into play when you discuss how you, as the business owner, used these materials that are provided to you. Want to learn more about the pros and cons to franchising? Join in on the rest of the conversation with business coach, Clay Clark, and franchise coach, Terry Powell.