EP 108: Franchising: Is It the Right Business Model for You?

Recently,

I’ve actually come around to the idea of franchises.

😅

If you asked me 3 years ago,

I might have laughed at the idea.

And…

I know, I know… it definitely has a certain connotation to us business owners,

I’m not saying that’s not valid—because I’ve definitely seen some horrible franchises.

But…

Maybe we shouldn’t be so fast to write them off.

I believe that certain personality types will excel in a franchise model compared to a regular business.

And if you’re one of those people,

Why not give it a thought?

Now, to help you see where I’m coming from, I’ll give you some context on why I believe this.

My wife Bianca was a straight-A student, who got an accounting degree,

She does exceptionally well at following systems and works really well in areas that have structure and minimal grey areas.

Now, I think that she (or anyone like her) would do incredibly well in a franchise model.

I think that the part of her that dominates in being able to understand the system,
Like in accounting,
Will also be the part that helps her do well at being a franchise owner.

But on the other hand,

My story is completely different!

I started my early career as a plumber,

There was no manual and there were no systems to follow,

I was paid to complete a job, and fix an issue the client was having,

It didn’t matter how long I was there…

At the end of the day, I had to fix the problem.

So, over time my strengths developed in problem-solving.

Which today, helped me be an effective business owner.

However,

If you are the type of person that leans into a structure who has been thinking about buying into a franchise or setting up your own within your business,

But you don’t know where to start…

You’re in luck!

In this week’s podcast episode, Grant and I are breaking down everything you need to know about being a franchise owner as well as franchising your own business.

We’ll be discussing:
– setting up a franchise
– the advantages of licensing
– our advice for those considering franchising and more!

Tune in now!

DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision