Should you take the time to cash in on an already built brand or move forward with your own brand?
I was recently on a phone call with a dynamic woman who was concerned about investing in a franchise or move out on her own.
It’s a scary topic – I know that because I’ve actually been part of a franchise and I’ve run my own businesses. I’ve seen both sides of this coin and there are pros and cons to each one.
From her aspect, her fear was, “Am I going to get left behind by a brand that’s going to be so big and so strong that I won’t be able to compete?”
We all want to be the competition killers in our markets.
It led me to say what are the pros and cons – if I were to go back and do it all over again, would I go the franchise route or move out on my own?
What are the questions I need to answer? What nuances must I know regarding franchises?
I share my own experiences as well as some really good to know facts about franchising that I wish someone had told me before I got into it.
- The difference between a product-based franchise and a people-based franchise
- When having a franchise what will make or break your business?
- More liberal franchises versus turnkey franchises…
- The specifics on marketing, lead generation and sales processes for franchises
- The importance of having qualified support staff
- What are your monthly franchise fees and are they affordable?
- What is the typical failure rate for a franchise?
- All about the build-out and what questions you need to ask
- How does a protected territory radius affect me?
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With grit + gratitude,