If you’ve always wanted to run a business but find the startup phase overwhelming, you should consider purchasing a franchise instead. When you buy a franchise, you essentially borrow another company’s proven business model, which is a much safer bet for starting a new business.
While this has its advantages, there are also disadvantages to franchising that you may not know about, so before you decide if it's right for you, there are essential factors you should consider.
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If you’ve always wanted to run a business but find the startup phase overwhelming, you should consider purchasing a franchise instead. When you buy a franchise, you essentially borrow another company’s proven business model, which is a much safer bet for starting a new business.
While this has its advantages, there are also disadvantages to franchising that you may not know about, so before you decide if it's right for you, there are essential factors you should consider.
Don't buy a franchise unless you know these things. Find out what they are in today's episode of Franchise Secrets with Erik and his guest, Bobby Brennan.
Bobby is a genius in franchise development. He brings over a decade of franchise experience both as an operator and helping to build one of the top franchise development teams in the country, awarding over 1,650 territories since 2018.
Bobby jumped into Franchising immediately after graduating during the 2008 recession and hasn't looked back. He was part of the largest franchisee group in Complete Nutrition that owned over 50 locations across the country and then transitioned to a startup company, Franchise Fastlane, as one of their first development hires, helping propel the company to a perennial powerhouse franchise development company.
Bobby brings a track record of success in developing the top franchise developers in the industry and has led franchise development for 15 brands in his tenure, allowing many to secure private equity investments or exits within the first 3-5 years of working together.
“We can talk all day long about the business model, but for emerging brands, a lot of the times, you're buying into the founder and the founder's story, the founder's WHY. So make sure you align with them, that you understand each other, too.” - Bobby Brennan
In This Episode:
- Five criteria that franchisors use before awarding a franchise
- Do you need a broker when buying or selling a franchise?
- How would you know if you're working with a good broker or consultant?
- How to find the right broker
- How much money do you need to buy a franchise?
- Are you a franchise buyer or a franchise looker?
- What should you look for when doing online research?
- Here's what Erik and Bobby think about the FBR (Franchise Business Review) list
- Final takeaways from Erik and Bobby
Resources:
🌐 Consult with Erik: https://form.jotform.com/222685728939070
🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/
🌐 Front Street Equity Partners - https://www.frontstreetep.com/ Connect with Bobby Brennan:
🌐 Website
Connect with Erik Van Horn:
🌐 Website
🎥 YouTube
Ⓜ️ Medium