Jon Ostenson is the CEO of FranBridge Consulting, a franchising consulting firm, and the author of the book 'Non-Food Franchising'. He is also a Forbes contributor, writing on the subject of franchising. Jon and his team at FranBridge Consulting help entrepreneurs find the perfect franchise opportunity and start on the path to success.
In this episode, Jon explains that franchises have a higher success rate than startups, with 92% of franchises still in business after five years. He attributes this success to the ability to build up cash flow, create exit value, and enjoy tax write-offs that are not available to W-2 employees. Franchising can also set up generational wealth and provide greater financial stability than a typical job. Additionally, listeners are invited to have a free call with John and get a free book from his website.
The key to success when it comes to franchising is to follow the franchise system to the letter. Jon explains that the most successful franchisees are those who follow the system. It enables you to enjoy the benefits of a larger organization, brand recognition, and financial stability.
Another point to consider when investing in a franchise – its resale value. It has been found that franchised businesses tend to trade at a multiple of 1.5 times more than non-franchised businesses. This is due to the fact that franchised businesses have a certain level of trust and brand recognition that makes them more attractive to potential buyers.
In conclusion, franchising can be a great opportunity for entrepreneurs who are looking to start a business with a proven system. It provides entrepreneurs with access to a large network, bulk discounts, and a sense of community. However, for entrepreneurs who are too entrepreneurial, franchising may not be the right fit. They may not be able to accept the limitations of the franchise system and may be better off starting their own business. No matter how attractive franchising is, it is important to remember that it is not a magic bullet. It takes hard work and dedication to make a business successful.
This episode is sponsored by: FranBridge Consulting
Takeaways
- Franchisees have a 92% success rate
- You can start a franchise business on the side
- The common denominators of successful franchise business owners
Connect
[email protected]
https://franbridgeconsulting.com/
https://www.linkedin.com/in/jonostenson/
https://www.facebook.com/JonOstenson1/
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