Catalytic Conversations

Franchising: An Expert's View with Gus Iurillo

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Any business owner will tell you that owning your own business is a lot of work.  If you listen to stories of the how and why of different businesses, it will amaze you to hear the twists and turns that a lot of people have gone through to get to that place.

Business owners are as varied as the different types of businesses.  They have different reasons for getting into business - some are moving away from a career they didn’t like, or are moving toward the start of a great idea.  They have different experiences with work, consuming products and financial resources. They also have different levels of tolerance for risk.

But, how can you mitigate your exposure to risk?  Many believe that franchises are the way to go.

Today we look at franchises with one the most successful franchise experts in the country, Gus Iurillo of The Entrepreneur's Source.  Gus will give us tips for choosing a franchise, and what to watch out for.

Failure is possible.  Franchisees do fail.  You have the opportunity to determine what those possible failure patterns are and take steps to guard against them.  Here are just a few:

  • Inept franchisees.
  • Franchisee reluctance to follow the formula.
  • Misalignment between the franchisee and franchisor.
  • Lack of funds.
  • Poor people skills.

    • Gus has developed a process for his clients to follow.  He guides them through the decision making process.  Gus and his clients look for fit, adequate resources, support offered from corporate, etc.

    What You Need To Do - THE HOW

    1. Do your research.
    2. Know your numbers.  Determine the amount you are comfortable with risking.
    3. Look at the market, industry, and franchise ups and downs.
    4. Learn the lingo.
    5. Research the different franchises.  Determine which are the recession proof.
    6. Begin the application process.
    7. Set up your discovery day meeting.  Bring your questions along with your growth mindset.
    8. Apply for financing.
    9. Hire a reputable business attorney (I recommend Scott Simmons.) to review the contracts.
    10. Get the training and support you need to succeed.

      11. At this point, I have to recommend Gus Iurillo of The Entrepreneur’s Source.  Connect with Gus on LinkedIn here.  You deserve to succeed.  Set yourself up for success.

      Resources:

      1. “Why Opening a Franchise Business Is Better Than Starting Your Own”, Harsh Pancholia, March 26, 2017, entrepreneur.com.
      2. “Why Franchises Fail”, Richard Gibson, April 30, 2007, WSJ.
      3. “The Pros and Cons Of Buying A Franchise”, Jared Hecht, February 27, 2019, Forbes.com.
      4. “Guide To Buying A Franchise” by Marisa Sanfilippo, August 27, 2020, businessnewsdaily.com.
      5. Work The Bugs Out: Practices To Work In, & On, Your Business, by Wendy Dickinson, Publish: TBD.  Excerpt: Free Downloadable PDFs to work through.
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        Catalytic ConversationsBy Wendy Dickinson Ascend