Today's show is for you if you are a boss or want to be your own boss. Own a business and want to scale? Turning your operation into a franchise might be the way to go.
Want to start your own business? That is totally natural. Going from employee to business owner is an unnatural jump, and many get it wrong. The Small Biz Association shares data indicating only 20% of small businesses survive their first year, and 50% never make it to year 7. Giving yourself the best chance at success right out the gate means opting into an established brand with a complete profit manual, and my guest today will show you how. If you think starting a franchise is out of your league, he will show you why it is absolutely possible for most of you.
My guest today is Greg Mohr. Greg is a Wall Street Journal, best-selling author of Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth.
Mohr has a history of entrepreneurial experiences such as storage units, rental properties, & dry cleaning. In addition, he has managed restaurants and worked in the electric-circuit engineering space. That multidimensional experience gives him an advantage in the franchise space, assessing the industry and matching buyers with the ideal franchise for their business adventure. Greg also helps business owners convert their businesses into franchise operations as well. For more info, visit https://franchisemaven.com/
Greg answers the following:
1. Before entering the franchise business, you worked with a Master franchisor, so you started your business with an insider track advantage. How many clients have had the privilege of your service since launching your own business?
2. You wrote the book Real Freedom: Why Franchises Are Worth Considering and How They Can Be Used For Building Wealth. Who would benefit the most from that read, and without giving away the content, How much of it is the equivalent of a D.I.Y on the topic? What can a reader look forward to when they grab a copy?
3. Just because a franchise opportunity exists does not mean it is good. While client interest may be a starting point for which direction a franchise searches stars, how do you filter through the many options to discard the bad for a short list of good options?
4. Research shows the life cycle of any business looks like a bell curve. Considering the SBA data shows 20% of startups fail in year one, and 50% never make it to year 7, how does buying into a franchise solve the profitability and sustainability issue after the initial investment?
5. For the business owner looking to scale, franchising is an option few consider. Now that we are dropping that seed in the ground, what should the business owner who may want to franchise in the future be working on that would make the process a go when they bring you on board?
6. Give us a case study overview of the before and after transformation of someone you worked with.
7. Is there anything else you would like to share?
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