Today, Tom is joined by Carolyn Tormey, a career ownership coach to talk about the benefits of entrepreneurship and franchising. With the economy changing and the potential for layoffs, on top of people retiring and looking for the next journey in their lives, many are understanding that time is our most precious resource. Moving to self-employment and away from corporate America is a way to provide yourself with financial freedom as these times are changing. IBC can help make a lot of this possible. Tune in to hear more about franchising, if it's right for you, and what to consider before becoming an entrepreneur.

Highlights

• 01:30 Caroline shares her journey into becoming a career ownership coach and working in the franchising industry
• 04:01 What a franchise is and how it can be beneficial for expanding businesses
• 06:08 The higher success rates of franchise businesses compared to independent businesses
• 08:27 The ideal types of people for franchising ownership
• 10:31 The growth and availability of semi-passive and completely passive franchise opportunities for potential owners
• 12:25 The benefits of diversifying investments by owning a franchise and having control over it
• 14:13 Avoiding pitfalls and common mistakes in franchising
• 14:47 The "20-60-20 rule" in franchising, explaining the performance levels of franchise owners
• 17:29 The importance of being well-capitalized and having a good understanding of the ramp-up period in franchise ownership
• 18:04 Typical levels of investment and financing options in franchise opportunities
• 21:42 The growing expansion and opportunities in the assisted living industry and franchise space
• 23:23 Observations about younger generations leaning more towards self-employment and franchise opportunities
• 29:32 The challenges of navigating through the wealth of information available to anyone wanting to start a franchise
• 30:38 The importance of exploring franchise opportunities in a non-threatening, low-pressure environment. Episode Resources
• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Carolyn Tormey
• https://ctormey.esourcecoach.com/
• https://www.linkedin.com/in/carolyntormey

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