The 10 steps of owning a franchise
May 29, 2024 ·
59m 55s
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Description
Today Kelly talks about the 10 steps to owning a franchise. People have been asking him how to get into this exciting franchising thing, what franchising even means, how to...
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Today Kelly talks about the 10 steps to owning a franchise. People have been asking him how to get into this exciting franchising thing, what franchising even means, how to get involved, and how to succeed at all in franchising, so he is taking you through 10 fundamental steps that you can expect when interacting with any franchisor or any successful franchise system that you’re considering getting into.
“They wanna know if you have what it takes to run the business. They wanna know if you have the focus, the work ethic, and the hustle, the capital to get the franchise business off the ground because it’s tough, especially those first few months of the learning curve. So grit and ethics are important as well. The franchisor needs to know that you have what it takes to make the business a success and to get on the path to more advanced investment.” 2:39
2lm.com
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- The franchise interview 2:30
- The FDD (Franchise Disclosure Document) 6:40
- The material terms 8:40
- You are prepared to sign the franchise disclosure document 10:50
- Training 13:45
- Really get into the training 16:30
- Launching and doing sales 21:00
- Execute those initial jobs 23:45
- Ongoing support 25:10
- Franchise royalties 29:30
- Affiliate and real estate investments 31:30
- Understanding the franchisor 35:30
- Legal and financial details 43:30
“They wanna know if you have what it takes to run the business. They wanna know if you have the focus, the work ethic, and the hustle, the capital to get the franchise business off the ground because it’s tough, especially those first few months of the learning curve. So grit and ethics are important as well. The franchisor needs to know that you have what it takes to make the business a success and to get on the path to more advanced investment.” 2:39
2lm.com
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