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Resource Library - Thinking About Franchising Your Business? Here's What You Need To Know
Manage episode 499471545 series 2940456
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Summary
In this episode of the Koyoti Small Business Podcast, host Thomas interviews Max Emma, an expert in franchising and bookkeeping. Max shares his personal journey to entrepreneurship, starting from his 'Freedom Day' when he left corporate life to build his own businesses. He discusses the evolution of his bookkeeping company into a franchise and the importance of culture in franchising. The conversation covers various aspects of franchising, including the financial commitments, the preparation needed to franchise a business, and the common mistakes made by new franchisors. Max emphasizes the significance of having a solid team, a clear marketing plan, and the right mindset for success in franchising.
Takeaways
- July 3rd marked my last day working for someone.
- I transitioned from corporate life to entrepreneurship.
- Franchising allows for local feel with national support.
- Not every business is suitable for franchising.
- You need a significant budget to franchise successfully.
- Franchising is a highly regulated industry.
- Training is a key component of a successful franchise.
- Choosing the right franchisees is crucial for success.
- Delegation is essential for growth and scaling.
- Franchising is not for everyone; understanding your strengths is key.
Want to learn more? Contact Max here:
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