Are you interested in a career change? Are you motivated to own your own business? Franchising may be the perfect opportunity for you.
In this webinar, David Weaver of FranChoice, Rob Stolker of Hummingbird Sports, Wayne Jordan of FirstService Residential, and Jessica Bisher of redbox+ of Bucks County join Joe Londergan of Front Office Sports for a discussion the economic opportunities that franchising presents, especially in the wake of the COVID-19 pandemic.
Interested in Franchising? – schedule a call with David.
Edited highlights appear below:
On what FranChoice offers (1:00)
Weaver: “Through FranChoice, I’m a franchise consultant. Really, what I do is help people pivot from what they know, a corporate job, into something that they want to do but they are not really familiar with, which is business ownership through franchising. I see my role as a consultant closely aligned with an executive recruiter in the franchise space, guiding people through a process of understanding how to conduct your due diligence, how to ask the franchisors the right questions … so that ultimately you’re making an educated decision and you know what you’re getting into before you spend any money or time trying to build a business.”
On starting a business during the COVID-19 pandemic (8:07)
Jordan: “Seeing everything that’s happened the last few months, obviously our country is very strong and able to keep moving forward. Everyone is very supportive to local businesses. Nobody wants to see any business go out of business. As we’re getting into the food business, a lot of these restaurants have made some temporary changes to help keep their business going and the community is very supportive in coming out to keep all these business owners going. I feel like we can overcome anything, Rob and I.”
What traits are essential for entrepreneurs to find success in franchising? (17:50)
Bisher: “This is a revelation I had through my work with Dave. My process to get to where I am now had a lot of different steps to it, a lot of twists and turns, and Dave pointed out that I am the kind of person who really seems to thrive in chaos. That was almost a point of shame for me … and when Dave pointed that out, this big light bulb went off in my head and I realized that it’s something that differentiates me. I can do well in this because I thrive in chaos. There’s just a lot of moving pieces when you’re starting a business and you have to have your head on a swivel as you are dealing with all of it.”
On franchisors providing market analysis for franchisees (56:20)
Weaver: “The franchisors deliver very extensive data on who your core customer is and how many customers you have in your area, etc. I’ll give an example, a very simple one: one of the things I liked about Elements Massage is that not only did we know that our core customer had this income level and this psychographic and we also knew the number of people that met that in the five mile radius around our store, but we also knew that like 74% of our core customer base owned an iPhone, not just a smart phone. And then 42% of those people make purchases on their iPhone. So that level of data and detail is highly beneficial when you’re making decisions on marketing spend and what kind of marketing spend you’re going to make.”