McProfits - Multiplying Your Business and Profits When One Successful Business Is No Longer Enough with Tom DuFore
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Ready to get your franchise knowledge on and discover what's really behind those giant golden arches?
If you're like me, when someone says "franchise," you immediately think of McDonald's and their unmistakable golden M, but there's so much more to it than fast food!
On Episode 26, the Founder & CEO of Big Sky Franchise Team, Tom DuFore, is here to give us insights into all things franchising. During our discussion, Tom breaks down franchising into three components and provides valuable insights into determining if a business is franchisable.
We also explore the qualities a franchise owner should possess, how to address concerns about reputation and highlight the most critical factors to consider when choosing a franchise.
Whether you're an entrepreneur looking to franchise your business, are considering investing in a franchise, or are just interested in the topic with a view that one day (maybe not today, maybe not tomorrow, but someday), you might consider franchising your business, this episode has something for everyone.
Join us as we learn from one of the best in the industry and discover what has worked (and what hasn't) for Tom's own business.
Before becoming a franchisee, there are some important considerations.
Ready To Multiply Your Business And Become a Franchisor?
[11:36] Your mindset may need to shift somewhat. It’s like building, furnishing and decorating your own home after having lived happily in it for years and then suddenly renting it out and becoming a landlord. Becoming a franchisor and multiplying your business is much the same.
Thinking Of Buying Into a Franchise Or Becoming a Franchisor?
[12:30] Franchising is an attractive option for entrepreneurs who want to start a business with the support of an established brand. However, success in franchising requires careful planning, due diligence in selecting a franchise, and a willingness to follow the franchisor's system.
Follow The Leader
[28:10] As a franchisee, following the system and program established by the franchisor is crucial. Franchising is a different experience than starting your own business. The franchisor has created a successful system, so following it will save you time and money. While there may be some local adjustments if it ain’t broke, don’t fix it!
Don’t Forget About Budget
[31:56] Secondly, franchisees must be aware of their budget and plan accordingly. Franchisors will provide an investment range. This range often starts with a low number, but franchisees should focus on something other than the low number. Consider the full range and err on the side of caution by choosing a number in the middle. Franchisees must also remember that it will likely cost more than anticipated.
Keep An Open Mind
[32:52] Lastly, when choosing a franchise that aligns with your goals, lifestyle, or income, avoiding falling in love with a brand too quickly is important and helps avoid disappointment. Franchise brokers can help find the right fit, acting as matchmakers between potential franchisees and franchisors.
Following this episode's advice, entrepreneurs can build thriving businesses, achieve financial independence, and realise their entrepreneurial dreams. So, take the first step in your franchising journey, tune into the entire episode and seek the advice of experts like Tom DuFore before you go forth and multiply!
More from Tom:
Tom’s tips and advice will help you delve into the world of franchising. Listen to the full episode for more in-depth discussions and the rest of Tom’s great tips. For more from Tom, you can check out his LinkedIn: https://www.linkedin.com/in/tomdufore/.
Important Links
Tom’s LinkedIn
Tom’s Business
Episode Freebie: 9 pitfalls to avoid when franchising your business
