Key Takeaways:
[0:22] Today’s episode of Franchise Euphoria is brought to you by The Franchise 5 package. Head over to franchiseeuphoria.com/franchise5 to learn more!
[1:01] Josh presents some statistics surrounding the parking industry and highlights an interesting franchise concept he came across called We Do Lines. This is an industry you don’t typically see in franchising and is a prime example of how any business can be a franchise.
[2:45] When franchising it is important to identify a viable market and develop a plan for how to penetrate said market in an appropriate and effective way.
[3:34] When you’re thinking about franchising, you’re really identifying a growth mechanism for your business. And although We Do Lines is a prime example of how any business can be franchised, that doesn’t necessarily mean that franchising is the right growth mechanism for your business.
[4:15] The three things you need to think about when deciding whether you should franchise your business are: what you are, who you serve, and how you serve them.
[5:45] One of the first questions Josh asks potential franchisors is “How big is the market you’re going to operate within”?
[6:20] Additionally, he suggests opening multiple locations before you begin franchising to be sure you have your operational structure in place.
[7:30] It is important not to get caught up in the idea of opening a “hot” franchise and explore the untapped potential of some lesser known systems that have unique concepts.
[8:05] If you’re curious to find out if your business is franchise-ready, head over to www.IndyFranchiseLaw.com to take a quiz that will help determine if your business is ready for franchising.
[8:35] Thanks for listening, and please, reach out to Josh anytime through email at josh@franchiseeuphoria.com. If you enjoyed this interview, please leave us a review on iTunes.
Mentioned in This Episode:
www.franchiseeuphoria.com/franchise5
