In this episode of Franchise My Business, host Kevin Oldham emphasizes the significance of grand openings for new franchise locations. He highlights the need to inform and engage the local community, as well as create momentum for the business. Kevin shares effective strategies for successful grand openings, such as ribbon-cutting ceremonies and special offers tied to charitable initiatives. Ultimately, he underscores the importance of actively promoting and serving the community to establish a strong presence.
HIGHLIGHT QUOTES
Grand Openings in Community Engagement – Kevin Oldham:“You don’t just open a business in a community to serve yourself. You’re there to serve the people who live in that community.”
Community Engagement and Philanthropy: Amplifying Your Grand Opening – Kevin Oldham: “At the end of the day, we were able to donate some money, which then became another thing that was a momentum builder. It was PR. It was social media. It was all of these things that really put a spotlight on our business and said, ‘Hey, we’re here. We’re here to serve you.’”
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In this episode of Franchise My Business, host Kevin Oldham discusses the significance of recurring revenue in franchising. He highlights the benefits of predictable revenue for business leaders and emphasizes how franchisors naturally have recurring revenue through royalties, making business management enjoyable. Kevin encourages both franchisors and prospective franchisees to consider incorporating recurring revenue models into their businesses. He provides examples of businesses with successful recurring revenue models and acknowledges the challenges in implementing such models in food service. Kevin emphasizes the value of predictability when selling a business and advises prospective franchisees to carefully consider franchises with recurring revenue for better cash flow management.
HIGHLIGHT QUOTES
Building Value through Recurring Revenue in Franchising – Kevin: “The most valuable opportunities, frankly, are the ones that are recurring revenue… It means that somebody else can come in and there’s predictability and people will pay, you know, a higher multiple for that, for that type of predictability in terms of a cash flow stream.”
The Power of Recurring Revenue in Franchising – Kevin: “Recurring for me is, is code for predictable. And as a business leader, I like predictable revenue. And I think that most business leaders would enjoy predictable revenue.”
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In this episode of Franchise My Business, host Kevin Oldham explores the topic of failure and its return on investment (ROI). Inspired by a conference featuring renowned speaker John Maxwell, Kevin delves into the culture of silence surrounding failure and emphasizes the need to discuss and learn from it. He distinguishes between good failures, which provide growth opportunities, and bad failures, which offer little value. Drawing from personal experience, Kevin shares a significant business failure that ultimately had a positive impact on his leadership, relationships, and overall direction. He highlights the importance of vulnerability, teamwork, and introspection in overcoming failures and transforming them into stepping stones for success.
HIGHLIGHT QUOTES
Investing in Failure: The Transformative Power of Learning from Mistakes – Kevin: “Chances are you probably wouldn’t be where you are today, probably dramatically better than where you were. In my case, two years ago. So, embrace the failures. I know that sounds cliche. They suck. Sometimes they’re expensive. Sometimes they’re painful. Sometimes they’re emotional. Sometimes we have to do hard things through failure, but a lot of times there’s a positive ROI on that.”
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In this episode of Franchise My Business, host Kevin Oldham interviews Tim Vogel, the founder of Scenthound, a dog grooming franchise. Tim Vogel is a passionate entrepreneur who discovered his love for dogs when he and his wife decided to get a pet. This led him to delve into the world of dog grooming and the unique bond between humans and dogs. After gaining valuable experience in various companies, Tim took the leap and started his own business, Scent Hound, with the goal of providing top-notch grooming services for dogs.
During the interview, Tim Vogel discusses his journey from being a dog owner to founding Scenthound and ultimately franchising the business. He shares his insights into the importance of grooming and caring for dogs, the coevolution of humans and dogs, and the satisfaction of being an entrepreneur. Tim also talks about the process of starting a business from scratch, attending grooming school, and the intentional lifestyle choices he and his wife made when deciding where to live and raise their family.
HIGHLIGHT QUOTES
The ability to identify and stay true to the company’s values and long-term goals is highlighted as a crucial aspect of leadership. – Tim: “Trying to identify the signal and the noise and the ability to zoom out and just take a big view and look at the direction I think is a critical component to come back in and then have the agency to say, no, we’re not doing that, even though that seems right. We’re doing this because this is where we’re going. That’s what I think true leadership looks like, is having that ability to say, this looks attractive, that’s shiny. This could work. But that’s not who we are, and we need to continue in the direction that aligns with our value system and where we ultimately want to be.”
In this episode of the Franchise My Business podcast, Kevin Oldham introduces the Hell Yes or No filter as a powerful tool for decision-making. Inspired by Derek Sivers, he emphasizes the importance of trusting one’s gut instinct and having a visceral response to opportunities, commitments, and invitations. Kevin encourages listeners to adopt the mindset of either a “hell yes” or a “no” when evaluating various aspects of life. He explains that every “no” creates space for more aligned and fulfilling “yeses.” The episode concludes with a request for reviews and feedback to support the show’s growth.
HIGHLIGHT QUOTES
Opening Doors to Limitless Opportunities – Kevin: “If it’s not a hell yes, then it’s got to be a no. Like it just has to be because life is full of opportunities. And every “no” of everybody knows this, every “no” leaves room for more “yeses”. Like that could be either a better fit, more in alignment, integrity, like whatever it is, just wanting to do it, like whatever it is that you want to do in life.”
Every “no” gives you an opportunity for more “yeses” – Kevin: “Every “no” gives you an opportunity for more “yeses” in areas that are aligned with what you want to do every single day.”
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