In this episode of the Franchise My Business podcast, Kevin features Rhyan Finch, the Owner, and CEO of 1st Class Real Estate. He talks about his business model which started with them giving it out for free as a proof of concept until its current iteration with 100+ locations and 1400 agents.
Rhyan shares the challenges of being too many things to too many people, but on the other hand, solving a variety of problems just as well. He recalls how they pivoted to virtual ahead of the curve when COVID hit and how focusing on profitability makes the difference between just growth and actual success.
HIGHLIGHT QUOTES
Offering ancillary services as a service – Rhyan: “We can take one key player, whether that’s training on our CRM or the training on our transaction management, or the training on sales, and so ultimately, everyone kind of goes in and has a lane in what they do. We onboard and offboard their people so it’s just frictionless for them that it’s having that extra person. We help them with the accounting side of it. So then we have other ancillary services, so even while that’s it, we’re doing services as a service.”
A disruptive model for franchisees and agents – Rhyan: “We want our franchisees to own a real estate company, a mortgage company, and a title company. And we want them to give them a hundred percent commission, we want them to make money. They own the lion’s share of mortgage and title.”
“So now the hundred percent agent gets all the money into that, but then they share in equity and mortgage and title, depending on the state, with the agents. And the agents getting 3 checks and a hundred percent commission which is just disruptive.”
Connect with Rhyan and learn about their sales positions:
In this episode of the Franchise My Business podcast, Kevin Oldham discusses how to get started with franchising—and the good news is that done is always better than perfect. Kevin shares the top things you need to jumpstart your business: create a list, look at what others are doing, and get a first draft up and running.
HIGHLIGHT QUOTES
Start with a list of things you need to create – Kevin: “Make a list of all the things that you have to create, all the assets you have to create, all the resources that you have to assemble for your franchisees to be able to operate their business. So that’s step number 1.”
Everything except legal can be imperfect in starting your franchise – Kevin: “Done is better than perfect 100% of the time, except for legal aspect, make sure you get that dialed in. Get the legal aspect dialed in, get that as close to perfect as possible. Everything else, done is better than perfect.”
Find out more about Kevin and Franchise My Business:
In this episode of the Franchise My Business podcast, Kevin features Kara Martin, Attorney, and Partner at The Franchise & Business Law Group. Today, she gives an inside look into the legal side of franchising and provides a legal backdrop to the licensing process that founders must go through.
Kara advises aspiring franchisors to find a franchise attorney, learn the steps, and take the time to fine-tune processes before making a final decision. However, she also says that if a founder has a solid WHY, then jumping into franchising is also completely viable.
HIGHLIGHT QUOTES
Franchising vs licensing: Founders have more control over franchising – Kara: “Franchise is actually a license and so there are just various types of licensing, and franchising is one. It’s one of the most complex types of licenses. The reason franchising is a great option, as opposed to just a trademark license or another type of IP license or product distribution license, is it allows the franchisor or the founder to maintain a lot of control.”
Get educated and prepare to make your franchise a success – Kara: “My recommendation? Get into legal earlier than later. And the reason for that is it might not be the right time to start franchising, but what I can do and what a good franchise attorney can do is give you the tools and the steps to take and prepare.”
In this episode of the Franchise My Business podcast, Kevin Oldham discusses the book The Gap and The Gain by Dan Sullivan. He shares what it means to live in the gap versus in the gain and why the latter is a healthier way to evaluate yourself against yourself.
Living in the gain is a great way to recalibrate your way of thinking so you do see what you have already achieved while also having a clear vision of what you still hope to gain.
HIGHLIGHT QUOTES
The gap blinds you from what you have already achieved – Kevin: “We will call that living in the gap, the gap between what you have now and what you aspire to have in the future. So what I don’t have today, that is the gap.”
The gain shows you the progress you have made – Kevin: “Look at your calendar, look at what meetings you have that day. It’ll start to stir up conversations around what was happening 365 days ago or you can do the same exercise 5 years ago. When you do that, you’re going to take a look at the gain, how far you’ve come from that previous point to today.”
Find out more about Kevin and Franchise My Business:
In this episode of the Franchise My Business podcast, Kevin features Grant Gooding, Founder, and CEO of PROOF. Experience in mergers and acquisitions has given Grant insights into how to create messaging that resonates not just with end customers, but with potential franchisees as well.
He shares how to use data and research and to present it in an interesting way so prospective franchisees see a way to turn their capital into profit. This reveals what is truly important to the people you are selling to, from what their aspirations are to what they expect from your brand, and to use it as a competitive advantage.
HIGHLIGHT QUOTES
Messaging to franchisees and end customers can be 2 different things – Grant: “What are the elements of our business model as a franchisor that we can communicate to our franchisee that is gonna get them to go, this is a good opportunity? This is something for me, I want to hang my hat on and run with?”
“Oh, by the way, here are all the value propositions and unique selling propositions and things that are gonna allow you to be successful in the market, in whatever marketplace you’re in. So it’s not always a linear type of relationship that exists between how we have to message to a franchisee versus our end customer. They may be completely separate.”
Understand the nuances why your customers show up – Grant: “One of the reasons that M&A failures happen a lot in integration is we don’t really understand those nuances. And those are the nuances that human beings buy, and if you change a little thing, you’re like, wait a minute, all we did was get rid of this or change our hours a little bit. How come it had this dramatic effect on our business? It’s because you truly didn’t understand why they’re showing up. You just knew that they did, so it is kind of a false confidence.”
