In this episode of the Franchise My Business podcast, Kevin Oldham shares why exceptional service will be the reason why customers keep coming back in 2023. The fact is that there are fewer business opportunities, so the key is to win those deals that DO come through with a standout service.
HIGHLIGHT QUOTES
With fewer business opportunities, you need to deliver exceptional service – Kevin: “The name of the game here is if we’re going to have fewer people walk in our doors, is to try to educate them about our other products and services and increase the ticket amount or lifetime value of the customers that continue to come back.”
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Welcome to the inaugural episode of the Franchise My Business podcast! Chris Decker comes on the show to ask your host Kevin Oldham why franchising is close to his heart and his reasons for sharing his experiences through his podcast.
Franchise My Business shows exactly how the franchise business model is a way for entrepreneurs to get what they want in life while also having a huge impact on local communities. It is a deeply rewarding way to build a business and see other people succeed with the same mission!
HIGHLIGHT QUOTES
Franchises benefit both entrepreneurs and local communities – Kevin: “I love the impact that operating a franchise system can have on the world, not only on entrepreneurs and helping them get what they want in life, but also on the people that those entrepreneurs serve in their local communities. I just think it’s such a beautiful business model.”
Franchising is the smart way to go about business – Kevin: “What I’m excited to share with people is the formulation of the business idea. I remember when we whiteboarded United Real Estate, figuring out how we’re going to build this business model, and then seeing what it’s like when it comes to life. That’s a really cool inflection point in a business.”
In this episode of the Franchise My Business podcast, Kevin features Cliff Kennedy, CEO of Frios Gourmet Pops. Cliff shares his passion for entrepreneurship and how he fell in love with Frios Pops, so much so that he went from the brand’s newest franchisee to its franchisor in 8 months.
He talks about meeting the challenge of the pandemic and making the leap out of brick-and-mortar to go fully mobile. For Cliff, franchising as a business model and mental toughness are the secrets to entrepreneurial success. He talks about having a shared vision as a franchisor and making dreams come true as a result of that.
HIGHLIGHT QUOTES
Training mental capacity through business and marathons – Cliff: “As we found these entrepreneurs, they’re all nervous or can I do this? And so for me, this is my way that I’m just of a mindset that we are capable of so much more mentally, but we get so comfortable.”
“And if it’s business, and I tell everyone, you can test yourself every day with your education and your smarts through business or training your body physically through going for a run or working out or a walk, whatever it is, but we rarely test our mental capacity of what we’re truly capable of.”
Being a franchisor means you make dreams come true – Cliff: “That’s what I love… like I know that when I’m bringing on new entrepreneurs into our system, as we scale and hopefully hit 500 territories in years to come… that’s what I love to do is like I get to see it and I get to speak from an experience like you’re capable of so much more, giving them their tangible goals and knowing that we’re chipping away and meeting their dreams.”
In this episode of the Franchise My Business podcast, Kevin Oldham shares the top 2 coolest reasons why franchising is so rewarding as a business model. Not only does it allow you, the franchisor, to make a significant scaled impact even with a small team, but you also get to create a pool of people who row in the same direction with shared business goals.
HIGHLIGHT QUOTES
Kevin: “You’re taking the intellectual property that you’ve come up with, you’re sharing that business model with other entrepreneurs so that they can go do what they want to do with that business model and you get the benefit of your brand being taken out across the country or across the entire planet. For me, that is super, super cool.”
In this episode of the Franchise My Business podcast, Kevin features Dr. Ben Litalien, Founder, and Principal of FranchiseWell, a world-renowned franchise expert, educator, and speaker with expertise both as a franchisor and franchisee, and a supplier to the franchise industry.
Today, Dr. Ben shares his valuable insights on the mindset behind a successful franchisor and golden anecdotes on his own trial by fire in franchising. He talks about starting his consulting practice and teaching the business model in Georgetown. Ben also shares that the versatility of the franchise model and the nuances that actually make it complex are what attracted him the most to it.
HIGHLIGHT QUOTES
Choose your first franchisees very well – Ben: “First lesson, your early franchisees are the most critical. Choose the wrong ones, and your chances of success go way down. Choose the right ones, and your ability to scale quickly goes way up because they are your defacto advisors. They’re living it every day, and you have to learn fast.”
The value of a franchise can grow exponentially – Ben: “Lesson number two, the value of a franchise system is far greater than most business people or entrepreneurs understand. I mean, it is not uncommon to get an 8, 9, 10, or 12 multiple on a franchise business. And think about it, you’re the franchisor, you might have one location that you’re operating out of, but you got a hundred franchisees and you’re taking all that revenue with very low overhead, and then someday somebody’s gonna wanna buy that network from you and they’re highly valued.”
Learn to think as a franchiser, not as an operator of the underlying business – Ben: “Metanoia is I thought this way, now I think this way. And if you wanna be successful in scaling your business, and more specifically your brand, into a powerhouse, you’ve got to have metanoia. You have got to understand and think like a franchise, not like the underlying business. That’s what your franchisees do every day.”
