In this episode of the Franchise My Business podcast, Kevin Oldham discusses the types of people that franchising does NOT work for. He shares that people who can’t handle their baby being run by others are not a good fit.
He also talks about the paperwork involved and its necessity in running a franchise. If you can’t handle that, then franchising is not for you. However, if you are okay with this, then franchising still remains one of the coolest business models out there.
HIGHLIGHT QUOTES
Starting a franchise involves a lot of supporting work for other entrepreneurs – Kevin: “If you’re not ready to make that leap from cookie maker or whatever your widget is that you make in your business or the service that you provide, if you’re not ready or willing to make the leap from an entrepreneur who’s working on their own business to an entrepreneur who’s going to support others in their journey, then a franchise is a horrible idea for you.”
Paperwork and additional cost are a necessity in franchising – Kevin: “We have a bunch of legal documents that have to be presented every year. Those legal documents cost money. So if you’re somebody who doesn’t feel comfortable around complex legal matters or you don’t want to sign up for the additional costs, those are things that you should also consider.”