While the COVID-19 pandemic has impacted so many businesses around the country, now might be the perfect time to actually expand. With franchises hurting and possibly looking to get out, those thinking long-term have access to more affordable avenues of business expansion right now.
On this episode of the Franchise Secrets podcast, Erik is joined by Todd Bains, the owner of several Massage Envy and Sports Clips franchises. Erik talks to Todd about his recent expansion, including buying seven more locations.
Todd’s franchise portfolio (0:55)
Todd explains what franchises and businesses he currently has
Why Todd is expanding business during a pandemic (2:45)
Todd is about to open seven more SportsClips franchises. He tells Erik why he’s expanding during the middle of the coronavirus pandemic.
Legacy franchising (6:43)
Erik has noticed a lot of people want to start a franchise for legacy purposes, to pass down to their children. Todd talks about his son’s journey through the family businesses to the point where he started his own business.
Business expansion in a pandemic (13:55)
Todd explains the reasoning for his desire to expand during the pandemic, including what the potential long-term growth process is.
Buying a Massage Envy right now (15:00)
Erik asks Todd how easy it is to buy a Massage Envy franchise during the pandemic. They talk about the risks and difficulties of buying existing franchise locations during the pandemic.
Why Todd is comfortable with business expansion in a pandemic (16:45)
Many people would stay away from expanding during these uncertain times. Todd explains to Erik why he’s doing it and they talk about why that makes sense.
Increasing your pricing (18:26)
Erik and Todd break down why increasing your pricing is necessary and why they believe some owners are hesitant to do it. Erik shares some of his experience with price increases and how he was able to do it.
Value of outside help (23:40)
Todd had his managers take a sales training course with Orange Theory’s Ryan Casey. Todd talks about how the process went and what the end results were for his businesses.
Heading into the new year (31:00)
Todd talks about his goals for 2021 and how he’s handled the pandemic thus far.