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CATEGORIES: Business, Franchising
Have you ever visited a store and cannot find your desired product? What do you do? Do you settle for the next best thing? Not for this mom. When Magen Bynum began looking for alternatives for her daughter's sensitive skin, she discovered that most soaps are closer to detergents than traditional soaps. That's when Magen decided to make it her mission to create and provide products with natural alternatives that are not harmful to the skin.
Magen is the founder and CEO of Magnolia Soap and Bath Co. As an emerging brand with an experienced-based retail concept, Magnolia Soap is looking forward to disrupting the industry with its aggressive margins, highly remarkable customer experience, and leadership-driven culture of assisting business owners to succeed. This culture of leadership has organically attracted every franchisee currently in Magen's system. With 26 open brick-and-mortar locations, 13 different franchisees, and ten corporate stores, Magnolia Soap is eager to expand and grow strategically.
Join Erik and Magen as they discuss what it takes to pursue your entrepreneurial dreams and start a business, even in a small town. They talk about Magen's journey to becoming a franchisor and the ups and downs of that journey while getting a good laugh throughout the conversation. Erik also shared a fun fact about his name, which he had never told anyone. So be among the first to know!
“We always overcame all those hard struggles just one day at a time.” - Magen Bynum
In This Episode:
- Who is Magen Bynum, and where did she get her entrepreneurial drive?
- When did Magen have her first business idea, and what did she do about it?
- Lessons learned from working in a car dealership
- How Magen continued her entrepreneurial pursuit by venturing into the salon business
- How does a good franchise founder think before they even become the founder of a brand?
- What was it like starting the first Magnolia Soap and Bath Co. branch?
- What do you do when you only have 37 cents left in your business bank account?
- When did the thought of opening the second branch come, and what was it like?
- At what point did Magen venture into franchising?
- How many franchises has Megan sold so far?
And more!
Resources:
- Learn more about Erik’s franchisee mastermind here - www.franchisetribe.com
- Learn more about Erik’s franchisor mastermind here - www.franchisortribe.com
- Learn more about Erik’s passive investing mastermind here - www.tribeofinvestors.com
- Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
- Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
- Franchise Secrets FB Group - https://web.facebook.com/groups/franchisesecretsfb
- Front Street Equity Partners - https://www.FrontStreetEP.com/
- Need help getting proven tactics and strategies to scale your business? Connect with Erik here - https://scalablefranchise.com/
- How Does a Store in a Town of Less Than 7K Population Do Over $700K+ in Sales? With Magen Bynum - https://franchisesecrets.com/podcast/how-does-a-store-in-a-town-of-less-than-7k-population-do-over-700k-every-year-in-sales-%F0%9F%A4%AF/
Connect with Magen Bynum:
- Website
Connect with Erik Van Horn:
- Website
- YouTube
- Medium
Erik Van Horn is a franchising specialist, and expert in multi-unit, semi-absentee franchise business ownership. From entrepreneur to regional developer, and investor to consultant, Erik has worn many hats over the last two decades, which has provided him unique insight into complex aspects of the industry. If you're a franchisee, a franchisor, or one aspiring to be, subscribe to the Franchise Secrets channel and visit www.FranchiseSecrets.com for even more tactical and practical tools to help you buy, grow, and sell franchises like an expert.
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