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CATEGORIES: Business, Franchising
Whether you're new to franchising or running a successful business, you may still need guidance on your next steps. Who do you ask for advice when you're in that situation?
For the last few episodes, Erik and his business partner, Jeff Herr from Front Street Equity Partners, have been offering valuable advice on how to succeed in franchising.
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In this week's conversation, they discuss the challenges and strategies for franchisors and franchisees in opening and developing territories. They emphasize the importance of finding the right balance between growth and loss mitigation and the need for strategic planning and protecting the brand.
They also highlight the significance of territory size, market strength, and scale in achieving success. Additionally, they provide actionable advice, such as seeking free help and advice from experienced individuals in the industry and attending conferences to network and learn from others.
If you need a franchising blueprint or solid advice, today's episode is exactly what you need!
“If you're in a franchise system, both the franchisor and the franchisee have to pay homage to the brand. The stronger the brand, the more valuable the brand is for both parties and collectively. It's incredibly important.” - Jeff Herr
In This Episode:
- How do franchisors get more franchisees open vs. franchisees sold or territories sold?
- The importance of territory size: Does a bigger territory equate to higher profitability?
- How does your funding plan look? Finding the right balance between growth and loss mitigation
- The impact of territory proximity on profitability: Strategic planning
- The challenges of exclusive territories
- Questions franchisees and franchisors must ask themselves to determine the right growth strategy
- How to get free help and advice for franchising success
Resources:
🌐 Consult with Erik: https://form.jotform.com/222685728939070
🌐 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
🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/
🌐 Front Street Equity Partners - https://www.frontstreetep.com/
🌐 Tribe of Investors - https://tribeofinvestors.com/
Connect with Jeff Herr:
🌐 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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