#012 - How to Buy a Franchise: An Exploration in the Paths to Franchise Ownership w/ Jane Stein

Jane Stein is a franchise consultant whose company, “Your Franchise is Waiting”, provides support and services for women looking to buy a franchise. Franchise ownership can take many forms, so this week Erin and Jane discuss different models of franchise ownership:

 

1.  Owner-operator of a single unit
2.  Multi-unit ownership
3.  Semi-absentee ownership
4.  Buying an existing franchise
5.  Area developer
6.  Master Franchise

 

As you listen, think about which model looks most like the pathway you envision for yourself.

What We Cover

 

* Introducing Jane Stein

* Owner-operator vs. semi-absentee franchise ownership

* Building an empire through multi-unit franchise ownership

* Low-risk business opportunities good for first-time franchise owners

* Weighing the pros and cons of investing in a trendy business model

* How to buy a pre-established franchise location

* How to determine whether a brand is franchisee-friendly

* Area developer opportunities and ideal candidates for those roles

* Master franchise opportunities

Resources We Mention

 * Your Franchise is Waiting

 * Email Jane

 * Jane’s LinkedIn

 * Zoracle Psychometric Assessment

 * Budget Blinds

 * The Dwyer Group

 * Coyote Ugly

Get Inspired by Jane

 * “My idea was to differentiate. I was going to get into this business and raise the bar. I’m going to provide an entirely new level of services that people aren’t getting elsewhere.”

 * “Underlying most people’s fascination with and desire to own their own business is a very emotional decision.”

 * “The difference [of owning your own business]? You love it and it’s yours. It’s exciting. You’re building something and it’s important to you. It just feels different.”

 * “Once you get up over 3 locations of a brand, that’s when the magic happens in terms of higher margins, you can manage your staffing more easily, you can move your inventory where it needs to be.”

What Do You Think?

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