In this episode of Confessions From the Home Office, I'm talking with my friend of over 15 years, Doug Stout. He is based in Greenville, South Carolina, and helps people explore franchise ownership opportunities at no cost to them. He entered the franchise industry after being laid off twice in 18 months at age 35, discovering that franchising extended far beyond just food services.
Currently, Doug and his wife own freecoat Nails, an organic nail salon franchise. They operate it semi-absentee, spending about 15 hours per week managing their manager who runs day-to-day operations. The business has grown significantly over two and a half years, now employing 17 people!
A common misconception Doug encounters is that franchise owners need expertise in their chosen industry. He emphasizes that franchisors provide comprehensive training and support - citing examples like McDonald's owners rarely being in stores and an investment banker he placed in a windshield repair franchise. The key is being a good business owner and believing in the product/service.
The franchise exploration process typically takes 3-4 months, including weekly meetings, franchisor discussions, and funding arrangements. Doug can gauge potential franchisee success by their commitment to following the process, consistent attendance at meetings and completing assignments indicates business owner readiness.
Current franchise industry trends show continued strength in home services, while health and wellness sectors are experiencing significant growth. The industry has evolved to include about 6,000 franchisors across 200 different business categories.
Doug's key advice for new franchisees: "Breathe." The first 18 months can be anxiety-inducing while learning something completely new. He notes that franchise systems offer strong support networks, with franchisees helping each other succeed unlike traditional corporate environments.
Contact Information:
- Company: The Perfect Franchise
- Phone: 864-346-5277
- Email: doug@theperfectfranchise.com
- Also available on LinkedIn (search Doug Stout)
Wendi Hill can be reached at wendi@wendihill.com or 864.363.2000.
#podcast #dougstout #wendihill #ConfessionsFromTheHomeOffice #marketingpodcast
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