DESCRIPTION:
John Hayes, the host of Franchise Hot Seat, interviews Bill Edwards, a specialist in international franchise development. Edwards discusses the current international franchising environment, highlighting the influence of political sensitivities and tariffs. He underscores the necessity for franchises to be profitable domestically before contemplating overseas expansion, warning that international market entry requires substantial time, financial resources, and senior management commitment. Edwards details the process of identifying and qualifying licensees in foreign countries, the importance of robust training and support systems, and the various associated costs. He also emphasizes the need to select the right markets and comprehend each country's specific franchise laws and cultural nuances. Edwards identifies Saudi Arabia, Spain, and Japan as promising markets and stresses the importance of having an English-speaking team. He concludes that successful international franchising necessitates long-term commitment and proactive planning.
- With Bill Edwards
TIMESTAMPS (Use ChatGPT on Transcript):
00:00 – Intro
00:14 – How Franchising Is Doing Around the World
00:59 – Problems and Changes in Different Countries
03:42 – Are You Ready to Go Global?
05:16 – What to Think About Before Going Global
10:07 – Picking the Right Countries
10:24 – Money and Shipping Plans
16:51 – Finding People to Run Your Brand in Other Countries
20:17 – Big Problems When Going International
20:56 – Why You Need Passion and a Good Team
21:31 – What Master Franchisees Do
22:24 – Growing with Multiple Locations
23:19 – How Often People Succeed or Struggle
29:34 – Planning Ahead vs. Playing Catch-Up
31:34 – Franchising in Saudi Arabia
34:04 – Big Tips for Growing Internationally
37:28 – Conclusion
LINKS:
WEBSITE: http://franchisehotseats.com/
LinkedIn: https://www.linkedin.com/in/drjohnhayes/
Twitter: https://twitter.com/drjohnhayes
YouTube: https://www.youtube.com/c/Howtobuyafranchise
Instagram: https://www.instagram.com/hayesjph/
TikTok: https://www.tiktok.com/@johnphayesfranchise
Pinterest: https://www.pinterest.com/DrJohnHayes/
Facebook: https://www.facebook.com/franchisehotseatpodcast
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