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5 lessons for would be franchise owners

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    Kate Rogers with successful franchise owners' secrets to get to the top

  • Duration 5:25
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Wanna do our small business update -- Foxbusiness.com.

You just wrote an article let's pull it up.

Lessons for wanna be franchise owners and -- talk about this we made a great full screen showing you know.

Some of the biggest franchises.

In the US and we go to some some of these everything on daily -- -- came in at number ten Pizza -- number -- McDonald's is number six.

Some came in number two and number one Hampton hotels.

So that's -- list of some of the really big franchises.

Across the US and you just spent the weekend talking to some smaller franchises what did you find out.

So I went to the international franchise expo -- -- -- the Javits Center starting last Friday and have franchises from all over the world.

All all there -- -- and talking about.

Getting into the business sell I have some of these franchise or is what some of the things that they wish they knew before they got -- -- okay said there's tons of things to think about them whether you're an existing business owners thinking about franchising out or whether you are an independent entrepreneur who -- -- purchase franchise -- you franchise out.

While you have potential to make a lot of money for your business -- appeared as successful standalone business you can definitely get into franchising and start.

You know hiring people and having -- open up versions of your business -- around the country around the -- so the first -- I spoke -- -- was from the beef jerky -- And he was telling me they've been in business for twelve years man twelve franchise across the country and I think don't expect to know everything on day one.

He said one of his biggest -- -- was that financing is really hard to secure for the franchisees.

So.

You know franchise or you wanna help out those people who are going to be opening up your business all across the country around the globe and so he said it.

He wanted to help them out but he -- a business owner wasn't prepared to.

When money out back.

So that's one lesson for people considering getting into this -- our next question is to be selected I really like this -- us from you know -- And they have over 700 franchises in 64 countries well -- big Blockbuster franchise.

And he was saying to what do they do kind of businesses to travel business travel in the -- Still he was saying to me that he awards people his franchise and he's very selective in his interview process.

And he -- sure that he's picking the right people so.

He -- Try to make a fast Sally and just give anybody that franchise is if you award someone your franchise it.

So that it better -- are treated better and this idea that they'll work for you -- where they do everything for them because a lot of people like -- because it gives you use some structure around your business is you have.

Mentors eternity have the headquarters to turn to.

But he's saying Wallace he would be there for his franchisees.

He still -- them to kind of act independent.

Affect so our next -- and was again to.

-- that the -- slow and selective in this -- from bone heads which is a new drink I don't ten billion and then I don't be a bond payment Intel so he's saying that if you think the right people to be your franchisees that's a win win for your entire visit to his.

If they're successful -- only adds to your Six -- which is really important to consider -- remember.

Our next lesson was from troop -- -- they -- All of these different not fast food restaurant -- one of them being ranch once I spoke with carrier to -- -- he's been in the business for 31 years.

He's a franchise developers so if you'd agree -- person that -- business that you wanted to open up he would work with you to.

About the franchise around that idea -- -- so he says people looking to get into the franchising business do a lot of soul searching.

Make sure you understand that just because you like to cook doesn't mean you need to open -- restaurant is you're not going to be of one cooking you're going to be running -- -- -- -- ahead yeah so he said he need to you willing to work.

On the business and not in the days.

But yes I think -- you look at a piece of advice -- yes definitely and then our last comments from fast signs and they're also pretty big franchise and very successful.

They -- to get a third opinion.

So third party opinion this is for people were looking to purchase a franchise and -- open their own business.

He was saying that you can get raided by third parties source is and that.

You should ask for that information here a potential franchisee you want to make sure that that business ideas viable at they're actually bringing in mind.

-- -- just -- you like the idea doesn't necessarily profit of -- -- right to do your -- and happier -- we're absolutely and I franchising across America is huge huge industry eighteen million jobs are directly or indirectly created with franchising.

Two trillion dollar economic output so you really.

Yeah oh absolutely is absolutely huge there's so many people and your first time I have first time going to yeah you go again I'll actually weren't even next year he had any colorful characters that you met while average franchise -- acts what I -- was -- interesting there's tons of these frozen yogurt brand yeah I'm here which are so popular in the city and they all saturated that market -- -- You -- I mean -- seems to be knew that I had never even heard of before and they all had these little.

Frozen yogurt stands set up in the in the acts so they -- -- young people -- at night out.

-- -- -- -- Paper interview with foxbusiness.com.

Let's put your article to a more information go to the website five lessons for would be -- needs and -- -- and I otherwise.

I couldn't -- now and I just want.

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