In this episode, we look at the basics of franchising with FranNet’s Ben Terrill. We discuss the types of businesses that can be setup via franchising, the pros and cons of the model vs. setting up a traditional business and how the economics work. We also talk about how starting a franchise can fit into a traditional financial plan.
- 04:09 – The changing nature of work
- 09:48 – The types of businesses that can be franchised
- 12:30 – How the Franchise model works
- 18:13 – Owner operator vs. semi-absentee franchises
- 23:25 – The pros and cons of the franchise model vs. a traditional business
- 29:14 – The upfront costs of franchising
- 34:26 – The payback period of franchises
- 37:49 – The marketing of franchise businesses
- 40:41 – The failure rates of franchises vs. traditional businesses
- 42:33 – Thinking about franchises from a financial planning perspective
- 48:06 – The ROBS program
