Build Wealth, Not Just a Business: 5 Hidden Franchise Benefits

Think you know all there is to know about franchising? Think again. 

This episode of the Franchise Freedom Podcast is flipping the script on conventional franchise wisdom. We're not just regurgitating the same old benefits you've heard a thousand times. Instead, we're pulling back the curtain on the *real* advantages – the kind that makes you go, "Wait, I didn't know THAT was a thing!"

Get ready to uncover:

• The hidden power of the franchise community – it's like having a built-in support system and mastermind group all in one.
• The shocking truth about how franchises are actually *awarded* (not bought!) – this one's a game-changer.
• The insider scoop on franchise resales – because sometimes the best opportunities are pre-loved.
• The surprising diversity within franchise industries – who knew there were so many ways to be your own boss?
• The mind-boggling number of franchise opportunities out there – your perfect match is waiting.

Plus, Giuseppe's dropping some serious knowledge on 'brand stacking' – it's like building your own franchise dream team, but way cooler. He's also answering YOUR burning franchising questions, so get ready for those lightbulb moments. 💡

Hit play and let's get started!

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The Franchise Freedom: Discover Your New Path to Freedom Through Franchise Ownership, Book by Giuseppe Grammatico https://ggthefranchiseguide.com/book or purchase directly on Amazon.

Transcript

0:01

Welcome to the Franchise Freedom Podcast, where you can escape the corporate trap through franchise ownership. Here's your host, Giuseppe Grammatico, The Franchise Guide. Welcome to the Franchise Freedom Podcast. I'm your host, Giuseppe Grammatico, your franchise guide. We have a very exciting show for you today and it's titled the top five benefits of owning a franchise that you did not know about. So we obviously we know the benefits of owning a franchise the support, that value proposition, the systems that are in place, the manuals just the, all the support and services that are being offered and what we call an unfair advantage. In my book franchise freedom but I wanted to dive a little bit deep on a more of the You know the ones you didn't know about or maybe not as commonly known in the business. So the first one and I think this is one of the most important is that there is huge value in the community what do I mean by community? With the franchise system you're going to be working with other Franchisees across the country some maybe in many cases internationally You And you're working with other franchisees that have different business experience different backgrounds many of them, maybe they are starting that franchise is their first business and others have a portfolio of brands that they own, but everyone's bringing a different skill set and experience. To the table. I see that as a huge plus as I did with our past franchise, because you started talking to people saying in our industry, we would do X, Y, and Z different angles of marketing, different angles of sales and the process and things like that. So not saying to change the entire process of the franchise, but if there was a way to tweak the systems a little bit or make certain changes you got to really use kind of best practices. In closing sales and customer retention customer service and various other areas So the community is super important. I did a show with lucas root A while ago, we talked about the the power of having that community and it just brought up that idea. And that was the reason for this this first one is that, get close with the other franchise owners and learn from their experiences, work together, maybe team up on, on job team, up on a marketing campaign that community is really big. And what you'll see is a lot of franchise companies will have an annual in person conference that I highly recommend going to and meeting the founder, CEO, other franchise owners in, in that same system and really learning from one another. The second is franchises are not awarded. I'm sorry, they are awarded. So franchises are awarded, not awarded. purchased. And what I mean by that is that a franchise company has a an avatar, who their ideal franchise franchisee looks like as far as their skill sets. It could be, someone that has maybe a sales skill set. Some of that's extroverted because there's a lot of interaction with customers and going out and doing sales. In other cases, it may be financials, right? You need to have so much liquidity, so much in net worth. In other cases, it may be full time versus part time. There are brands that do require you to be full time in the business, whereas other brands will allow you to be part time day one. The awarding process is a process where every conversation they're looking for that match, just like you're looking for the match with the franchise or so two, two way interview process as I call it. And that match is key because they want to set you up for success. They want to make sure. The matches there they want you to be successful but at the same time, if something is missing it, as far as a particular skill set that should be brought up in conversation sooner than later to figure out, okay, if it is sales. Are you willing to hire a sales manager day one in order to take on the various sales efforts? Let's see. Number three, most of the franchise sales I've seen have been from other franchisees in the system. This is a big one. So when talking with people and when I bought my first franchise, the question I had was how do I sell this business? And that should definitely be a question in the process. You want to be very clear number one, how do you sell it? What are the cost involves and what are the potential multiples? Because that's also how you measure your return in the business. It's not just what you're making day to day, but it's on the resale value. And in many cases, franchisees are going to their neighboring franchisees and saying, Hey, I'm looking to retire or because of X, Y, and Z. I need to sell the business. Would you be interested? And in doing that much, seamless process there's going to be some costs much less than selling to another party. The other franchise owners already in the system doesn't have to go through necessarily the due diligence on the brand, although they are doing due diligence on the financials, they can step in much sooner, pick up where you're left off and run with the business. That's something that. I found out later on with the business and, in many cases you may not have a neighbor or that neighbor may be three, four hours away. That's okay. There are other ways where the franchisor may be able to assist, may utilize a business broker to help with the transaction. But I'm seeing a lot more where franchisees are buying from from one another just helps with costs and the process and training and things like that. Every franchise is different when it comes to the service offering. So what, one thing I advise people on is if you're looking at the cleaning space or the space of lawn care irrigation systems, a mosquito spraying, those are industries which is the correct way to view it. But on in the franchise world, each brand will be completely or could be completely different than the next. So you could have a mosquito spraying brand that may require you to be full time and spray on a daily basis before hiring your technician, where the marketing is simply assets that have been created for you so that you can deploy that on social media versus another brand in the exact same space that will allow you to be semi absentee where you're never spraying any of the chemical. You're hiring technicians for an hourly wait wage, possibly to get started. And then you're off to the races. You're utilizing turnkey marketing that gets funneled to a call center. So two of the exact same services, the customer doesn't really know the difference. Internally, right? Because they're just getting their, the yard spray for mosquitoes, but from a, operation standpoint, from a role standpoint much, much different. And that's part of where we help, where we may show one brand in the home service space. That's a good fit where, as others are not a good fit, simply because The roles are going to be different and the requirements. Don't, just look at industry specific, look at, okay, this is an industry. I like what are the brands that are available to allow me to be part time and not be, actually doing the actual work itself, the roofing, the mosquito spraying the lawn care and things like that. But really utilizing the system and overseeing the entire process. And then lastly, there's just about, if you can think of a business, there's a franchise there's over, I would say 4, 000 franchises in the U. S. alone in 70 plus industries. The reason I bring this one up as number five is that. Simply because there are a lot of brands out there. Most people think it's all fast food, which is, it's definitely not the case. It just happens to be, there's a lot of fast food brands, big signage. You see them off on the highway location, whereas a lot of other. Companies don't need to be on a main street because their efforts are more, digital marketing spend. So maybe they are located in an industrial park class B or class C building where they don't need the exposure of the signage, but they're really relying on the marketing. So if you could think of the business, there's really a franchise and part of, number five here also is that when looking at brands, you can add additional brands. To really compliment one another and avoid, obviously any competition or overlap. So it could be a brand that, we go back to the to the mosquito spraying as a franchise in and of itself, where you're building a relationship with the the homeowner you're giving the homeowner their backyard back, what else can we. Add to that business. And if you're dealing with a parent company that offers multiple home services, it may be one where you go in and say, okay we're, taking care of the outside. Can we offer you irrigation maintenance and repair? Can we offer you lawn care? Whether it be cutting lawn fertilization and things like that. And 24 hour or I should say 24 hour, seven day a week. So all year round pest control. So it may not be offered directly in that franchise, but you are able to really what we call brand stack and add complimentary brands. that are not competing, that are not overlapping with one another and really helping the homeowner one vendor one phone call, one invoice to handle basically all the services. Community is big just to recap. So community is number one, franchises are awarded, not purchased. Most of the franchise resales and purchases are happening within franchise owners. Every franchise is different. So when you look at industries, the brands within those industries can vary based off of role and, the support you're getting. And if you can think of a business, there's 4,000 franchise companies in just about every industry. And a lot of individuals are brand stacking and adding complimentary brands. So thought this was a, an interesting episode. It covered about two or three questions we received over the last couple of weeks. Let me know if you have any questions. If we didn't cover a topic that you'd covered, let us know. And that'll be a potential future episode. Thanks again for joining. If you think of someone that could benefit from this show, please share that with with that individual and looking forward to your feedback, take care. If you want to learn how to make the transition from corporate to owning your franchise, join Giuseppe on the next episode. You can also follow on all social media platforms and achieve financial and time freedom today.