← Unemployable with Jeff Dudan
Unemployable with Jeff Dudan
The Franchise Growth Strategy You Should Know | Franchise Fridays with Jeff Dudan #199
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Jeff Duden
Hey everybody, Jeff Duden here and welcome back to Franchise Fridays. When many people think about success in franchising, they often think about iconic brands. McDonald's, Papa John's, opening thousands of locations. When you are inside the franchise industry and focused on franchisee success, you immediately realize that within those thousands and thousands of locations are embedded a number of franchisees who have acquired and operate dozens or even hundreds of those locations. In these success stories of franchisee operators are not exclusive to any single category because they exist in food, fitness hotels and yes, even in property services where a single franchisee or an operating group assembles 10 or even hundreds of millions of dollars of revenue inside of a franchise brand platform. In fact, according to Fran data, multi unit franchisees control over 54% of all franchise locations in the U.S. that means the pros, the ones building real wealth, aren't stopping at one unit, they're stacking their success. So today we're pulling back the curtain on how to go from your first franchise location to building a real empire. Something that generates freedom, financial strength and lasting legacy at a high level. We'll talk through the playbook, including your mindset systems and smart decisions that will help you grow without guessing and right sizing your risk. So let's roll. Here's the truth. You don't grow into an empire mindset. You begin with one regression analysis. Beginning with a clear end state and working backwards to determine next steps is a hallmark of successful entrepreneurs. Every business has a dollars per whether that's a dollars per person, dollars per subscriber, and in franchising, a dollar per unit territory or franchise location. Until you can clearly articulate what you are building in great detail, you will not be able to get all the stakeholders on board to help you. And these stakeholders might look like operating partners or lenders, like banks or managers, directors, employees or subcontractors, and yes, especially the franchisor who is your most important partner in your success. When somebody buys their first franchise, they often think I'm buying a business. But the real players think I'm buying into a platform that provides a model that I can scale. At Homefront brands, the decisions we make are all firmly set against the thesis that people will want to build a powerful business. Within our multi brand property services platform. We specialize in essential services, businesses that solve real problems people pay for in good times and in bad. Because we provide services where we live and where we work. Whether it's fencing, roofing, exterior building, cleaning, kitchens, bath closets or even commercial high end containment. While projects are underway. These are categories where demand will never stop. And we provide and continually update centralized systems so that we win together and continuously improve based on real time data. Bottom line, the earlier you think about scale and make decisions against it, the faster you will get there. All right, number two, let's not sugarcoat it. You've got to crush the first location. In fact, two of the most successful sandwich chains, both Jimmy John's and Jersey Mike's, had a very strict policy to only award a single franchise location to a new franchisee and you had to crush it. And if you were not successful by every measure that they defined you, you would never get a second location. There is an absolute in life that I believe you must, I repeat, you must succeed in the opportunity you are currently in to get access to the next opportunity. That's what unlocks it. First things first. Second things never. Unless you crush the first one. This is a statement of focus, of discipline, of learning to be a business athlete and operate your franchise business down to the finest details to achieve all optimum performance. Success is a habit. And if you crush the first one, you are set up to start building an empire. Your first unit, it's your lab, it's where you sharpen your leadership. You embrace the systems and you manage performance. And at Homefront brands we wrap serious support around that first launch. We like to say if it starts well, it'll go well. And starting well is incredibly important. And the launch of any business at the outset needs to be executed with focus and intensity. Follow the plan. No genius attacks, nothing is neutral. And if you are not moving the ball forward towards consistency and excellence, then it's moving backwards. Look, businesses are just people in math. And your style in implementing a proven franchise model becomes your playbook for the second and third and fourth and beyond. This is how we do it. When you're ready, your franchisor will be there with strategy and solutions so that you can scale. Because that's what we all want as franchisors. Third thing, let's say you have put in the work, learning the game and now you have your second or third location humming. Now you need to change your mind to start thinking portfolio. Here is the opportunity that you've created. You get to sit down and recast your vision and for yourself, your business, everybody in your in your universe for your empire. Your list of halves include cash flow, a two year operating history which now provides you access to growth capital, you have a team who is experienced in operating the brand and you have learned the ins and outs of operating within a franchise platform. So now it's time for you to get acquisitive. I did not say inquisitive, though that might not be a bad thing. But now you're playing Monopoly in terms of understanding where you want to grow and how you want to invest. Franchise platform business builders understand that they are building a transferable asset either to a new buyer who wants to add your business portfolio to theirs or transferable as a cash producing asset to future generations. Either way, you have climbed that first hill. You now have created options for yourself to look out on the horizon and design the tapestry of business assets that will resource your life and create incredible experiences that you might not have had otherwise enjoyed. Yes, it's hard work and any level of success is never guaranteed, but this is the puzzle that people solve every day if it's important to them and they are willing to commit. At Homefront Brands, this is why we have built what we have built and owners are building their future in just this way today and every day on the home front. All right, thanks for listening. Here are your takeaways. Begin with the end in mind. Know that you are putting the first block in the foundation of your future and treat it with the utmost respect and importance. Number two, dominate your first location. Drink it up, focus on it and crush it. You must win your current opportunity before you will be awarded the next one. So focus with intense intensity and never ever quit. This business is not fatal and it won't kill you. You just can't give up. And once you have proven yourself, get acquisitive. Look for opportunities to expand your portfolio. Set your course, organize your assets, your team. Be ready for when the opportunity comes up and have the courage to build something great. At Homefront Brands, we're not just helping people open a business, we're helping them build an empire they can be proud of and that will serve for many generations to come. So if you are ready to stop playing small, go to homefrontbranch. Com, Download Discernment the Business Athletes Regimen for a Great Life through Better Decisions. Give it a read and then let's talk about how to make you unemployable in the best way possible. See you next Friday. Thanks for listening.