If you want to start your own business, franchising can be a viable alternative. With franchising, you're getting an established business framework, systems, and processes plus ongoing guidance. And, if you are a business owner who wants to scale fast with minimal to no capital outlay, then you can welcome franchisees into your business. But you have to understand that being a franchisor is very different from being an entrepreneur.

Whichever side you may be on right now, there's a lot you can learn from this conversation between Bob and franchising expert Erik Van Horn. With over 20 years of experience, Erik shares some of the secrets he used to build 6 brands in 30 locations and help 1,000 people achieve their success in franchising.

“I'd rather be in a killer market that's out of state where I can travel to vs. being in a weaker market that's in my backyard.”

- Erik Van Horn

In This Episode:

0:00 Meet franchising expert Erik Van Horn

6:17 What Erik shifted his focus from real estate investing to franchising

10:12 What you should look for when considering a franchise

13:11 Benefits of the fitness franchise concept

16:15 Erik's recommendations for growing franchise businesses

19:40 Analyzing franchise markets

21:33 How franchisors should think about their exit strategy

23:57 What to look for when evaluating brands for franchising opportunities

28:17 The different stages of franchising (and the risks involved)

33:50 Can you effectively perform the role of the franchisor and entrepreneur (or should you focus on just one)

36:20 How to provide the best support to your franchisees

40:35 Erik's BIG advice for those who want to learn about franchising and business in general

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