Justin Howe of H-Tea-O allows us to follow him through the process of franchising his business. This will be the first episode of that series. He discusses his journey in franchising; his successes and challenges in franchising.
Justin Howe Intro
Get to know Justin Howe
Topic Segment ? Franchising H-Tea-O Part 1
TOPICS DISCUSSED IN THIS EPISODE:
Texas Tea – the birth of the concept
Proving the concept
Supply chain challenges
Creating a solid infrastructure
Putting together the perfect team
Becoming a franchisee in order to be the best franchisor
No Item 19 challenge
Real estate is one of the most important elements
Establishing a solid franchisee training program
Nancy Friedman shares her experiences as a franchisor and what she believes were the reasons for its ultimate failure. This is going to be a really good episode because we always hear about people telling us how they succeeded, but rarely do we get to hear from the other side of that coin. The episode is filled with great “take-aways” and is a must-listen for any emerging franchisor.
Segment 1 – 02:54
Get to know Nancy Friedman
BONUS: – 27:21
Free gift for listeners
Segment 2 – 28:33
Topic Segment – “Franchising Failure” A Case Study
Segment 3 – 50:00
In this episode, Nancy discusses the five steps to ultimately fail in franchising.
Proper vetting of prospective franchisees is key. Do your due diligence. Trust but verify
Make sure you have the proper infrastructure in place before you begin the journey down the road of franchising. You can’t do everything all by yourself.
As a training document, a reference document, a master document for the system standards, as a sales tool, have your franchise operations manual in place. As a successful Startup “we” make it look easy. It’s not.
Steps 4 and 5:
Don’t be too hot for the deal. Speed is not success. Have a growth plan in place. When you grant a new franchise, ensure that it fits into your well thought-out plan. A shotgun approach may have worked for some companies, but it doesn’t mean that it’s the easiest, most efficient, or best method of expansion. Franchising isn’t for everyone.