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FranX | Mistakes To Avoid When Franchising Your Business
Learn to create a viable business and find franchising success in this episode of FranX.
Expanding your business through franchising may be your dream, but getting there requires extensive planning, resources and adaptability.
Mainland* CEO Nick Powills and franchise lawyer Charles N. Internicola discuss common franchising mistakes and five areas of opportunity for early-stage franchises to consider:
- Trust, but verify. When discussing with consultants, ask for references and evidence to support their claims.
- Have a five-year business plan. Don’t just rely on brokers or luck.
- Come to the table properly capitalized. Plan to have half a million dollars to start franchising your business.
- Show that you have a culture that will drive margin for your franchisees. Invest in providing a culture of support.
- Have a business model that works. Growth isn’t possible if the business doesn’t bring in revenue.
Watch this episode of FranX to learn more.
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About the Author
Nick Powills
FollowNick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
