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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.
Create your free FranX profile here.
Subscribe to the FranX YouTube channel.
Join the Franchise Growth Mastermind community.
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.
Create your free FranX profile here.
Subscribe to the FranX YouTube channel.
Join the Franchise Growth Mastermind community.
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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.
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