When starting a Small Business, there’s a few different ways to go. You can start from scratch on your own, work with a partner to create something new, buy an existing business or purchase a franchise.
We’ve talked about the first 3 many times on the show, but not much about buying a franchise, or franchising your own business. Today we’re going to get educated in the franchise business model by Nick D’Agnillo of Nexus Property Management.
Join your hosts Dave Hamilton and Shannon Jean to learn how Nick gained experience as a Real Estate investor to start Nexus Property Management, with a plan to create a business he could franchise. You’ll learn how to get startup information from your future competitors, why up-front and transparent pricing can be a competitive advantage and just how many hurdles are in front of you if you are considering franchising your Small Business.
You’ll also learn the steps required to turn your business into a franchise – from hiring a consultant to analyze your business, to the detailed Franchise Disclosure Document. Nick also shares what costs you will incur and how much money you need to set aside to complete the franchising process.
Listen in for all this and much more, then visit us at the Small Business Support Group to join the discussion and share your own franchising experiences.
- 00:00:00 Small Business Show #207 for Wednesday, January 23, 2019
- 00:01:19 Today’s Guest: Nick D’Agnillo from Nexus Property Management on Franchising
- 00:04:07 Get the secrets from your future competitors… Just Ask!
- 00:05:45 Franchising Plan from Day One
- 00:07:36 The Dreaded FDD
- 00:09:58 The price of starting a Franchising business
- 00:11:30 Is your business franchisable to begin with?
- 00:13:13 What makes a successful franchisee?
- 00:15:29 SPONSOR: Abby Connect. Get $95 off your first bill at AbbyConnect.com/sbs or calling 833-ABBY-WOW
- 00:17:29 SPONSOR: ExpressVPN – Take back your Internet privacy TODAY and find out how you can get 3 months free, go to ExpressVPN.com/SBS.
- 00:20:00 Price Transparency
- 00:21:51 What are Rent4U and Nvest?
- 00:26:37 Nexus’s Property Investment Calculator
- 00:30:00 Mistake: Hiring for Skills not Attitude
- 00:33:03 “No, that would be doing a disservice to all of my clients.”
- 00:34:32 SBS 207 Outtro