Entrepreneur Success # Franchising
Think Different #
The Start: When you come up with a rule breaking business model you have to be ready for smear campaigns from other participants in the industry: “They’ll go broke within 3 months”, “They don’t give service because they cut the price”. There was lots of misinformation going around. They ignored their critics and just went on doing the activity. When they sold a house, they would put up signs and made sure they harvested testimonials.
The Growth: 50 offices opened within 5 years
The Future: The GoGecko Franchise has been affected by the economic downturn and the lower volumes of property sold throughout Australia. New management has moved in to bring in new expertise and take the company to the next level.
Things to think about in the Franchising start-up phase: Are going to be a brand or system franchise or both (like McDonalds)?
Are you going to go down the Master Franchise route? Think about how much control you want to give away.
How many corporate offices are you going to have? Usually perform at a lower level than franchised offices, but it keeps you in touch with the market and keeps cash flow coming in.
Have you proven the model? You cannot go out with just a concept. Select first franchisees carefully- They’ll be your advocates.
Outsource the recruitment process as soon as you can- Founder has passion and energy to kick off the selling process but needs to handover as soon
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