Unlock the Secrets of Business Franchising with Janice Charles, co-founder of Franchise Succeed

6 takeaways Janice shares from this episode of the Close The Deal. Com Podcast (Your First Franchise  special edition): 

1. Her father's influence growing up around franchising - a way of life with 13 McDonalds franchises
2. The pitfalls to avoid falling into
3. The steps to begin franchising
4. An overview of the FDD and operations manual
5. Two aspects of marketing the business
6. Guidance to get going



This episode is brought to you by YourFirstFranchise.Com

Considering franchising your business,  contact Ewell Smith

Audio -  Close The Deal . Com Podcast:

In this CloseTheDeal.Com Podcast episode, Ewell Smith introduces Janice Charles, co-founder of Franchise Succeed, and delves into Janice's background. Growing up in an entrepreneurial family with 13 McDonald's, Janice credits her father as a mentor who instilled values like work ethic and integrity.

Identifying a Gap:

Janice shares insights into the founding of Franchise Succeed, emphasizing the crucial gap they identified in the franchising process. After obtaining documentation, franchisors were often left to navigate various aspects alone, leading to potential pitfalls. Janice and her team sought to provide a comprehensive solution by consolidating resources under one umbrella, focusing on integrity and a genuine passion for aiding business growth.

Steps in Turning a Business into a Franchise:

The conversation then shifts to the essential steps involved in turning a business into a franchise. Janice highlights the importance of understanding the unique aspects of the business, assessing its potential for duplication, and ensuring that the average person can successfully operate the franchise. Crucially, the advice is to prove that the business can't fail, providing a unique perspective on assessing viability.

Franchise Disclosure Document (FDD):

Janice explains the significance of the Franchise Disclosure Document (FDD), mandated by the Federal Trade Commission (FTC). The FDD serves as a comprehensive document, comprising 23-24 sections that offer transparency to prospective franchisees, including details on the business, legal aspects, and financial performance.

Operations Manual and Marketing:

The discussion moves on to the Operations Manual, a detailed guide covering all aspects of running the franchise. Janice emphasizes the need for thorough documentation and the review of the manual by legal counsel to ensure accuracy. The conversation further explores the importance of separate marketing plans for franchise sales and general business marketing.

Common Mistake and Guidance:

A common mistake highlighted by Janice is undercapitalization, stressing the need for sufficient funds to invest in marketing and drive franchise sales. In providing guidance, Janice encourages business owners to prove the success and growth of their business model before venturing into franchising.

Considering franchising your business?

Janice just laid out the framework to franchise your business. To scale your buisness through franchising, contact Ewell Smith.