Dru Carpenito, a franchise industry expert who has helped hundreds of people invest in businesses by building, growing and selling franchises, speaks with Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast. In this episode, they discuss how to get involved in franchising. Learn about industry standards, the pros and cons of franchising and some of the important questions you should ask before opening a franchise or becoming a franchisee.
Where did Dru grow up? How did he get into entrepreneurship and helping other entrepreneurs?
What are the minimum requirements for becoming a franchisee?
Is there an industry standard for the number of profitable functioning locations you need to have before you start franchising?
Dru talks about some of the more popular franchise industries.
What is the average upfront cost to get into a franchise? What's the demographic for the average franchisee?
Dru shares a few funding options.
Is there a way to become a franchisee without having to sign away on loans personally?
If somebody is considering getting into the franchise model, what are the top questions they should ask?
What are the advantages of buying into a franchise system vs. starting your own business?
Is there a place for people to get a list of good franchises if they’re curious?
Dru shares advice for people interested in opening a franchise vs. going it alone.
3 Key Points:
Every good franchise company should prioritize helping their franchise owners be happy and profitable.
Ask yourself what kind of role you’d like to be in, then find a company that can help you be in that role day-to-day.
Your mindset is crucial to the success of your franchise business.
“Fundamentally at the beginning, you want to make sure you have the systems and processes in place to truly help people replicate the business they have.” – Dru Carpenito
“The single most important thing I think for people investing in a franchise is your mindset.” – Dru Carpenito
“Territory is a huge piece of finding the right franchise.” – Dru Carpenito
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