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Starting a Franchise With Laura Novak: The guys chat with Laura Novak, owner of Little Nest Portraits, about starting a franchise and what systems need to be put in place to make it successful.

Starting a Franchise With Laura Novak: The guys chat with Laura Novak, owner of Little Nest Portraits, about starting a franchise and what systems need to be put in place to make it successful.

A partire dalListen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.


Starting a Franchise With Laura Novak: The guys chat with Laura Novak, owner of Little Nest Portraits, about starting a franchise and what systems need to be put in place to make it successful.

A partire dalListen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.

valutazioni:
Lunghezza:
53 minuti
Pubblicato:
Aug 22, 2016
Formato:
Episodio podcast

Descrizione

If someone told you they were starting a franchise, what would be the first thing that came to mind – Mc Donalds, Chick-Fil-A, 7 Eleven? When you start to look into the world of franchises, you’ll be surprised at what you’ll find. These days they come in all different shapes, sizes and niches. Today the guys chat with Laura Novak, owner of Little Nest Portraits Franchise, about starting a franchise. She talks to us about how her franchisees work, why she decided to go franchise and what systems she has put in place to make them successful. Why Franchise Laura started out as a photographer when she was only 23 years old and grew her passion into a successful small business of her own. As the years went on, she wanted to spend more time with her family and was ready to build a business that was bigger than her. For most entrepreneurs, it’s hard to let go control of their business. After being approached by someone about opening another Little Nest location, Laura started to think about starting a franchise. Doing this would allow her to still be in the business, but its success wouldn’t be tied to her hours. There is a significant difference between working in the business and working in the business. It was well said by Michael E. Gerber from the book The E-Myth Revisited about The Franchise Model. “It is a proprietary way of doing business that successfully and preferentially differentiates every extraordinary business from every one of its competitors. In this light, every great business in the world is a franchise.” Laura began to see fasting growing franchises in the women’s services sector such as workout studios and blow out salons. These companies were giving women the chance to have successful careers while being in control of their schedules and lives. She wanted to help people do what they love while balancing their families and home. With Little Nest Portraits she wanted to empower others and offer them a chance to be a successful and profitable entrepreneur. She has opened three locations, and there are a few more in works. How It Works With a franchise, you are for the most part trusting your brand in other people’s hands, so it’s super important to find the right people. The Little Nest vetting process is pretty extensive. It starts with 3- hour long webinars to get to know a little more about the candidates and give them the opportunity to learn about the company. Next, Laura will spend a day together with the candidate in person to learn even more about each other’s values. During these meetings, she looks for qualifiers such as level of management experience. There is already a lot to learn about the business itself, so she needs someone who already knows how to manage people successfully. They also need a decent amount of business experience and understand the basics. Most importantly, personal values need to match. All these things help Laura determine if an individual can capitalize the business. She has found the best owners do not have much experience with photography but instead have excellent sales skills, and of course, a passion for running their own business. Laura and her team provide weekly reports to all branches to show how everyone is performing. Franchises are all about partnership. The location owners success is also her success. Laura and her team provide owners with proven systems to support the growth of the business from marketing to customer service to decor. They want to give franchisees all they need to run a Little Nest successfully. Costs Some franchises require you to have a certain amount of assets as well as liquid funds to purchase a branch. For Laura and her team, all they are concerned with is if the franchise can get the appropriate fu...Learn more about your ad choices. Visit megaphone.fm/adchoices
Pubblicato:
Aug 22, 2016
Formato:
Episodio podcast