If you’re like me, you might not have any experience with franchising. You might even be a little confused about what counts as a franchise because some people claim their business is a franchise when it really isn’t. Franchising is a lucrative practice, but you’ve got to know what you’re doing. You’ve got to do your homework. Our guest today is franchising expert Lance Graulich, and he’s going to teach us everything you need to know about franchising. 

If you’re like me, you might get lots of people reaching out to you about franchising, and you might be wondering why this happens and if it is normal. According to Lance, it is super normal. If you’re an experienced entrepreneur, people know that you have what it takes to be a franchisee, and that’s why they all want you! 

2020 showed us just how weak our businesses can be and how important it is to make good investments. When you’re looking into franchising, there are definitely franchises that are more recession-proof than others. For example, let’s look at restaurants. During the last year, big box restaurants did not do too well because no one could come to their locations. Small restaurants, however, did very well because their take-out business increased. When you’re looking for a good franchise that will weather the storm, invest in the ones that people will always need, even when there’s a pandemic. 

There are so many really great things about franchising. One of them is that it gives you the freedom you crave with the support of the corporate company. There are so many things you don’t have to do because corporate takes care of it, giving you the time you need to really focus on making your part a success. Also, you can talk to other franchisees about the franchise to make sure that it fits your lifestyle before even investing. You don’t build from the ground up: you use the already existing platforms and processes to create success. 

Franchising is so fascinating, and entrepreneurs do really well with it. It can be a great wealth-building tool and lead to incredible profitability. Profitability is, of course, important to me, and this is a great way to go about increasing it. If you want to learn more about franchising, listen to this podcast or connect with our guest!