In this episode of Small Business Quick Wins, host Jay Schwedelson interviews franchise expert Giuseppe Grammatico about choosing, buying, and operating a franchise business. They discuss common myths and misconceptions around franchising, key factors to consider when selecting a franchise, best practices for validating the opportunity, and tips to set yourself up for success as a franchisee.
Key Discussion Points:
- Debunking the myth that buying any popular franchise will automatically make you money (00:01:35)
- Focusing your franchise search criteria around ideal daily roles and operations rather than just product/service (00:02:00)
- You typically don’t need direct industry experience to buy a franchise since they will train you on their system (00:08:26)
- Talking to existing franchisees is critical validation before committing to purchase (00:06:48)
- Buying multiple territories at once can be advantageous but is not always necessary (00:09:55)
- “Follow your passion” can actually be bad advice if your passion doesn’t align with your goals (00:13:40)
Guest Bios:
Giuseppe Grammatico ("GG The Franchise Guy") is a franchise coach and advisor with years of experience in various franchise operations. He owned a family restaurant previously and has bought multiple franchises in the building services industry. Giuseppe now helps guide prospective franchisees through the process of picking the right opportunity. Check out his YouTube Channel to listen to his podcast on all-things-franchising!
In this episode of Small Business Quick Wins, host Jay Schwedelson interviews franchise expert Giuseppe Grammatico about choosing, buying, and operating a franchise business. They discuss common myths and misconceptions around franchising, key factors to consider when selecting a franchise, best practices for validating the opportunity, and tips to set yourself up for success as a franchisee.
Key Discussion Points:
- Debunking the myth that buying any popular franchise will automatically make you money (00:01:35)
- Focusing your franchise search criteria around ideal daily roles and operations rather than just product/service (00:02:00)
- You typically don’t need direct industry experience to buy a franchise since they will train you on their system (00:08:26)
- Talking to existing franchisees is critical validation before committing to purchase (00:06:48)
- Buying multiple territories at once can be advantageous but is not always necessary (00:09:55)
- “Follow your passion” can actually be bad advice if your passion doesn’t align with your goals (00:13:40)
Guest Bios:
Giuseppe Grammatico ("GG The Franchise Guy") is a franchise coach and advisor with years of experience in various franchise operations. He owned a family restaurant previously and has bought multiple franchises in the building services industry. Giuseppe now helps guide prospective franchisees through the process of picking the right opportunity. Check out his YouTube Channel to listen to his podcast on all-things-franchising!