Lance Graulich Explains How to Pursue a Franchise.Oct 05, 2021
Many small businesses are borne out of their founders’ skills, but franchising is a business model that allows people with passion and drive to pursue starting a business of their own without having to define every aspect. But, how to pursue a franchise? The CoLab hosts Megan Marsh and Andres Munar talk the ins and outs of franchising with Lance Graulich, founder and CEO of ION Franchising. ION Franchising provides free franchise consulting services to assist people in making the best decision in buying a franchise, business, or business opportunity.
Starting a business can be rewarding but also extremely challenging. You’re responsible for everything, from defining your brand to creating operating procedures. For some, it’s too overwhelming of a dream to pursue. The good news is there are other options. Franchising is one way to get your foot into the business world without having to build every part of a company.
Not familiar with franchising? Think of it as a business in a box. You’re taking ownership of a business location with an established brand and reputation. In a new business that comes with the resources and support of a larger company. It’s still up to you to make your location successful, but there are corporate standards and resources already in place to help you.
Ready to dive in? Here’s what we’re covering in this episode of The CoLab:
- [02:24] Meet Lance Graulich, a business startup expert with 25 years of experience working for big brand franchises such as TGI Fridays, Wingstop, Krispy Kreme and more. He also owns his own Las Vegas-based doughnut chain called Pinkbox Doughnuts.
- [08:57] When starting a business, it’s OK if you don’t have the skills or burning desire to create and build a brand. This is where franchising can come into play.
- [19:36] Fast food and dine-in restaurants are franchise examples that might immediately jump to mind for people, but with hundreds of categories and subcategories of franchises available, there’s something for just about every prospective entrepreneur.
- [25:07] Linking up a prospective entrepreneur with a potential franchise is almost like matchmaking. Your interests and passions can help steer you toward a franchise you’ll fall in love with running, from pets to ice cream to products for children.
- [38:02] As you might expect, franchisees are expected to hold up standards and work cultures created by the larger company. That means signing a franchise agreement stipulating everything from franchise fees to licensing for the use of brand trademarks.
- [45:01] As with any business venture, mentoring can play a large role in helping a new owner become successful. Among the resources and support that come with opening a franchise is the ability to talk with people like Graulich or other franchise owners for advice and guidance.