Shelly Sun
speaker
1,448 appearances
6 recordings
1 series
first heard Nov 2011
last heard Nov 2015
Shelly Sun’s voice in public audio — every appearance, attributed to the second.
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Appearances
franchising in general would be stronger and because I felt like I had taken so much from the industry in the early stages, it really was hopefully my opportunity to not make it about Shelly and J D as as um Paul spoke about, but really have it be a way of giving back to help it be the playbook or the step by step guide on hopefully doing franchising right from the franchisees perspective.
Well, I think it starts with selecting the fr right franchisees and so, you know, understanding over time if there's similarities on franchisees that are more successful and being disciplined to select those franchisees and similarly looking if there's common characteristics or backgrounds or experiences of those that are struggling or underperforming and
l don't have the discipline to turn down the checks, to not have people joining your system that may not have what it takes to be successful.
Um so I think it starts I think it starts with selection and then it starts with, you know, making the investment to give them the right tools and training and resources to be successful.
I mean we've got a very heavy infrastructure
of uh of people to help our franchisees.
We are about one full time staff for every four franchisees.
And so, you know, we really have made a
commitment to infrastructure, recognizing that our franchisees are going to need us more in their first twenty four months than they'll need us in t in throughout our entire relationship combined um after two years.
And so making sure that in our early stages of franchise or we've invested to have those resources when they need it.
And then, you know, we may be able to double or triple or quadruple our number of franchisees.
and only minimally increase our infrastructure from here on out, but it's a front loaded investment, much like our franchisees are making a front loaded investment.
You know, they'll spend, you know, all of their investment range for the most part, you know, in the v very early stages of the business.
I guess we want to match our pain points and our success
journey together that we're willing to invest up front to ha while franchisees are investing in in fr up front and as franchisees are successful over time, we too will be successful over time.
I I think two um key lessons learned that uh we had to go through and I talk about in detail um in the book because I think from your mistakes you probably have the greatest learning um but hopefully you can help others avoid the same mistake.
So the first would be really truly understanding the capitalization necessary, not just to launch a franchise system.
But to get to where the franchise system is royalty self sufficient.
And what I mean by royalty self sufficient is there are more recurring revenues coming in than expenses are going out the door.
And so I think for new franchise ours, they plan on franchise fees, you know, from the sale of a franchise, and then when franchise
Showing 661–680 of 1,448 · page 34 of 73
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