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
I I I'm always amazed at when I go to a conference and they ask about, you know, how what's the number one way that franchise ours make money?
And, you know, ninety percent of the of the hands go up in the room and they're all yelling, franchise fees, franchise fees.
And really the right answer, which it always gets to that, is it's about royalties and and that recurring revenue stream.
Well
the initial franchise fee you can get just for showing up and just signing an agreement to get the royalties and have those grow mean you have to be all about helping franchisees be successful.
And I think the franchise ours that invest and think about how do they maximize royalties, which means maximizing the revenues that their franchisees are able to drive are really those that are the most successful and those that
focus on increasing franchise fees by just getting people through the door are the ones that we uh are probably in that seventy five percent uh failure rate that you quoted.
Um, I think that both franchise or and franchisee need to be entrepreneurial enough to be willing to take a risk and to keep at it in the face of all adversity and put on the s the happy face for your employees and your customers um every day.
And so I think that's where, you know, that the entrepreneurial drive and passion is both important for franchise or and franchisee.
I think for both franchise or and franchisee though, it's also important that both sides understand
what w what each r each one's role is and that it's the importance of the system.
And so the franchise or needs to be all about protecting the system, protecting the brand and making the decisions that fulfill that.
And the franchisee needs to be entrepreneurial enough to find ways to improve or find new revenue sources.
But
not so outside the box or um or renegade of a of a entrepreneur that they won't follow the model to begin with.
So f in in my way I would say that from a franchisee perspective is they need to be able to follow the entire business model and they may be entrepreneurial enough that they're able to give back to the system by suggesting, you know, five to twenty percent improvements.
that allow them to tap into their entrepreneurial creativity, but in a way that they're working with their franchise or to pilot a program, share the information, and then mutually agree whether those those new programs should be rolled out system wide or not.
Um and I think that this establishing the culture up front about we want you to be innovative, but we want you to learn the model first.
One thing that I do in in training with our brand new franchisees is to say, get out your notepad.
Every great idea that you have about changing the model, I want you to write it down on this notepad for the next twelve months.
Showing 801–820 of 1,448 · page 41 of 73
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