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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Franchise Today · Grow Smart, Risk Less - Shelly Sun [REPLAY] · 24 Nov 2011 podcast

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. voice-verified

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. voice-verified

I mean we've got a very heavy infrastructure voice-verified

of uh of people to help our franchisees. voice-verified

We are about one full time staff for every four franchisees. voice-verified

And so, you know, we really have made a voice-verified

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 throughout our entire relationship combined um after two years. voice-verified

And so making sure that in our early stages of franchise or we've invested to have those resources when they need it. voice-verified

And then, you know, we may be able to double or triple or quadruple our number of franchisees voice-verified

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. voice-verified

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. voice-verified

I guess we want to match our pain points and our success voice-verified

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. voice-verified

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. voice-verified

So the first would be really truly understanding the capitalization necessary, not just to launch a franchise system. voice-verified

But to get to where the franchise system is royalty self sufficient. voice-verified

And what I mean by royalty self sufficient is there are more recurring revenues coming in than expenses are going out the door. voice-verified

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 voice-verified

new franchise sales aren't happening, they can be upside down from an infrastructure perspective and from a capitalization perspective if they haven't planned appropriately. voice-verified

So that was my first lesson learned when we, you know, were two hundred thousand dollars short of what it it really was gonna take to stay at it and grow a successful brand and voice-verified

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