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 - Building a Successful Franchise · 10 Nov 2011 podcast

And so understanding over time if there are 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 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.

So I think it starts with selection.

And then it starts with 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 people to help our franchisees.

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

And so we really have made a

commitment to infrastructure, recognizing that our franchisees are going to need us more in their first 24 months, and they'll need us throughout our entire relationship combined after two years.

And so making sure that in our early stages of Franchisor, we've invested to have those resources when they need it.

And then 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.

They'll spend all of their investment range, for the most part, in the 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 while franchisees are investing up front.

And as franchisees are successful over time, we too will be successful over time.

I think two key lessons learned that –

we had to go through and I talk about in detail in the book because I think from your mistakes, you probably have the greatest learning, 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 that

There are more recurring revenues coming in than expenses are going out the door.

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