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
To get the royalties and have those grow mean you have to be all about helping franchisees be successful.
And I think the
franchisors 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 are probably in that 75% failure rate that you quoted.
I think that both franchisor 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
and put on the happy face for your employees and your customers every day.
And so I think that's where the entrepreneurial drive and passion is both important for franchisor and franchisee.
I think for both franchisor and franchisee, though, it's also important that both sides understand what each one's role is and that it's the importance of the system.
And so the franchisor 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 renegade of an entrepreneur that they won't follow the model to begin with.
So 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 5% to 20% improvements that allow them to tap into their entrepreneurial creativity, but in a way that they're working with their franchisor to pilot a program, share the information, and then mutually agree whether those new programs should be rolled out system-wide or not.
And I think that 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 training with our brand new franchisees is 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 12 months.
And then once you learn the reason why it's not a good idea, come back in and cross out the ones that you will discover won't be really good ideas once you know more.
And at the end of 12 months, we're happy to look at what those great ideas are, but you need to know the business model first.
And the people who aren't offended by that are entrepreneurial enough to be successful as a franchisee, and those that aren't should probably be out on their own and not in a franchise brand.
It was an amazing experience.
Showing 1381–1400 of 1,448 · page 70 of 73
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