Description

What are the essential steps to starting a successful franchise business, and how can you ensure profitability while staying true to your values? In this insightful episode, Raphael Saye, a seasoned franchise owner and coach, breaks down the step-by-step process of starting a franchise business. He covers essential topics such as selecting the right franchise, conducting thorough research, securing financing, and navigating legalities. Rafael emphasizes the importance of aligning the franchise with one's values and adopting a hands-on approach in the early stages. With his insights and practical advice, he provides a comprehensive guide to embarking on a rewarding franchise journey.

[00:01 - 03:12] Understanding the Fundamentals of Franchising

• Definition of franchising and its advantages
• Skipping the lag time by investing in an established brand
• Leveraging franchise credit for funding and expansion

[03:13 - 06:07] Selecting the Right Franchise for You

• Considering ethics, morals, personality, and family dynamic
• Imagining yourself operating the franchise day in and day out
• Adopting a developmental mindset for multiple units or territories

[06:08 - 09:39] Conducting Thorough Research and Due Diligence

• Verifying payroll W3s and food orders to assess revenue
• Analyzing fixed costs and bottom-line profits
• Evaluating location and its impact on volume and pricing

[09:40 - 12:32] Financing and Investment Strategies

• The role of creditworthiness in securing financing
• Meeting lender requirements and building a strong credit profile
• Exploring alternative funding sources like group economics

[12:33 - 16:25] Navigating Legalities and Training

• Reviewing the Franchise Disclosure Document (FDD)
• Consulting with a CPA to vet numbers and ensure legal compliance
• Arranging schedules for franchisor-provided training and support

Connect with Cecil and Ralph!

Cecil's Instagram: ⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/cimifly_/?hl=en⁠⁠⁠⁠⁠⁠⁠

Cecil’s LinkedIn: ⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/cecilvwilliams⁠⁠⁠⁠⁠⁠⁠

Ralph's Instagram: ⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/ralphdiesel/?hl=en⁠⁠⁠⁠⁠⁠⁠

Ralph’s LinkedIn: ⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/raphaelsaye/⁠⁠⁠⁠⁠⁠⁠

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Shop our unique t-shirt line and support global education with every purchase. Visit ⁠⁠⁠⁠⁠⁠⁠⁠www.royaldynamite.com⁠⁠⁠⁠⁠⁠⁠⁠ and use code FAMBABRD20 for 20% off your first order.

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Key Quotes:

"When selecting a franchise, you have to consider your ethics, your morals, your personality, and your family dynamic." - Raphael Saye

"The brand is relevant to you only if it's making money, if it's not making any money, that brand can become a nightmare." - Raphael Saye