Escape and Empower Podcast with David Greenberg and Peter Gilfillan
David Greenberg and Peter Gilfillan dive into one of the most important decisions potential franchise owners face: Should you invest in a brick-and-mortar franchise or a service-based business? They break down the key differences, including startup timelines, financial considerations, revenue models, and scalability. If you're exploring franchise ownership, this episode will help you make an informed decision.
In this episode, Dave and Pete discuss:
- Bricks-and-Mortar vs. Service-Based Franchises
Dave and Pete compare the timelines for launching a facility-based business versus a service-based franchise, highlighting how quickly you can get up and running based on your chosen model. - Investment Considerations and Financial Planning
Brick-and-mortar businesses require larger initial investments, long-term leases, and significant build-out costs. Pete shares insights on financial planning, including his "two-bucket approach" to managing personal and business expenses while transitioning into entrepreneurship. - Growth and Scalability
Should you focus on multiple locations or expanding territories? The hosts discuss strategies for building a profitable franchise portfolio while ensuring financial security. - Recurring Revenue vs. Customer Acquisition
Dave explains the appeal of membership-based models in facility-based franchises, while Pete shares how service businesses are increasingly incorporating subscription and recurring revenue streams to ensure long-term profitability. - Diversifying Your Income for Security
Both hosts stress the importance of not being single-threaded in your income, sharing lessons from their corporate careers and how franchise ownership provides financial independence.
Key Takeaways:
- Plan Your Runway: Whether you choose a bricks-and-mortar or service-based franchise, financial planning is crucial.
- Recurring Revenue Matters: Businesses with subscription-based models can create stability and long-term success.
- Think Long-Term Growth: Define your income goals early to determine how many locations or territories you need to scale.
- Don’t Get Stuck in Research Mode: Google searches can overwhelm you—connect with experts like Dave and Pete to streamline your decision-making process.
"Franchise ownership isn’t just about replacing your corporate salary—it’s about building a business that works for you." — David Greenberg
CONNECT WITH PETER GILFILLAN:
Website: https://www.hireyourself.com/
LinkedIn:https://www.linkedin.com/in/petegilfillan/
CONNECT WITH DAVID GREENBERG:
Website: https://empoweredfranchisee.com/
LinkedIn:https://www.linkedin.com/in/dave-greenberg-entrepreneur/
CONNECT WITH PETER GILFILLAN
Meet with Pete: https://go.hireyourself.com/gilfillan?utm_source=LinkedIn&utm_medium=Social&utm_campaign=IR
Website: https://www.hireyourself.com/
LinkedIn: https://www.linkedin.com/in/petegilfillan/
CONNECT WITH DAVID GREENBERG
Meet with Dave: https://calendly.com/empoweredfranchisee/virtual-coffee-with-dave-the-empowered-franchiee-web?utm_source=LinkedIn&utm_medium=Social&utm_campaign=IR
Website: https://empoweredfranchisee.com/
LinkedIn: https://www.linkedin.com/in/dave-greenberg-entrepreneur/
