Helping People Realize Their Franchise Dreams with Jim Runyon

The Cashflow Project

Join your host, Dearonne, and guest, Jim Runyon, Consultant at FranChoice, a Franchise Consulting Company, as they discuss the ABCs of franchising. Jim helps people who diversify their investment through franchising identify companies that would be a good fit for them and avoid the pitfalls he experienced. Jim shares that the biggest myth and problem people run into is the thought, "if we build it, people will come." The reality is franchising is a platform, an opportunity to be successful. But the best platform given to the worst business people won't be able to do anything with it likewise. But, people who work hard, even with the best platform, can outwork the platform. Just like any business, this takes work. It needs hard work. If you want to learn more about franchising, tune in to this episode and enjoy!

About FranChoice

FranChoice has been in business since 2000. They were one of the first companies to create a free consulting process for prospective franchisees. Today they are considered the premier franchise consulting company in this industry.

Jeff's philosophy when he created FranChoice was that the candidate's goals for business ownership are paramount. The candidate and their best interest must be the focus at all times, which remains true today. The sexiness of the product or service sold by the franchise might be the initial draw for a prospective franchisee, but who will help them determine whether owning that particular business will help them reach their goals and achieve their dreams?

Their focus on doing the right thing and following a process that has the candidate's best interest in mind permeates their organization, from the home office team to the consultants who work with the candidates.

Outline of the episode:

• [00:01] Intro
• [01:49] Jim's background in franchising.
• [05:02] The mistakes he made
• [07:04] What's an exemplary process for a consultation?
• [09:14] What is the process for finding a new franchise?
• [12:56] Assumptions in franchising
• [20:17] Should you buy an existing business or start your own business?
• [23:47] Make sure you know what's coming down the pipe when you buy a franchise.
• [28:19] What's happening in Hawaii's real estate industry?
• [30:33] How he got into real estate and franchising.
• [38:48] Book recommendation

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