What Are The Advantages And Disadvantages Of A Franchise?
Dan Lok Show
Dan Lok
4.9 • 825 Ratings
🗓️ 3 June 2020
⏱️ 5 minutes
🧾️ Download transcript
Summary
What are the advantages and disadvantages of a franchise? Should you start a franchise? Or should you buy into one? Everything you need to know to answer those questions will be shared in this episode by Dan Lok. Dan Lok has been in business for 2 decades and has become a multimillionaire entrepreneur over the years despite his background as an Asian immigrant.
Transcript
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| 0:00.0 | What are the advantages and disadvantages of a franchise? |
| 0:17.0 | Now, when it comes to business, there are many ways that you could approach business. For some, maybe you want to start a business from scratch. For some, maybe you want to buy an existing business that actually has some histories, has a track record, right, through an acquisition. Or maybe you're looking into buying a franchise. And if you are thinking about buying a franchise, |
| 0:38.2 | what are the advantages and disadvantages? |
| 0:40.4 | A good friend of mine, Brian Scudamore, |
| 0:42.2 | the CEO of 180 Got Junk, he's the franchise king. |
| 0:45.5 | It built a super successful multiple franchises now under his brand |
| 0:50.9 | and running a $400 million franchise empire. And if you have not listened, |
| 0:55.6 | make sure you listen to the interview |
| 0:57.4 | that I did with Brian about his perspective. |
| 1:00.5 | So he is the man to talk to when it comes to franchise. |
| 1:03.5 | I'll just share with you my perspective |
| 1:05.5 | of how I view franchise. |
| 1:06.8 | When it comes to franchise, |
| 1:08.2 | understanding that you are buying into an existing system, |
| 1:11.4 | this is why franchise is valuable. |
| 1:13.6 | 50% of a small business fail in the first two years, and 95% of small business fail in |
| 1:20.0 | the first five years. |
| 1:21.1 | So when you're starting a business, meaning that chances are 9 or 10, that business won't |
| 1:26.2 | make it past the five-year mark. |
| 1:28.3 | And when I say making it, doesn't mean you're profitable, |
| 1:31.3 | doesn't mean you're making money, it just means that you are surviving. |
| 1:35.3 | The casualty rate is high when it comes to starting a business. |
... |
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