Entrepreneur’s Source Terry Powell Advice for Franchise Business Success
The Entrepreneur’s Source Terry Powell: Advice for Those Considering Franchising their Business
In a recent feature with Expansion Experts, Terry Powell shared insights from his experience in founding The Entrepreneur’s Source. Across the last 30 years, Entrepreneur’s Source has not only helped hundreds of franchise brands achieve success, but also helped tens of thousands of aspiring entrepreneurs reach their Income, Lifestyle, Wealth and Equity™ (ILWE) goals through investing in a franchise opportunity.
With a vast experience in assisting franchise concepts to grow their systems, Powell provided several of his thoughts on what it takes to replicate franchise business success.
- Regardless of the concept, people thinking about franchising must make sure their businesses utilize the latest technology possible. We live in the era of a digital revolution where 71 percent of the buying decisions are made online. If your company is living with pre-digital processes, you won’t make it.
- Engineer your business so that you differentiate your brand. You can’t be doing what everyone else is doing and expect franchise success. It just won’t happen. You have to stand out.
- Identify people who can mentor you. They can make a big difference in the direction your business goes.
- Always remember the economics of the business. Everyone has to make money.
- Start with the end in mind. Focus on creating the experience of your end customer. Provide a high value to them and make sure the people who join your franchise align with this principle.