Terry Powell of Entrepreneur’s Source Franchise Reviews Keys to Franchise Success
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.
When Powell founded The Entrepreneur’s Source 30 years ago, the franchise development profession was catering only to a small percentage of aspiring entrepreneurs searching for a franchise opportunity. Powell evaluated the makeup of E-Source and the factors that led to The Entrepreneur’s Source’s success.
On Addressing a Need in the Franchise Industry:
“These are the people who need coaching and guidance. They don’t need to be sold a franchise, which is what everybody else was and, believe it or not, is still doing. What they want are the benefits of owning a franchise; and, they want to reach a point of clarity through a discovery process, not a selling one.”
On What Sets The Entrepreneur’s Source Apart:
“Instead of features and benefits, The Entrepreneur’s Source talks about Possibilities, Options and Dreams. The coaching experience that The Entrepreneur’s Source takes clients through is a journey of discovery that allows potential franchisees to learn about themselves and about the franchise opportunities they are a considering. “Ninety-five percent of our clients end up in businesses they had never considered before, or had looked at and prematurely dismissed. We help them keep an open mind and make them aware of all the traps that work against them.”
On What It Takes To Replicate Franchise Success:
“For franchisees to be successful, they must make a paradigm shift from a ‘time and effort’ to a ‘results’ mentality. Most employees don’t think about being compensated for their results. They are used to being paid for the time and effort they put in. Franchise and business ownership requires them to produce results in order receive a return on investment. It’s no longer about a paycheck at the end of the pay period. This is a huge shift in thinking that, if it doesn’t take place, it can prevent franchisees from replicating success. Most franchisors are very good about training their franchisees on how to operate the business; they just don’t pay enough attention at developing the business acumen of their franchisees.”