Latest EOFire Podcast 156: How treating your business like a franchise can help you grow

Here’s the latest Entrepreneur On Fire Podcast for your enjoyment!

franchise framework for entrepreneurs

Whether you’re a small business owner, own a brick and mortar business, are an entrepreneur, or you’re maybe even doing a little bit of side hustle right now, the benefits of treating whatever it is you’re creating like a franchise are many.

And it all starts with systems.

Now, I may be a systems expert, but I’m certainly not a franchise expert. That’s why I’ve invited my good friend Josh Brown of Indy Franchise Law on today to talk to us about 4 specific benefits of treating your business like a franchise.

This is going to involve implementing franchise-like systems – but don’t worry: just because you’re modeling a successful framework used by franchises doesn’t mean you have to own, or even want to own, a franchise of your own.

Tune in today’s episode above for a deep dive on these 4 benefits, and how you can start leveraging them in your own business today!

4 Benefits of treating your business like a franchise

1. Predictability

Let’s face it: nothing about being an entrepreneur is predictable; however, there are certain aspect of our business – especially when we’re first starting out – that we can make predictable so we can always stay on track.

The first benefit, predicitability, relates to knowing exactly who you’re talking to and what it is you can provide them that is of value.

Josh also talks about how he has implemented processes, tools and systems in his business as if he were going to replicate it business a 1,000 times over (even though he’s not).

2. Efficiency

Discovering the core competency of your business, focusing on those, and cutting out the rest.

Plain and simple: we don’t have to recreate the wheel every time we work on something in our business. Tune in to hear how Josh creates efficiencies within his business.

3. Simplicity

Josh gives some great examples of how he’s leveraged his business’s intellectual property to create recurring revenue streams.

Simplicity isn’t about not doing the work, or cutting stuff out – it’s about working smater and paying attention to the information being shared and engagement that’s going on around you.

4. Marketability

For this benefit, Josh talks about factors to consider when scaling and growing your business – plus, determining how you would like to scale and grow.

Formulating your list: Your business’s 4 quadrants

Before we wrapped on this episode, Josh shared an exercise for getting your business down on paper and figuring out the direction you’re headed.

This is not a difficult exercise, yet it could make a huge difference for you and your business.

In fact, all it requires is that you give yourself the time and space to take out a piece of paper and start reflecting and writing down what you already know.

Here are the 4 quadrants, ‘it’ being your business:

What it is

What it isn’t

What you want it to be

What you don’t want it to be

Reach out to Josh!Indy Franchise Law

A huge shout out to Josh Brown of Indy Franchise Law for sharing his experiences, advice and insights with us today on creating systems across any industry or niche.

You can reach out to Josh via email: Josh@indyfranchiselaw.com or visit his website for more valuable content at: IndyFranchiseLaw.com

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