Introduction: What is Franchising?
Franchising is a business model in which a company sells its products or services through independent business owners. The franchisees are typically given a trademark and the company’s name, and they pay the franchisor for the right to use these.
The idea of franchising has been around since ancient times. In ancient Rome, professions such as baking were often passed down from generation to generation within families. Today, franchising offers people a chance to own, manage and direction their own business without taking on all of the associated risks of starting from scratch.
How Does Franchising Benefit Entrepreneurship
Franchising is a great way for entrepreneurs to start their own business. This type of entrepreneurship offers many benefits, such as lower startup costs, access to established systems and a proven business model. Most importantly, it gives people the opportunity to open their own businesses who might not have done so otherwise.
Franchising and Entrepreneurship Success
When it comes to entrepreneurship success, franchising makes people rethink leadership. Mostly because as soon as you get that ﬁrst franchisee, you are no longer in the business of business. You are now in the business of supporting people. Speciﬁcally, you have to shift your focus to your franchisees, clients, customers and the corporate team.
Meet John O’Brien, CEO of Poolwerx
After more than two decades in the franchise industry, it is safe to say that John O’Brien, CEO of Poolwerx knows exactly what it takes to cultivate growth-minded teams with an aligned mission and positive culture. John, a successful franchising entrepreneur, found that having a solid mission, taking courageous actions in support of that mission and inspiring and supporting others has enabled Poolwerx to thrive not only in Australia but around the globe.
An important takeaway from John’s podcast is that your job as a leader of a franchise system is not to have all the answers or do all the work. Your job is to create an environment and culture that nurtures those around you so you can all better accomplish your goals and carry out your aligned mission. Be sure to listen to the complete Books to the Boardroom podcast episode to hear John’s full success story and his key takeaways as a franchise entrepreneur.