Ep#285 How to Franchise Well – Updates & Insights You Need to Know (ft. Ben Litalien Founder and CEO of Franchise Well)
On today’s episode, our Founder and CEO, Raghu Rajakumar and co-host Brianna Basile, spoke with Ben Litalien, who is the Founder and CEO of Franchise Well.
Listen as Ben provides us with an update of his journey with Franchise Well, a deep insight on the global franchise industry, some of the emerging trends that are driving the sector, what challenges franchisors are facing in today’s market and how to address them, and the importance of having an exit strategy in place.
Discussion Points
- New Technology
Ben discusses how the advancement of technology post COVID has fast tracked the food service industry – namely, off premises deliveries - Key Challenges
Ben illustrates some of the key challenges franchisees are currently facing, including high rents, lack of quality locations and low employment rates - Tough Competition
Ben highlights that new businesses entering the franchising industry face tough competition with large and well established brands - Disruption
Ben states that the food service sector is experiencing the biggest challenges and changes in franchising - Growth Opportunities
Ben shares that the early childhood education sector is experiencing substantial growth in the US - Experiential Franchising
Ben notices experiential franchising is becoming increasingly popular in the US and poses great opportunities - Poor Communication
Franchise systems are highly diverse environments and communication strategies are lagging behind and are becoming outdated - Communication Methods
Ben suggests implementing a communication strategy for franchisees in different stages of growth - The Exit
Ben explains that it is important to be clear on an exit strategy, and states that your ability to sell a franchise at a higher value than a regular business is increased - Due Diligence
Ben stresses the importance for a franchisee to conduct their due diligence when seeking a franchise to buy - And More!
