Welcome back to another episode of The Cashflow Project! Today we have a very special guest joining us: Bob Bernotas, a franchise consultant with decades of experience in the industry. In today's episode, we'll be diving deep into the world of franchising, uncovering the keys to success, and exploring the financial opportunities that lie within. Bob shares his expert insights on understanding the true needs of candidates and clients, the value of partnering with top-performing brands, and the importance of approaching franchising with an open mind. From the cyclical nature of the economy to the impact of COVID-19, Bob sheds light on how these factors shape the franchise landscape. He also shares his personal journey from owning a computer software company to becoming a successful franchise consultant. So, if you've ever wondered about the ins and outs of franchising, how to scale your business, or how to find the best financial opportunities, this episode is for you. Stay tuned for an informative and eye-opening conversation with Bob Bernotas on The Cashflow Project!

[00:01:25] Started own software business, then bought franchises. Now consults for franchisees.

[00:06:02] Franchising offers scaling opportunities with existing infrastructure. Many clients seek part-time business ventures. Franchisees can build legacies for their children. Scaling in franchising can be done through opening more units. Scaling can be costly in brick and mortar businesses. Service-related concepts allow for cheaper scaling. A lucrative example is a gutter installation concept. Franchisees can acquire multiple territories for increased financial upside. Adding new services to existing customer base is possible. Clients can expand their business by buying additional brands. A successful couple quit their jobs to pursue franchising.

[00:11:35] Focus on ROI and ethical value.

[00:15:53] Powerful questions for real estate business cycles, COVID impact, and consulting benefits.

[00:19:11] Brick and mortar retail costs considerably more. Retail cost doubles compared to other concepts. Service businesses are more scalable. Hot concept too good to pass up.

[00:20:41] Franchise investment options and strategies for success.

[00:24:16] Background irrelevant. Franchises seek smart, driven people.

[00:26:53] Territory is crucial; focus on emerging brands.

[00:30:30] Identifying traits, analyzing needs, finding better fit.

[00:35:27] Risk in franchises, focus on successful ones.

[00:38:21] Conversation with Bob Bernardes on franchise opportunities.

Connect with Bob Bernotas

www.franchisewithbob.com/

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