Build, Buy or Franchise? The Best Way to Jumpstart Your Entrepreneurial Journey with Tim Vogel
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    Build, Buy or Franchise? The Best Way to Jumpstart Your Entrepreneurial Journey with Tim Vogel

    Tim Vogel is a seed planter. He loves helping people and businesses grow. His favorite question… “What’s your superpower?” When people work with their natural genius, they deliver their best results — it’s that simple. As an entrepreneur and CEO, he has an extensive background in management, customer service, innovation, and starting and running companies.

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    Guest Resources

    Franchise ScentHound – Become a ScentHound Franchise Owner.

    Tim’s LinkedIn – Connect with Tim on LinkedIn!

    3 Value Bombs

    1) When you get into franchising, it offers all kinds of really viable pathways to the two outcomes you want: freedom and abundance.

    2) When we hire someone from a large organization to bring them into an entrepreneurial organization, you’ll find that there’s an unfounded confidence; it’s because there’s a bunch of invisible systems behind the scenes that are helping them operate successfully.

    3) One big challenge with buying a business is the cash outlay. Oftentimes it’s a huge investment up front, which takes quite a while for that return on investment to happen.

    Sponsors

    HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!

    FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!

    Show Notes

    **Click the time stamp to jump directly to that point in the episode.

    Today’s Audio MASTERCLASS: Build, Buy or Franchise? The Best Way to Jumpstart Your Entrepreneurial Journey

    [1:27] – Tim shares something that he believes about becoming successful that most people disagree with.

    • The top two biggest factors in a successful entrepreneurial journey are the optimism of the entrepreneur and the timing of the business.

    [2:08] – Starting your entrepreneurial journey as a franchisee can significantly de-risk this adventure – tell us more about this.

    • Will you start a business from scratch, which has its own list of pros and cons?… or something in the middle, which is buying a franchise.
    • The combination that franchising allows is for you to get the best of both worlds: enter the entrepreneurial world without a whole bunch of risks that are embedded in buying a business or actually building from scratch.

    [3:23] – The pros of starting a business from scratch.

    • There’s a lot of stuff that’s invisible to you when you start your own business. You have to think about what the market needs are, what the culture you want to build is, what are the systems you need in place, and what does that product market fit look like?
    • One of the massive benefits is freedom — freedom to choose which direction to go, freedom to create a culture that aligns totally with you, freedom to pursue a mission that speaks directly to your value system.
    • Freedom and abundance are two big reasons why people start their entrepreneurial journey.

    [5:38] – The cons of starting a business from scratch.

    • Optimism of the CEO or the founder is one of the key ingredients.
    • When we hire someone from a large organization to bring them into an entrepreneurial organization, you’ll find that there’s an unfounded confidence; it’s because there’s a bunch of invisible systems behind the scenes that are helping them operate successfully.
    • There’s just going to be a massive learning curve in the beginning that you have to have a lot of energy for

    [8:06] – An example of a business they started, and its pros and cons.

    • The second business they started from scratch was a grooming salon. It solved a bunch of problems.
    • The con: it was capital intensive.

    [10:16] – A timeout to thank our sponsors!

    • HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
    • FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!

    [13:14] – The pros of buying a business.

    • Buying an existing business, you get a host of positive things. First of all, proof of concept. That business has employees, it has customers, it has processes, and the model delivers profitability.

    [14:53] – The cons of buying a business.

    • You don’t quite know what you’re getting. You’re buying someone else’s culture.
    • One big challenge with buying a business is the cash outlay. Oftentimes it’s a huge investment up front, which takes quite a while for that return on investment to happen.

    [17:03] – Key personality traits that make a good franchisee.

    • If you’re a visionary, going and building a business from scratch makes a whole lot more sense because you’ve got a very clear idea of exactly what you want to build and where you want to go.
    • If you’re more of an integrator and operator, someone that can scale things, franchising makes a ton of sense.

    [20:04] – Tim’s key takeaway and call to action.

    • A lot of people have a narrative in their head about what franchising means. Don’t let the ego drive the bus, let the desired outcome drive the bus.
    • When you get into franchising, it offers all kinds of really viable pathways to the two outcomes that you want: freedom and abundance.
    • Franchise ScentHound – Become a ScentHound Franchise Owner.
    • Tim’s LinkedIn – Connect with Tim on LinkedIn!

    [21:28] – Thank you to our Sponsors!

    • HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
    • FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!

    Killer Resources!

    1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

    2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

    3) Podcasters’ Paradise: The #1 podcasting community in the world!

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