48: What You Should Know Before You Buy Your Second Brand, with host Erik Van Horn

<div> <div> <p>Is it time for you to step your game up and multiply your business? I have been in franchising for over a decade and have hundreds of individual locations as well as 7 different brands to my name. </p> </div> <div> <p>Diversifying my businesses has been one of the best decisions I have ever made. It has insulated me from failure in any one area, given me an in-depth knowledge of franchising from multiple angles, and created so many revenue streams I can barely count them all. I can’t recommend this route highly enough to any franchisor or even franchisee who has rolled with the punches, built up experience, and is ready for a bigger challenge. </p> </div> <div> <p>On today’s episode I discuss exactly what those challenges are, how to know if you’re ready to make the next step, and how to best prepare yourself to grow. If you’re considering opening new locations or jumping into a second brand, this is the episode for you. </p> </div> <div> <p>This journey has not been easy, but it’s been incredibly rewarding, and I love sharing my experience with others who are on a similar path. Join me on today’s podcast as I dive into what it took for me to branch out into different cities, different brands, different industries and more. </p> </div> </div> <div> <p> </p> </div> <div> <p>Timestamps </p> </div> <div> <div> <p>1:59 - Challenges presented by different styles of franchises </p> </div> <div> <p>7:30 - The advantages you have on your second franchise </p> </div> <div> <p>15:17 - Growing your team and when to give the right people equity </p> </div> <div> <p>16:44 - The advantages of diversifying </p> </div> <div> <p>20:10 - The right mindset and thinking differently </p> </div> <div> <p>25:13 - Fear and finding the right franchise to run </p> </div> </div> <div> <p> </p> </div> <div> <div> <p><strong>Working Smarter Means Hiring Smarter </strong></p> </div> <div> <p> </p> </div> <div> <p>If you truly want to build a well oiled machine that eventually provides you the freedom to take a step back, then h