Investing in a franchise is a smart way to diversify your portfolio, build wealth, and achieve financial freedom. That said, it’s important to remember that building, growing, and scaling a franchise business takes a lot of hard work and dedication. As Brian Beers from Prenlyn Automotive Group shares in today’s episode, a franchise is essentially a company that calls for a business-owner mindset. If you want to hear how Brian grew his small family automotive repair shop into a million-dollar enterprise, tune into this episode to hear his valuable insights.
About Brian Beers:
Brian is a seasoned entrepreneur, a podcast host, and an investor. He took his small family franchise auto repair business into an enterprise with 32 locations (and counting) and grew it from $5M to $26M in sales. The company operates franchised Midas shops throughout the Philadelphia and New Jersey region.
After years of experience in scaling a franchise business, Brian is now on a mission to help others do the same. He helps ambitious entrepreneurs build wealth and create freedom through franchising. In addition, he hosts a podcast called Business with Beers, where he shares tips with business owners who want to grow their income by investing in people, processes, and technology.
Do you have what it takes to scale a franchise business?
Although it might seem easy on the outside, owning and operating a franchise business is no walk in the park. While it’s true that buying an already-established brand allows you to skip the initial business development stage, it’s better not to take this investment so lightly. Essentially, franchises are actually half investments and half business ventures. So, just like every other organization, building and scaling a franchise business also requires a lot of work and dedication on your part.
Moreover, success in franchising calls for a business ownership mentality because when you operate a franchise, you’re in charge of business operations, people management, training, resource allocation, etc. You’re also responsible for your own personal development, which is critical for the growth of your business.
Your path to success in franchising depends on how much you’re willing to expand your horizons, elevate others, and help develop their skills. That’s ultimately the goal of a franchise – putting the right systems and processes in place, as well as building strong leaders who can take control of operations one day while you focus on other higher-level things and what you do best.
Episode highlights:
- The beauty of franchising is that once you figure out how the franchise model works, you can repeat the process over and over again. It’s essentially a rinse-and-repeat approach that helps you grow more rapidly and add new markets successfully. (05:07)
- Successful entrepreneurs challenge themselves, fight their limiting beliefs, and constantly strive to overcome challenges. They aim for progress over perfection, which allows them to get ahead in life and build long-lasting success for their businesses. (07:08)
- True leaders elevate and inspire others. They support their professional growth and help them develop the necessary skills to achieve their full potential. This kind of leadership boosts motivation, creates a positive culture, and ultimately increases the team’s performance, leading to unparalleled success and business growth. (08:51)
- The best part about franchising is that there’s something for everyone. Once you figure out what success looks like for you and what you want to achieve in life, you can find the right franchise opportunity that will fit your long-term goals. (19:30)
- Even though franchising has a lot of benefits, it’s not the easiest way to run a business. You can’t invest in it and forget about it. The real work actually starts after you’ve bought it. As an actual business venture it requires constant work and commitment to grow and become a sustainable revenue source. (25:49)
Brian’s best advice for entrepreneurs:
“I’m a big believer that the bigger that my world gets, the more opportunities that we create for the people that live within our world. So if I can continue to make our world bigger, I can bring in higher-level people, we can elevate other people, and provide a lot of opportunities. So that’s my goal is making my world bigger in whatever direction.” (08:51)
