In this episode
- The career phase that Kenny feels he is currently in, and what his journey up to this point has looked like. (03:01)
- What drew Kenny to the world of franchising and his approach to building relationships early on. (07:48)
- Kenny explains what his company, FranShares, does and the benefits of investing with them. (10:04)
- The two broad categories of franchisees and their differences. (12:05)
- One of the biggest problems in the franchising industry, and Kenny’s plans to combat this. (15:02)
- The article which kicked-offed Kenny’s entry into the thought leadership realm. (18:30)
- How you can contribute to uplifting your local economy by investing with FranShares. (22:28)
- Approaches that Kenny has adopted with regard to the franchise management side of the FranShares fund. (24:50)
- The mindset shift will enable franchisees to see greater success. (26:02)
- Life experiences which have given Kenny the grit to make a push through difficult times. (28:18)
- Recklessness and pessimism; the combination of qualities that Kenny believes are required to take your business to the next level. (31:05)
- What success means to Kenny. (34:52)
- There’s a lot more that goes into building a business than just being an expert in your chosen field. Taking the time to understand the other elements involved is the key to success.
- Cultivating an environment that promotes staff retention in the long term, even if it is a higher upfront cost, is a far better growth strategy than cutting costs and losing employees as a result.
- By investing in local franchises, you contribute to uplifting your community, and there is minimal risk involved.
- Entrepreneurship isn’t an easy journey, but if you have an idea that you genuinely believe will work, don’t let anything or anyone stop you from pursuing it.
Best Advice Kenny Would Give to Someone Who is Transitioning from a 6-7 to 8 Figure Business:
Although it may be tempting to cut costs wherever you can, paying your employees well will be some of the best money you ever spend.
“When you start slashing paychecks, people walk out the door. When you start increasing them, people stick around. From a shortsighted point of view, people focus on saving money by the hour, but I want to make more money by the year, and I do that by having the best staff in place.” (16:19)
Being fearless enough to push your ideas, and keeping your cards close so that you aren’t taken advantage of, will help you reach great heights as an entrepreneur. “You need to be a combination of reckless and pessimistic.” (31:07)
How Kenny Defines Success for Himself (34:52)
“I love building, so success is building what I envision. It’s not a dollar amount, it’s a lifestyle.”
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