Show notes
Today, Tom is joined by Carolyn Tormey, a career ownership coach to talk about the benefits of entrepreneurship and franchising. With the economy changing and the potential for layoffs, on top of people retiring and looking for the next journey in their lives, many are understanding that time is our most precious resource. Moving to self-employment and away from corporate America is a way to provide yourself with financial freedom as these times are changing. IBC can help make a lot of this possible. Tune in to hear more about franchising, if it's right for you, and what to consider before becoming an entrepreneur. Highlights 01:30 Caroline shares her journey into becoming a career ownership coach and working in the franchising industry 04:01 What a franchise is and how it can be beneficial for expanding businesses 06:08 The higher success rates of franchise businesses compared to independent businesses 08:27 The ideal types of people for franchising ownership 10:31 The growth and availability of semi-passive and completely passive franchise opportunities for potential owners 12:25 The benefits of diversifying investments by owning a franchise and having control over it 14:13 Avoiding pitfalls and common mistakes in franchising 14:47 The "20-60-20 rule" in franchising, explaining the performance levels of franchise owners 17:29 The importance of being well-capitalized and having a good understanding of the ramp-up period in franchise ownership 18:04 Typical levels of investment and financing options in franchise opportunities 21:42 The growing expansion and opportunities in the assisted living industry and franchise space 23:23 Observations about younger generations leaning more towards self-employment and franchise opportunities 29:32 The challenges of navigating through the wealth of information available to anyone wanting to start a franchise 30:38 The importance of exploring franchise opportunities in a non-threatening, low-pressure environment. Episode Resources Connect with Tom Suvansri https://perennialpride.com/ https://www.facebook.com/perennialpride/ https://twitter.com/perennialpride https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA Connect with Carolyn Tormey https://ctormey.esourcecoach.com/ https://www.linkedin.com/in/carolyntormey Call to Action Schedule a Call with Tom How to Listen: Subscribe on Youtube Listen on Spotify
