Ever wondered what it’s like to start and manage your own franchise? Or are you already at the point where you’ve decided on a business to franchise? Wherever you are in your entrepreneurial journey, you will find excellent tips and advice from this week’s guest.
In this episode, we talk to Jon Ostenson about franchising. He shares the pros and cons of getting a business to franchise, as well as the differences between food and non-food franchises. We also talk about his upbringing and corporate experience, and how these shaped his mindset to become a successful entrepreneur.
If you are interested in launching a successful business, then this episode is for you!
Jon Ostenson is a consultant, investor, author, and international speaker specializing in non-food franchising. He is the president of an Inc 500 franchise system, the CEO of FanBridge Consulting & Capital, and a multiple brand franchisee.
He is also the author of “The Franchise Path” and is a frequent contributor and thought leader for publications related to franchising and franchise investments. Jon sits on the Board of Directors for Growing Leaders, INC. and serves as a mentor through several non-profit organizations.
Here are three reasons why you should listen to the full episode:
- Discover how to hone an entrepreneurial mindset.
- Know the pros and cons of having a business to franchise in the time of COVID.
- Learn how to start and successfully manage your very own franchise.
[03:21] Jon’s Background
- Jon is from Atlanta and is a father of three kids.
- Currently, he plays matchmaker for non-food franchises, helping people find the best business to franchise.
- He studied at the University of Georgia, where he got into leadership roles and connected with people.
- As a kid, Jon’s family was lower middle class. Amongst his peers, he was the one who had to purchase his first car with his own money.
[09:26] Jon’s Thoughts on Success
- Jon’s parents sacrificed a lot to send their four kids to a private Christian school. Although they were not rich, they had everything they needed.
- However, paying for his college education and his first car made Jon a little bit resentful.
- Maturity changed his perspective; he became more appreciative.
- Jon’s upbringing contributed to his inner drive to strive hard and achieve success.
- It also has something to do with how he’s wired; he can’t resist going out and making things happen.
[11:23] The Growth Mindset
- People can either have a growth or fixed mindset.
- Jon currently prioritizes time over money.
- At 40, his mindset has shifted. But he still wants to explore and evolve.
[15:08] Jon’s Takeaways from His Experiences
- Working at Accenture taught Jon to play to his strengths and muscle through difficulties.
- He believes in the value of grinding early on and being willing to pay your dues.
- Jon also thinks of life in seasons. When people aren’t willing to pay the price when it’s time to grind, consequences eventually catch up.
- He also values being able to sleep well at night, knowing that he did nothing wrong. Find out the context of this key takeaway when you listen to the full episode!
- Be careful what you put in an email. What you put in there could be read by third parties that don’t understand the intention behind the messages.
[22:00] Jon’s Current Season
- Jon is currently at a time that recognizes gratitude.
- Jon thinks that there’s a light at the end of the tunnel in every season in life.
- He says we need to enjoy our time in the tunnel, too.
[25:35] On Faith and Financial Success
- Being in a good financial position, Jon sometimes doubts if he’s doing enough philanthropic endeavors.
- Jon enjoys helping with his children’s Christian school and their church.
- Although sometimes he has a hard time handing over the check, Jon does wish he could give more come tax season.
- When he was young, Jon used to hear his parents having conversations on how to cover their expenses.
- He decided that he wanted to get past these conversations. Now, Jon talks about investing and building his portfolio.
[32:11] Getting Into Non-Food Franchising
- In his quest to scratch his entrepreneurial itch, Jon connected with an international franchise system and fell in love with the business model.
- Most people think of food when looking for a business to franchise.
- However, many business owners do not want to get into the food industry because of the upfront costs, staffing, and inventory issues.
- Right now, franchisees are experiencing a labor challenge. However, Jon and his team are managing customer demand by giving employee incentives.
[39:28] Looking for a Business to Franchise in the Pandemic
- When COVID hit, they saw a decrease in people looking for a business to franchise. But only after three or four weeks, sales ramped back up.
- The pandemic has caused many people to question their path and explore their entrepreneurial side.
- Now, the non-sexy industries have become sexy—the ones that are easy to understand and COVID-resistant. Listen to the full episode to find out more about these businesses!
[43:52] Pros and Cons of Franchising
- When you get a business to franchise, you get to work for yourself, but not by yourself.
- You’ve got a franchisor acting as a coach, other franchisees who are on the same team, and a playbook.
- In addition, franchises sell 1.5x more than non-franchise counterparts. So, when you get a business to franchise, your chances of success are much higher.
- But if you’re too entrepreneurial and want to put your spin on things, a business to franchise may not be for you.
- Listen to the full episode to learn more about the pros and cons of being a franchisee and some business ideas!
[53:24] Crucial Skills and Mindsets for Franchisees
- People have more regret over not acting than acting.
- If you want to be a franchisee, you’ve got to be able to make tough calls involving people management and brand promotion.
- Understand that franchising is a business; treat it as a business.
- Marketing could feel like pulling money out of your pocket, but you’ve got to set a budget.
- Structure expectations with your employees at the beginning, including what you do versus what they do.
[1:01:34] The Future of Franchising
- Jon does not see franchising slowing down anytime soon.
- With the dynamics of the stock market and real estate, franchising is a good way for investors to diversify their portfolios.
[1:07:11] Seek, Go, or Create?
- Jon resonates with ‘go’ because he does not like sitting on the sidelines.
- His advice: don’t be a bystander in life.
5 Powerful Quotes from this Episode
[10:57] “We’ve been very blessed financially, but the big verse in my mission is really, ‘To whom much is given, much is expected,’ and I do feel the weight of not wasting gifts that have been given to me or opportunities that have been given to me to try and help others.”
[15:57] “Some of those peers have gone on to do great things, who started out really fast, they never really humbled themselves. And as a result, when things didn’t work out, they weren’t willing to start again at the bottom of the totem pole.”
[40:48] “The non-sexy industries are now the sexy industries. So whether it be driveways or kitchen remodeling, obviously everyone’s spending on their homes… People love those kinds of non-sexy businesses that are COVID resistant, Amazon resistant, and just understandable.”
[44:49] “Franchising is not entirely foolproof. But at the same time, if you’re good with people, if you’re halfway intelligent, it’s not that hard to be successful when you’re given the framework that you’re getting with franchising.”
[1:07:13] “I’m a big believer in not sitting on the sidelines and watching life lived out ahead of you. You know, get out there, get in the arena. I believe activity breeds activity in my life.”
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