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VIBEcast EP15: Unlocking Your Business Potential – Insights from Franchise Brokers on Launching Your Own Business

Posted by VendTech Media - May 17, 2024
VIBECast EP03 - The Rise of Unattended Retail: A Lucrative Business Opportunity

In the latest episode of VIBEcast, host Linda Ballesteros sits down with three experienced franchise brokers—Julie Goldberg, Patrick McGinty, and Alex Sabbagh—to discuss the advantages of starting your own business, the benefits of working with a franchise broker, and the key factors to consider when choosing the right franchise opportunities.

 

Whether you’re considering stepping away from your corporate job or simply exploring new business avenues, this episode provides a wealth of knowledge and practical advice for prospective entrepreneurs.

 

Meet the Experts

 

Julie Goldberg: With a background as a corporate controller, Julie transitioned to the franchise industry in 2013. Her journey began after a lightbulb moment at the dinner table when her husband suggested she pursue franchise consulting to balance work and family life. Julie’s experience in helping people find the right business fit has been both fulfilling and rewarding.

 

Patrick McGinty: Patrick’s strong background in entrepreneurship, particularly in the vending business, led him to franchise consulting 18 months ago. He emphasizes the value of not having to reinvent the wheel and the power of following a proven model. Patrick is passionate about franchise education and enjoys playing matchmaker to help people find the perfect business opportunity.

 

Alex Sabbagh: Alex has been a consultant for two years, with a decade of experience in franchise development and recruiting. His prior career in staffing and recruiting has equipped him with the skills to help individuals identify their strengths and align them with the right franchise opportunities. Alex is dedicated to making people’s business dreams a reality.

Key Takeaways

 

1. The Role of a Franchise Broker Working with a franchise broker can significantly streamline the process of finding and starting a franchise. Brokers have extensive knowledge of various brands, industry results, and leadership teams, allowing them to match candidates with the most suitable opportunities. As Alex points out, “Buying a business or a franchise is a huge decision, and being able to connect with the right opportunity is extremely valuable.”

 

2. Transitioning from Corporate to Entrepreneurial Mindset Making the shift from an employee to a business owner involves embracing a different mindset. Patrick highlights the importance of understanding a candidate’s core values and lifestyle goals to ensure they align with the right franchise. “An entrepreneurial mindset is about being comfortable with risk, working independently, and paving your own way,” he says.

 

3. Addressing Fears and Overcoming Challenges
Fear is a natural part of starting a business, and Julie stresses the importance of acknowledging it. “If you’re not scared, I’m petrified. Everybody should be scared, but it’s about reflecting on the initial drivers and reasons for wanting to own a business,” she advises. Connecting candidates with existing franchise owners can also help alleviate concerns by providing real-life success stories and support.

 

4. The Power of Proven Models and Community Support
Franchising offers the benefit of proven business models and strong support systems. As Patrick notes, “When you become part of a franchise system, you gain access to a community of like-minded entrepreneurs who have been where you are and can help you get to where you want to be.” This community aspect can provide a valuable safety net for new business owners.

 

5. Marketing to Different Generations
Understanding the target audience is crucial in marketing franchise opportunities. Julie emphasizes the need to adapt marketing strategies to reach different demographics, such as Gen Z and Gen Y. She also highlights the importance of using various platforms, including social media and direct referrals, to connect with potential candidates.

 

Final Thoughts

For those contemplating a move into business ownership, the panelists offer some final words of advice:

 

Julie: “If you’ve had a successful corporate career and managed people, you can do this. Believe in yourself, find the right franchise consultant, and be authentic.”

 

Patrick: “Understand the power of the franchise community. You’re not alone; you have access to a support system and proven models.”

 

Alex: “There’s always going to be risk, but franchising offers a way to manage that risk with support and proven concepts. Take the step and explore the opportunities available.”

 

Ready to take your next step and start your own business?

 

Talk with the team at Naturals2Go about starting your own healthy vending business. Here’s where to start your journey>

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