Welcome back. The question, franchise or not? Now, let's make sure everybody's playing okay in our conversation. The purpose of this is, is you're thinking in your mind as I'm talking. You're going over, you're visualizing, you're trying to learn and incorporate, basically mentally replay what's going on here, alright? We're trying to have a conversation, even though you're not right there, okay? Now, franchise. What is a franchise? Well a franchise is, and let's go back to McDonald's because, we talked about them in the Dave Lindsey case, Defender Direct. If you are a McDonald's franchisee, you basically pay money to have the opportunity to operate a restaurant, McDonald's. And what do you get for the money you pay? You get the brand, you get advertising, but you get a big giant cook book, a process book where everything, as we talked about the french fries, how to cook the french fries, how to cook the hamburger, how to open the store, how to clean the store, how to close the store, what numbers, how to hire people, how to train people, how people should dress. It is a detailed play book. It's a detailed recipe book. Hundreds of checklist. So you as the entrepreneur, don't have to create that. That's why franchises, if you invest in a good franchise, have a very high probabililty of success because someone else has built all the processess for you and has built the brand and does the advertising. Where starting a business, as you know, is a very low probability success rate. This course focuses on, you've already started a business, you are one of the minority, small number of people that's, are still in business after three years and you want to grow your business. And the purpose of this course, remember is, what we know from the research is a lot of people who try to grow their business go out of business. And the purpose of this course is to share with you the research and learnings, of what are the common challenges of growth so the probability of you going out of business is lower. Notice I didn't say guarantee. There's no guarantees, because it depends on execution. Okay? Business is pretty simple folks, the rules. You don't have to be a rocket scientist to be a great business person. You also don't have to be a rocket scientist to be a good business professor, else I wouldn't be here, alright? It is, okay, business. The rules and the concepts are understandable and, quite frankly, pretty simple. It's the execution. Its the execution. It's the execution that's hard. It's the day in day out execution, the doing, the persistence, the discipline, the passion, of striving to learn and be better, and be better, and be better everyday. And to be able to deal with the fact, there's going to be mistakes and fires for you to put out. That's what this course is all about, to increase the probability, of a, of your business when it grows being successful. Alright. Franchise. So in checking travels, could franchise, and we'll just say Tibet, China, wherever, what's the advantage of franchising? Hm, Parik doesn't have to move to the country and live for 6 months. Someone else hires the employees. Someone else has the daily headaches and they pay me, the franchisor of Enchanting Travels, a nice fee in the beginning. Caching, caching, money in and every month they pay me a fee, a percent of their revenues. Now, that's all pretty simple, ain't it? What do you think? Should Enchanting Travels, should Parik and Alex franchise? How many say yes? Raise your hand. How many say no? Raise your hand. You're waiting, aren't you? Let's go back to their customer value proposition. What is mission critical for their customer value proposition? What is it? Customized tours, kay'? High quality delivery. They're trying to build repeat customers who go to different countries with them. What's mission critical for their success? High quality delivery. How do they ensure that happens? They do that by controlling all parts of the process. So the risk of them franchising is, they no longer control local delivery, local employees. They no longer do the hiring, the training, they no longer do, if you will, the oversight of the trips in the country where they franchise. There's a huge risk to franchising. Is, the risk to them is in the customer segment they're dealing with, in the type of tours they're doing. The risk is bad quality, more problems, hurt the brand, lose customers, no repeat business. That is why up until now, they have decided not to franchise. Okay. After the last segment here, you're going to have a, we, you're going to watch a, an interview, short interview I did with Parik. Alright. Now, I want to throw some content at you, alright, that we've talked about to wrap up today's session. There are only four ways to grow a business. Okay. Only four ways. We've talked about improvements. What are improvements? Improvements are, the heart of a great business. You heard Julie say it in her interview. She's out there learning, not from people in her industry or business, but from other types of companies because she want, wants to improve. She wants to bring in improvements. So you're saying, okay, I get it. Better, faster, cheaper. Oh. Very good job. Yes, that's what I said before. Outstanding. Outstanding. Yeah. Better, faster, cheaper. Good recollection. Alright? Good mental replay. What can you improve? Well, you can improve your product. You can make your product more quickly. You can improve customer service. You can improve your sales cycle. Sell faster. You can collect your cash faster. You can make doing business with you easier and smoother. People like to do business with nice people. People like to do business where it's easy. People like to do business with people that smile. Yes. You can operate more efficiently and that means you can reduce your cost. Reducing your cost does what? Cost go down, profits go up usually. You can get, drive more productivity, do more with the same amount of people from process improvements. Ladies and gentlemen, basically you can improve constantly every process that impacts quality, money and customers in your business. Every, yep, my pen, I'm, I get it. Yep, every, every, every, everything you can improve. You will never run out of things to improve, ladies and gentlemen. And notice what I've said, quality, financial controls, and customers. Without quality, you don't have money. Without quality and making money and staying in business, you don't have customers. There you go. I'm saying it again. I believe in repetition. The science shows you learn through repetition. How do you improve? You try new things in small experiments and you learn, you learn from experience. Learning drives money. That young man has got it. Yeah, and our bear is back. Our friendly bear is. And why are improvements necessary? To stay ahead of the competition. I got to run faster today than Kyle runs today. And you know what? I got to run faster tomorrow than Kyle, my cameraman, runs. Remember the cartoon from the other day You need to know folks. They slipped that in my They're pretty sneaky, but it was cool. It was really cool. Alright. Let's take a quiz, short quiz. Take you a minute or two. Few questions. Let's see if you were listening. Let's see if you were thinking. Okay? Two minutes and then come back to me.
