Serial entrepreneur Phil Di Bella shared many ‘nuggets of wisdom’ based on his experience in franchising and business during his keynote presentation at the Australian Franchise Marketplace. One of his key takeaways focused around price versus value.
He says, “it’s not the price that matters – it’s the value. A high investment is only a high investment if you’re not receiving value.”
So how do you know if a franchisor is delivering value for the franchise fees and royalties?
Phil recommends looking at the key parts of the business you’re buying into:
- Do they have a strong brand presence?
- Do they have strong systems?
- Do they have strong on-going support and education?
- Can you speak to any of their franchisees?
Phil recommends going for the franchisors that have nothing to hide. Those that will allow you access to speak with anyone in the franchise system, not just a few hand-picked franchisees.
He warns if they won’t let you access their franchisees they’re hiding something.
You want to look for a franchise that has full transparency.
Phil shared his 10 key insights on what does and doesn’t work in franchising based on his experience.
The above is only one of several tips and pieces of advice offered by our content experts during their session at the Australian Franchise Marketplace in September 2020.