The SmallBizChat Podcast: How to Select a Franchise Business with Dr. Robert Needham

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In this episode, Melinda Emerson is joined by Dr. Robert A. Needham to explore overcoming economic slavery and fear in entrepreneurship. They discuss the advantages and downsides of franchising and highlight the importance of maintaining a high gross margin in business. Dr. Needham shares his best business advice, providing listeners with valuable insights for navigating the entrepreneurial landscape.

Dr. Robert A. Needham, JD, is a seasoned executive with more than over 35 years as a business and franchise executive and President, Collaborative Franchise Systems, LLC He is often called-on as an expert in business, franchising, forensic analysis, and technology. He has been a franchisor in franchise consulting, nutrition and fitness, mobile food truck, and gourmet dog food. He has advised in more than 90 different franchise segments and hundreds of brands within the industry. Currently, he focuses on service based franchises with high return of investment potential. For more information: https://collaborativefranchisesystems.com

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This week on SmallBizChat Podcast:

Economic slavery is when individuals work for someone else who determines their value, limiting their financial freedom and personal growth.
Franchising offers a middle ground between being an employee and an entrepreneur, providing a proven business system, brand recognition, and training while mitigating some risks associated with starting a new business.
High-gross-margin service-based franchises can be more profitable than product-based franchises, with examples including senior care services, pickleball court resurfacing, and coaching programs.