The SmallBizChat Podcast: What You Need to Know Before Buying a Franchise with Nancy Williams

Melinda Emerson

5 hours ago

Categories: SmallBizChatThe SmallBizChat Podcast

The SmallBizChat Podcast: What You Need to Know Before Buying a Franchise with Nancy Williams

In this episode, Melinda Emerson is joined by Nancy Williams to explore the world of franchising for aspiring business owners. Nancy shares insights from her own franchising journey, addressing common misconceptions and the importance of self-assessment before becoming a franchisee. The discussion covers financial considerations, evaluating the health of franchise systems, and tips for finding and assessing franchise resales. Nancy also highlights the significance of due diligence and common mistakes in franchise buying.

Nancy Williams founded NValuable Franchise Consulting 10 years ago out of her passion for helping women and people of color explore entrepreneurship. Recognizing that franchising was one of the best pathways to building generational wealth, Nancy decided that becoming a Certified Franchise Consultant would enable her to educate and assist underrepresented communities in attaining the goal of franchise ownership. She has solidified her position as an expert in the industry with high profile roles including being a 10-year Content Contributor for Black Enterprise Magazine interviewing over 100 Black franchisees and franchisors, a Staff Writer for Franchise Dictionary Magazine, a Chairperson on the IFA’s Black Franchise Leadership Council, and in March of 2023, taking over Franchise Development for the Ben & Jerry’s Ice Cream brand here in the US. For more information: https://www.nvaluablefranchiseconsulting.com

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This week on SmallBizChat Podcast:

Buying an existing franchise can offer a quicker path to profitability but requires careful evaluation of the franchise’s current operations and customer relationships.
Assessing a franchise’s health involves looking at its growth trajectory, franchisee satisfaction, and the franchisor’s transparency and support systems.
Potential franchisees should conduct thorough self-assessments to ensure they have the motivation, resilience, and financial stability to handle the rigors of business ownership.