Franchising has become one of the most popular means of starting or expanding a business. Yet, like any business, it is full of challenges.
One such company that has assisted aspiring entrepreneurs in their quest to buy a franchise is Franchise Interviews.
I spoke to Martin J. McDermott, Founder and President of Franchise Interviews, who told me what makes his company exceptional and why the market needs him now more than ever.
What is the Franchise Interviews, LLC?
Franchise Interviews gives an up-close and behind-the-scenes look at franchising through our weekly radio show Franchise Interviews. To date, we have recorded over 321 interviews on our weekly franchise radio show with some of the top franchisors, franchise experts, franchise attorneys, franchisees, and franchise authors. We have met with some exciting new franchise concepts as well as some of the biggest names in franchising.
What was the inspiration?
Frustration. People are hungry for good vital content. The reason we started Franchise Interviews is to give aspiring entrepreneurs an up close and behind the scenes look at franchising. There were too many franchise websites and portals throwing information at aspiring entrepreneurs. Our mission from day one has been to educate, inform, and inspire listeners on entrepreneurship and franchising.
As someone who is auditory by nature, I thought it would be great to have a radio show that aspiring entrepreneurs can listen to on franchising. I was fascinated by the concept of Internet radio. There were no geographical boundaries and listeners could hear the show 24 hours a day, seven days a week on the audio archives.
How has business been doing since you started?
We had about 80 listeners to our first show in 2006. This year, Franchise Interviews hit a record high of 18,741 listeners in just one month on BlogTalkRadio.com!
What has your biggest disappointment been with Franchise Interviews?
I think our biggest disappointment was switching radio stations. We started on World Talk Radio and built up a nice listening base. World Talk Radio was then acquired by another station that didn’t fill our needs so we were force to switch stations. I felt like we lost a whole year of building the business. That being said, BlogTalkRadio has been very good to us!
What has your biggest success been?
Our biggest success has been the number of listeners to the show. I never imagined hitting the 18,000 listener mark. Now our goal has been changed to 50,000 listeners in one month.
What about your service is unique that your competitors can't offer?
We are the longest running franchise radio show. This year will be our seventh year of doing the show. We have an incredible library of shows from 2006 to May of 2013. It would take over two weeks to listen to every single show.
What advice would you give entrepreneurs just starting out? Franchising is certainly not for everyone. In fact, it is probably not for most people. You really have to able to follow rules and systems. Not all franchises are equivalent. Some are better than others. Sometimes people think all franchises are the same as McDonalds and they are not.
The industry is very critical to success. Competition will always be more challenging than you imagine. Most of all do your homework. Give yourself six months to a year to make an intelligent decision.
The great thing about franchising is franchisors must provide a franchise disclosure document (FDD). The document contains information like past and previous franchisees. Call as many of them as you can.