“The first thing that jumps out at you if you look closely at a franchise model? Well, if you understand the industry in which the franchisor and franchisees operate, you see that these guys do a way better job of designing profitable products and services than their non-franchise competitors.”
Steve Nelson over at Evergreen Small Business has written an interesting blog post analyzing the positives of a franchise model such as Liberty Tax's. Even if you consider your business to be the complete opposite of a franchise model, there's plenty to be learned from franchises about how to...
- design products for maximum profit;
- document and implement best practices, and;
- leverage big data to best allocate resources.
I particularly like the bit about how Liberty Tax offers a free tax course — from which they recruit the best students to work for Liberty Tax! Absolutely brilliant.
Read the article here: Lessons from Liberty Tax Service, Part 1
