ENTREPRENEUR – Kenny Clark, a Texan, wanted to buy a Minuteman Press franchise but found the cost of opening a new location too high. Instead, he decided to buy a failing location and turn it around. This strategy is often overlooked in franchising, but there’s plenty of supply. Clark bought a failing store for $11,000 and turned its annual revenue from $30,000 to over $750,000. Franchise turnarounds are a great opportunity for savvy business operators, but they’re not as easy as they might appear. To succeed in a franchise turnaround, the 3 essentials are: fixing your team, reputation, and community relationship. Clark learned these lessons through his experience. He had to rebuild the store’s reputation and become essential to his community to catapult the turnaround truly.
By LIZ BRODY | JUL 16, 2024
Read the original article at ENTREPRENEUR
