Selling to rich people
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Brian Beers
Get tactical advice every week on finding, operating & scaling franchises.
I interviewed a former mob boss who ran the most powerful crime family outside of New York. Anthony’s approach to “customer service” would put most legitimate businesses to shame. Being a loan shark was one of his many businesses. Here’s the math: Customer borrows $10,000 at 4 points per week ($400). After paying consistently for one year, they’ve paid back $20,800 in interest. But then the customer gets tight on money. Anthony: “You’ve got three kids and your boiler broke? No problem. Skip...
Our Midas shops just set a new monthly sales record. $4,168,431 across 34 locations in May. That’s 9% more customers and 11% higher sales than last year. But here’s what most franchise owners miss: The difference between a $100k location and a $150k location isn’t the zip code. It’s not the marketing budget or the economy. It’s the energy your team brings every single day. Think about it: Customer calls about a rattling noise. Your team could: Say we’re too busy to inspect it Do the bare...
I moderated a franchise conference panel earlier this month. We talked about how the best franchisors obsess over one thing Franchisee profitability Many franchisees are first-time business owners & invest their life savings into the business. They’ve never hired people before. They overstaff (bleeding cash) or understaff (restrict growth). They don’t know the difference between fixed and variable costs. Here’s a framework that actually works: Leverage Buying Power: Use your buying power to...