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Amy Lewis, owner of Mooeys, discusses the growth and benefits of franchising in the beauty industry. She shares her journey from owning one salon to now having seven salons and five franchises.

Amy shares the importance of knowing your numbers and having a budget sheet to track expenses and profit margins. She explains that franchising provides a business in a box, with a proven framework and systems that can be easily replicated. Amy also discusses the pressure and responsibility of franchising, as well as the emotional challenges of closing a salon.

The conversation explores the challenges and rewards of running a franchise business. It highlights the importance of maintaining control and protecting the brand reputation.

The hosts discuss the need to transition from being friends with employees to being their boss as the business grows. They also introduce their new mastermind programs for business growth and franchising.

Takeaways

• Franchising provides a business in a box with a proven framework and systems that can be easily replicated.

• Knowing your numbers and having a budget sheet is crucial for tracking expenses and profit margins.

• Franchising allows for brand growth and the opportunity to help others succeed.

• The pressure and responsibility of franchising can be challenging, but the rewards of seeing others succeed with your brand are worth it.

• Closing a salon can be emotionally difficult, but sometimes it is necessary for the overall success of the business. Running a franchise business can be challenging, especially when it comes to maintaining control and protecting the brand reputation.

• Transitioning from being friends with employees to being their boss is necessary for business growth.

• Mastermind programs can provide valuable support and guidance for scaling a business and entering the franchising industry.

Chapters

00:00 Introduction and Background

02:13 Amy's Journey from One Salon to Multiple Salons and Franchises

03:18 Setting New Goals and the Future of Mooeys

07:13 Imposter Syndrome and Overcoming Doubts

10:03 The Importance of Knowing Your Numbers and Profit Margins

14:14 What is Franchising?

15:26 The Cons of Franchising

18:40 The Pros of Franchising

23:02 The Pressure and Responsibility of Franchising

26:23 The Emotional Challenges of Closing a Salon

29:57 Challenges of Running a Franchise Business

30:31 Transitioning from Friend to Boss

32:13 Lessons Learned and Getting Through Challenges

46:20 Introducing Mastermind Programs

55:18 The Importance of Supplier and Brand Partnerships

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