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In this video clip, Nick Bayer, CEO and founder of coffee and hospitality company Saxbys, explains why you shouldn’t make the mistake of franchising too quickly. When people are investing their hard-earned dollars into your franchise, you need to be established enough to give them the tools, training and support they need to run the business successfully. If you start franchising too early, you won’t have these resources in place. So learn what works and what doesn’t before you franchise.
When you start franchising from day one, you don’t really know what you’re doing. That’s not a good way to be able to grow the business.”
More about our expert: Nick Bayer, CEO and founder of Saxbys, has always been in the business of bringing people together, whether it’s as one of Philadelphia Business Journal’s Most Admired CEOs or as a consummate team captain since Little League. So when he created Saxbys Coffee in 2005, he never really considered it to be a coffee company — instead, it’s a hospitality company fueled by great coffee. Saxbys has since grown from one corner café to a 30-unit, Philadelphia-based hospitality business with a mission: Make Life Better. Nick serves on the board of Big Brothers Big Sisters Independence Region and has been a Big Brother for eight years. He resides in Center City Philadelphia with his wife and son.
YEC members: Discover more great content at education.yec.co.