• LaundroLab: EBITDA of ~230k
• Crumbl: Avg net profit/location of ~$284k
• Fat Shack: Avg revenue/location of ~$1.09M
• Coder School: Avg EBITDA/location of ~$82k
• Scent Hound: Avg net income/location of ~$105k
• Costa Oil: Avg net income/location of ~$124k
• • •
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Crumbl Cookies opened their first location in Logan, Utah in October 2017.
Today they have 260 stores operating in 36 states, and an average unit volume of $1.27M.
5 high level thoughts on what this franchise does really well (and what other brands should be doing too) 👇
1. Product
The founders A/B tested their way to the perfect chocolate chip cookie by using different ingredients, & asking people at local gas stations "which do you like better?"
After spending thousands of $$$ on recipes, they landed on a cookie they feel is truly special.
2. Branding
Crumbl uses iconic pink packaging for every take-out + delivery order.
The boxes are designed to fit each cookie side by side, whether in a 4-pack, 6-pack, or 12-pack box.
The unique shape + signature pink coloring make it recognizable and Instagrammable.
Service businesses are probably the only business today where you can have a REAL competitive advantage just by having a modern website and answering the phone.
Here's a breakdown on 10 of the fastest growing service franchises, from roofing companies to lawn care 👇
Investment ranges for service franchises assume many costs that you may not shell out for if you went on your own - but regardless they're a far different animal than a brick/mortar biz.
Bc answering the phone is a differentiator, think extra hard if a franchise is worth the $..
Re-listened to @patrick_oshag's pod with Shake Shack founder Danny Meyer
I’ve worked with franchises & multi-unit business owners who obsess over replicating the customer experience, but none have the focus Danny does on the most important ingredient: hospitality
5 takeaways 👇
1. It’s human nature for people to take precisely as much interest in you as you are taking in them
This is @dhmeyer's starting point for hospitality (and business).
By showing an interest in your customer, you can give them a sense of belonging.
Example:
If you own a coffee business and have repeat customers each morning, take stock of what their go-to order is.
The moment you look them in the eye and say “do you want the usual?”, you've made them feel like they belong.