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Coaching Franchisees on 4-Wall Financials & Profitability: w Jessica Thornton of European Wax Center
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In this conversation, Jessica Thornton, a senior financial analyst at European WAC Center, shares her experience in the franchising world. We discuss topics such as the challenges and benefits of franchising, the differences between restaurant and beauty franchises, and the importance of supporting franchisees.
We also discuss the role of women in franchising and the need for more female franchise owners. We highlight the entrepreneurial nature of franchising and the value of strong relationships, education and mentorship in the industry.
We also talk about navigating career growth in a big organization, the value of networking, and the need for ongoing learning. Jess shares her experiences in the franchising industry and offers insights into her role in field finance. She also expresses her passion for mentoring the next generation of leaders.
Takeaways:
- Franchising offers a fast-paced and innovative environment with opportunities for growth and learning.
- Small franchisees often need support in understanding financial concepts and managing their P&L.
- Large franchisees benefit from strategic thinking and a focus on growth and mergers and acquisitions.
- The franchisor's culture and values play a crucial role in creating a positive and supportive environment for franchisees.
- Women are underrepresented in franchising due to risk aversion, but providing a strong support network and a sense of safety can encourage more women to pursue franchise ownership.
- Franchising can be a middle ground opportunity that allows women to scratch their entrepreneurial itch while still having the support and resources of a franchisor.
- Education and information about the franchising business model are key to attracting more women to explore franchising as entrepreneurs or employees.
- Building a strong network and leveraging external partnerships can create opportunities for women in leadership roles in franchising.
- Flexibility and adaptability are important qualities for career growth, and it's essential to focus on acquiring the skills needed for future career goals.
- Mentoring the next generation of leaders is a valuable aspect of franchising, and women have a natural ability to mentor and support others in the industry.
More from Jessica Thornton:
Jessica Thornton, MBA is a strategic finance leader and data-driven decision-maker with a knack for turning complex numbers into clear business strategies. When she's not driving growth at European Wax Center, she's at home in Carrollton with her husband, two teenage boys, and an elementary-aged daughter. Jessica also finds time to coach youth soccer and enjoys cooking on the weekends, balancing a dynamic career with her passion for family and community involvement.
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