A SCOTTISH entrepreneur who recently won the backing of Touker Suleyman on the TV show Dragons’ Den has revealed plans for potential expansion on the Go Radio Business Show with Hunter & Haughey.
Dom Hogan, owner of Opie’s Emporium, has a store and factory in Hillington Park in Glasgow. However, she’s looking at the potential of opening more stores across the country.
“So I’m looking for advice on how best to go about that,” Ms Hogan told the show’s host Donald Martin, editor of The Herald and Herald on Sunday, and resident business mentors Sir Tom Hunter and Lord Willie Haughey.
“Is it about running them myself, starting local, or having more within a greater area? Or could we be looking at potentially franchising stores across the country?”
Sir Tom Hunter replied: “If you’re thinking of growing through your own stores, you need to do the first few yourself 100%, because you’ll learn by doing – you’ll understand how it works. You’ll understand every nut and bolt of your business.
“Franchising works for some businesses. It doesn’t work for others. It certainly diminishes the amount of capital you have to commit to the business but with that you cede some of the control.
“So I can’t tell you 100% what you should do but just sit down and say a franchise gives me this but costs me that. And therefore you can come up with your own decision.
“Invest in your digital side of your business as well; you can capture the full margin.”
Lord Willie agreed, adding. “Tom’s told you exactly the same approach I would have. You will know when the time is right.
“If people are clamouring for your products and it would be impossible for you to roll out the amount of shops, then obviously you would look at franchising.
“But I would start up slowly, get my own places, build up your reputation for the products then make that big decision when it comes.”
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