Franchising Path

It’s Never Too Late To Invest in a Franchise Opportunity

If you're in your 50s, you might think it's too late to start a business. Wrong, it's actually the perfect time. So, what are your plans for the next stage of life? What do you want to do with your time?

You may be an empty nester with lots of time and energy to dedicate to a new endeavor. On the other hand, you may have recognized that you want more freedom or control after years in the corporate world.

Perhaps you're motivated by a desire to make money, give back and assist others, or keep active and creative. Buying a franchise is especially appealing to those in their 50s plus!

Investing in a franchise at this age is not new. Franchisors covet franchisees above 55 because the expertise, insight, and assets gained through their time are valuable resources for a new franchisee.

If you're thinking about buying a franchise, here are some things to think about:

Recognize The Role of The Franchisee

Consider what you'd be doing on a daily basis. Remember, you'll be the boss and should feel at ease in that role.

Do It Yourself or Delegate

After years of working in the corporate sector, you may be accustomed to delegating duties to others. Therefore, hiring personnel to assist you with basic tasks is important.

Comfortable Level of Investment

What resources are you willing to put into your business to fund it? Determine this ahead of time so you can continue to sleep soundly at night.

Your Lifestyle Preferences

Perhaps at this point in your life, you'd like a flexible lifestyle that provides you ample time off so you can travel. What is most important to you?

Setting An Exit Strategy

How much longer do you intend to work? There is no right or wrong solution, but starting with the final goal is important.

Because of your life experience, commercial aptitude, and financial stability, you are a suitable potential franchisee. With a little thinking and planning, you can have the finest years of your life ahead of you.

Is the time right for you to invest in a franchise? If so, please schedule a brief call here.

Did You Know How Critical the Experience and Results of a Franchise Consultant Are?

Because there is no set of credentials for a franchise consultant, the responses to this question can be varied. Professional expertise in a franchise business and experience effectively matching characteristics while using a professional, ethical attitude to the search process are all things to look for.

A franchise consultant's experience and broad knowledge are essential when looking for franchise possibilities. After all, these two variables might help you identify the right match for you.

The more your consultant knows about franchising and business ownership, the better job they will be able to perform in matching one that is a perfect fit for you. Look for a consultant who has been a franchisee or has worked with a franchisor's executive team. More on this here.

Do They Have Proven Results?

A franchise business consultant's reputation is strongly intertwined with verifiable proven results. A successful Franchise Consultant will be open about its customer feedback and success stories. Be sure to check the Franchise Consultant’s website for prior candidates' testimonials. You can read my candidate testimonials here.

When searching for a Franchise Consultant, look for one with the willingness, desire, and compassion to help candidates achieve their entrepreneurial goals. This is the ideal foundation to start with.

Ultimately, it is important to choose a Franchise Consultant with the experience and proven results you are looking for. Remember that a Franchise Consultant aims to match you with a brand that fits your requirements, goals, and talents.

If you are ready for me to find your franchise match, please schedule a brief call here.

See How My Candidates Are Finding Entrepreneurial Success

Franchise options abound in today's economy. However, a closer look reveals that not all franchises are created equal.

Working in the franchise market has various advantages, including certain recession-resistant brands, inexpensive start-up costs, and little overhead. Furthermore, working your own hours and making your own decisions may provide you with a richer quality of life.

I'd like to share the story of one of my successful franchisees, Sujatha, with you. Below are his thoughts.

Question: What were the top three things (characteristics) you were looking in a business?
Answer: I was looking for a good concept, business model and infrastructure/leadership team.

Question: Did you experience fear/hesitation/anxiety at some point?
Answer: Yes, a few days before closing.

Question: How did you deal with it?
Answer: I revisited the pros and cons of the venture, spoke to Ryan, and other franchisees.

Question: How valuable did you find talking with franchise owners?
Answer: It helped me to validate my understanding and brought clarity to my selection of the Franchisor.

Question: Anything especially surprising or interesting?
Answer: Interesting was the leadership team and infrastructure (includes the funding options).

Question: Did you feel well equipped at the start of the validation process?
Answer: Yes

Question: When did you know that this was the right franchise for you?
Answer: When I looked at the proforma, validation call and finally the discovery day.

Question: Now that you have gone thru my process, What advice would you have for someone that is thinking about owning a franchise?
Answer: Go to person is Ryan Perry.

Let me help you find your path to franchise ownership. Please schedule a brief call here.

How Difficult Was Hiring For Franchises In The Previous Year?

According to a recent survey, hiring for franchisees was as challenging as it was for everyone else this year. Approximately 77% of franchisees who hired new employees this year stated that hiring was very or extremely challenging. This is almost 6% higher than the national average of 71%.

When asked why positions were difficult to fill, the most common reason was a lack of applications, 48.88%. Other frequently noted factors were competition from other businesses, 26.97%, and a lack of job experience, 25.28%. Respondents said that retail and sales positions were the most difficult to fill.

The Franchise Reaction

To meet staffing problems, franchisees, like practically every other business, have upped salary 65%. They are also making concerted efforts to keep personnel. This is approximately 6% greater than the national average, which makes sense. Employees of franchises have considerable brand expertise that is tough to replace.

The remaining top strategies were:

30% Enhancing recruitment advertising
20% Offering recruiting incentives
18% Improving perks

What Qualifications Do Candidates Lack?

Both independent businesses and franchises say that candidates lack the necessary business experience. These are the three most prevalent talents applicants lacked.

32% Critical thinking/problem solving
31% Communication
25% Sales/customer relationship management

Most franchisees are incredibly optimistic and feel they’ll survive, 82% while remaining confident in their business.

Small business, including franchising, drives 46.8% of private workforce employment and has been the backbone of the country’s pandemic recovery.

With a proven business model, marketing assets, and the support of a corporate office behind you, now is an excellent time to start a franchise and is less risky than starting your own business from scratch.

If you’d like to find out how I can help you find your franchise match, please schedule a brief call here.

Should You Follow Your Passion When Choosing a Franchise Industry?

Do you want to purchase a franchise but aren't sure which industry to focus on?

You'll be investing a lot of time and money into making your new franchise a success, so do you choose something you'll like? You will ideally love the devotion and process of making your franchise successful if you choose it based on the characteristics rather than just because you like the product or service.

Following Your Dreams

When in your professional life have you been the happiest? Perhaps you enjoy working with children or animals, or you've always enjoyed baking.

What about the events in your life? Do you have any interests that may be turned into a business? Maybe you've always been interested in beauty care trends or working with cars. These might lead you to choose a franchise in one of these industries.

If you're not sure what you're passionate about, ask your colleagues and friends what they notice about you, your interests, and your talents. For example, is your accounting expertise that makes you good with numbers? Perhaps your ability to educate people on how to accomplish something stands out.

Consider Thinking Differently

Some of your interests may not be truly useful to a certain franchise business, and that's fine. Instead, consider which elements of running a successful business you like the most.

Maybe you enjoy engaging with people. If this is the case, a B2C (Business to Consumer) service franchise might be an excellent fit. On the other hand, a B2B business services franchise may be a better fit if you like to work behind the scenes on administrative responsibilities. Knowing what you like and are excellent at might point you toward the best franchise for you.

Take your time making this choice. Buying a franchise is a life-changing event, so make sure you carefully consider a brand that fits you best..

It is said that if you do what you enjoy, it will never seem like work. Make it your goal to figure out what you are passionate about, but also what you will be doing in the business.

If you want to discuss your passions, business characteristics, and franchise options, please schedule a brief call here.

Life Lessons Learned Through Balls and Strikes

I would like to share something personal you might not know about me. Outside of work, I’m a father of two baseball-enthusiast boys. I spend a decent amount of time at their baseball practices and games.

I’ve been involved with my sons’ baseball games and practices for over 10 years. They started playing tee ball at age 5, and as they’ve gained experience, they aspire to play baseball for as long as they can.

Sports might not be for everyone, but in my case, as I mentor my boys, I like to point out many meaningful life lessons that can be learned. Not only do athletics teach dedication and a solid work ethic, but they also teach leadership skills and how to think quickly.

Playing a sport also requires an athlete to donate his free time to promote team camaraderie and to develop self-discipline that will help them throughout their life. It can be very time-consuming and tiring, but when an athlete has a passion for a sport, all of the work is worth it.

When life throws an unexpected curveball, having the capability to bounce back and resolve a situation are necessary skills our children can learn from any sport. Why I really like the game of baseball is the individual is still successful, even when they fail more than half the time. They are able to get past the fear of failure to learn their next lesson and have success. Whether an individual has played a sport for one year or for several, each of these lessons can be carried on and remembered throughout their lives.

These life lessons apply to entrepreneurship and franchising. Do you have a background in business? Do you have the ability to lead by following proven systems and procedures? Do you enjoy coaching or mentoring in your community? Do you want something more?

If you would like to discuss the life lessons you learned as a child and still use today in business, please schedule a brief call here.

Franchising Path

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