Franchising Path

Did You Know Franchising Is A Legit Side Hustle?

The development of side businesses is arguably one of the most fascinating current business topics. Whatever you want to call it: the gig economy, micro-business, passive income, or a side business. Approximately 42% of these people also have a day job.

When you consider how our working environment has evolved, the news isn't all that shocking. According to the most recent data, 30% of all Americans work a hybrid schedule, and 15% never work in an office at all.

These circumstances have created a very favorable environment for generating additional income, which is easily accomplished through franchise ownership.

There are numerous benefits to owning a franchise as a side hustle, whether you are a stay-at-home mom whose children have returned to school or an enterprise-level business owner looking to diversify your holdings.

It is entirely possible to keep your day job while earning a passive income, depending on the franchise opportunity and the circumstances of your situation.

This additional discretionary income could be useful for activities or projects that you would otherwise have to put off. For other franchise owners, starting a side business will serve as a stepping stone to expanding your business before taking full-time control.

These semi-absentee franchise models are successful when talented individuals can be recruited and retained to run the day-to-day operations. In franchising, this is referred to as a managing-the-manager model.

One of the most common misconceptions about franchising is that ownership requires your full time and attention. Actually, many of the almost 4,000 different franchise concepts available on the market are created with the intention of being run under a semi-absentee ownership model.

It is no longer necessary to give up your day job in order to own a franchise. Considering starting a side hustle through franchising? Yes, that is now a thing.

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

Matching Your Skills And Experience To Your Franchise Selection

How do you know which franchise is right for your investment? With so many franchise brands and industries to choose from, the options can be overwhelming.

Even though opening a franchise is primarily about making money, where would you rather spend your time if you had a choice? Making money for yourself or someone else?

Your skills and experience are important considerations when deciding on the best franchise for you.

Are you a doer? A hands-on person?
Do you prefer to delegate as a manager?
Do you prefer to work independently or as a team?
Are you ready to be a leader, telling others what to do and making all major decisions on a daily basis?

Consider retail or service if you enjoy working with people. Consider a B2B franchise if you want weekends and evenings for your family or yourself. Do you want to interact directly with customers, work in an office, or simply work on the business with the manager doing the day-to-day?

These questions have no correct answers. There are only your answers. Consider them from the standpoint of trade-offs. Some people are driven and carried through the selection process by a strong desire to be independent, to be their own boss.

In an uncertain economic environment, many entrepreneurs are finding that purchasing a franchise is a better option than starting their own business.

You should ask yourself if you can work long-term with your franchisor. Do their goals and values match yours? Signing a franchise contract involves collaboration with franchise management and staff, as well as adhering to their operating system and rules. Different franchises have their own cultures. Make sure you can work with the people you'll spend time with before investing.

If you want to discuss your skills, experience, and franchise options, please schedule a brief call here.

5 Things To Do And 5 Things Not To Do When Attending Discovery Day

Discovery Day is a critical step in the due diligence process, whether you're a seasoned franchisee or just starting out.

I've attended several Discovery Days (DD) and compiled this list of what to do and what not to do.

Do: Prepare Yourself
Do your research on the brand. First, attend all calls with the brand representative(s) and perform some online research on the company. Next, speak to franchisees. I think there is nothing more important than speaking to and asking questions to those already ahead of you. Then, attend the DD. this takes you inside to observe how the franchise works. You also should read and understand the Franchise Disclosure Document (FDD).

Do: Bring Your Business Partners Or Spouse
Anyone who will be working in the business should be aware of what they are signing up for. They can also serve as a sounding board for topics discussed during the Discovery Day presentation.

Do: Ask Questions
Before you attend, try to have most of your questions answered beforehand. You will undoubtedly have some questions as you conduct your research of the brand and review of the FDD, but try to have most answered before you travel.

Do: Bring Energy
Be energetic and participate in the discussion. Keep in mind that discovery day is a two-way interview. You should also make connections with the other attendees.

Do: Take Notes
The Franchisor will most likely offer to send you some of the Discovery Day presentations after it's finished, but take your own notes during the presentation, tour, and so on.

5 Things Not to Do

Don't Wear Flip-Flops To The Franchisor's Office
You're attending an interview. Even seasoned franchisees should show the executive team that they care by dressing professionally.

Don't Leave Your Phone On The Table
The buzz or ring of a cell phone is the worst possible distraction during a meeting.

Don't Be Shy
Don't leave until you've gotten all of the information you need to make an informed decision. Get to know the team that will be supporting you.

Don't Assume You're A Fit
A franchisor may refuse to make you a franchisee. They may make their decision based on the interview or on a combination of factors.

Don’t Attend Too Soon
This is one of the final stages of the franchise investigation process, so don’t go before you are 95% ready to say Yes (or No). Discuss with your franchise coach/consultant and brand representative when this timing may be right for you.

Following my Discovery Day tips will help you on your path to a successful future as a franchisee.

Find out more about how to prepare for Discovery Day by scheduling a brief call here.

Franchise vs. Start-up: Entrepreneurs Can Enjoy All the Benefits Without the Risk

Franchising is a popular option for entrepreneurs pursuing business ownership. However, franchising and start-up businesses are two distinct concepts that share many aspects while also having significant differences.

Many aspects of the start-up model are shared by franchising. For example, both involve businesses that sell goods or services, and the start-up owner or franchisee is in charge of the business's day-to-day operations, such as hiring and supervising employees, ordering inventory, marketing the business, and keeping financial records.

One significant difference between the franchise model and start-up businesses is that franchisors provide extensive training for all aspects of the business. As a result, you receive a ton of assistance and direction on managing the business on a daily basis rather than having to figure everything out on your own.

The level of support franchisees can expect from the parent company far exceeds that of a typical start-up business owner and includes supply agreements, national marketing campaigns, and administrative support. Because of the franchisor's support, the franchise model is much less risky than other types of businesses.

The franchise system was created to maximize profits for all parties involved, including franchisors looking to expand their brands and franchisees striving to operate successful businesses.

Consumers win because the franchise system has made it possible to market a wide range of products and services more reliably and affordably than start-up owners could have done alone.

For those looking to reduce their risks while still benefiting from a successful business, the benefits of franchising clearly outweigh the benefits of other business models.

If you want to explore your entrepreneurship options, please schedule a brief call here.

Franchising Fears? Learn The ABCs of Fear Management

When considering business ownership, it's common to have competing voices in your head. "Go for it!" says one. "It's too risky," says the other, louder voice. Fear takes over and causes paralysis.

With any major life change, fear is normal. But do you want fear to make decisions for you? How do you make it work for you rather than against you?

Follow this ABC model to ensure you have the right mindset:

A: Acknowledge

Acknowledge that there can be a lot of emotion involved when thinking about starting a business. To manage all of those emotions, you must make strategic and tactical decisions.

Explore the ideal methods for running a business.
Determine why you decided to take this route in the first place.
Acknowledge the importance of staying on track to achieve your goals.

B: Base Knowledge

Fear can be reduced with knowledge. The information you gain will put you in a better position to succeed. Examine the business model by learning more by asking questions. Furthermore, it is critical to understand that you will not be able to get all of your questions answered; however, you will be able to get enough of your questions answered to make an informed decision.

C: Courage and Purpose

You will face many decisions as a business owner. Allowing fear to paralyze your decision-making process can lead to frustration and a loss of confidence. Therefore, it's crucial to master the technique of progression.

Making no decision is a decision not to move forward. Consequently, fear management is a skill that you must practice.

Develop the ability to move forward rather than freeze. The more decisions you make, the further you will progress. The more you try new things, the more confident you become. You will become more aware of your courage, capability, intelligence, and resourcefulness as your confidence grows.

Think about the bold choice you just made. How will you deal with that decision?

You have the option of allowing the challenge to paralyze you or of progressing and building your confidence and courage to achieve success.

If you would like to talk about the importance of fear management in franchising, please schedule a brief call here.