Franchising Path

Connecting You to Your Future

Ryan

What Franchise Financing Options Are Available To Veterans?

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You are not alone if you are a veteran considering purchasing a franchise. Veterans own thousands of franchises, and the U.S. Department of Veterans Affairs supports franchise ownership as an option for former military service members and officers interested in starting their own businesses.

The VetFran Program of the International Franchise Association (IFA)

Participating franchisors in the IFA's VetFran program provide discounts and other financial incentives to veterans who have been honorably discharged from the United States military services.

The VetFran program now has over 600 franchisors participating. The IFA assigns up to five stars to participating franchisors, with higher ratings reflecting the IFA's assessment of the franchisor's dedication to VetFran values.

Of course, in addition to studying these evaluations, veterans interested in VetFran franchise possibilities should conduct their own complete research.

Small Business Administration (SBA) Veteran Funding

This loan is a common way to finance a franchise. The SBA Loan was designed to lower the risk for the lenders via a guarantee on the principal. The SBA Loan was a program of the U.S. government to assist with risk. If there is real estate involved, a part of the loan is directly funded by the government.

Patriot Express Loans

The SBA recently began offering Patriot Express loans to military families who want to start or grow a small business. If you are a veteran, an active-duty servicemember under the Transition Assistance Program, a service-disabled veteran, a reservist, a National Guard member, or the spouse of those listed above, you can apply for the Patriot Express Loan.

Additional funding options

  • Cash
  • Conventional Loans
  • Franchisor Leasing
  • Retirement Plans
  • Direct Franchisor Financing

If you have questions about buying a franchise or would like more information about veteran benefit programs in franchising, please schedule a quick call with me.

The Power of Using Facts To Manage Fear

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Fear of failing is the most common concern I encounter among franchise prospects. Fear of failing can paralyze us and flood our imaginations with worst-case scenarios. These irrational concerns impede our capacity to progress and become the finest versions of ourselves.

The difference between emotion and logic is stark and profound. The majority of our decisions are emotional, and we use logic to justify them. Focusing on facts rather than emotions is a more efficient way to make decisions. In the long term, judgments based on facts will be more successful.

Focusing on yourself can also help you overcome your fear of failing. You might hear stories of people who became enormously successful or lost everything in franchising.

Facts are important. Stories are not. What is important is that you may locate a franchise that suits your abilities, talents, motivations, and ambitions.

In the end, anxiety never totally disappears, and great franchisees use it as a motivator.

Recognize your fears and feelings and keep moving ahead. Fear is the polar opposite of belief, and it manifests itself when you lack faith in yourself, the process, or the notion. So recognize the uncertainties and proceed regardless.

Don't hunt for an excuse to say no. It is uncommon to be completely confident about anything in life, so don't use that as an excuse. Life success is built on taking fair and planned risks.

So embrace your fear, do your research, believe in yourself, and chase your dreams!

If you are ready to explore your path in franchising, please schedule a call here.

Franchising Myth: Is Fast Food the Only Type of Franchise?

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For decades, we have all been familiar with fast-food chains, like burger spots, pizza places, sub shops, and other eateries. But, for those unfamiliar with franchising, the term franchise has become synonymous with the drive-thru window.

However, the possibilities extend far beyond fast food for people wishing to become their own boss by investing in a franchise. There are over 3,000 unique franchise opportunities, and most of them may not be what you expect when you think about franchising.

I would like to present you with a few possibilities that may start your wheels turning.

Business Services

Do you want to own a franchise that helps other businesses thrive? Then you're in luck since there are several franchise possibilities available in this field.

You could operate an advertising franchise and help businesses promote their brands. Perhaps you are interested in computer repair, and company owners might contact you to get their systems back online. Other franchises can assist businesses in cutting costs, and others that can assist them with their taxes.

Child Education

Are you interested in helping children succeed in school? Then consider a franchise that specializes in children's education and tutoring. In addition, there are numerous activity-based sports, preschool, and childcare franchises available.

Health and Fitness and Personal Care

The health sector has always been massive, as seen by the numerous franchises in this field.

Boutique fitness franchises offer opportunities to help people with weight loss, physical fitness, and diet improvement.

You might also consider personal care franchises, like tanning salons, beauty salons, hair care, and other areas that help people feel great.

Care for the Elderly

Seniors deserve the finest care possible. Fortunately, fantastic franchise opportunities provide healthcare and medical services to seniors. These solutions offer much-needed services to the elderly, and you will feel amazing knowing that you were able to assist them.

Home-Based Franchises

Would you rather work from home than open a physical location? Then there are numerous opportunities to consider. Here are a few.

  • Financial and investment advisors
  • Personal and business counseling
  • Photography
  • Home inspections
  • Pest treatment

These are only a handful of the franchise categories available, but you can see that there is much more to the world of franchise ownership than fast food.

If you want to start narrowing the choices down and find your dream franchise opportunity, please schedule a call here.

What Motivates You?

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Are you at a crossroads in your life or career? Perhaps you discovered this after another boring and lengthy ride home from work, or perhaps you discovered it when you missed another of your child's soccer games due to a late business meeting.

Did you come to a fork in the road this morning, look in the mirror, and ask yourself, "Do I have to go to work today?"

Have you experienced downsizing, demotion, or restructuring at work? You've been pushed out of your position and are left wondering, "What now?"

Franchise ownership could be a perfect fit for you.

What benefits have other like-minded and determined people reaped from becoming franchise owners?

  • You are now in charge of your future.
  • You’re getting paid what you’re worth and for what you produce.
  • It fulfilled a lifetime ambition of yours to own a business.
  • The timing was perfect.
  • Family, flexibility, freedom, and happiness are all vital to you.
  • Long commutes, dull meetings, and business travel were killing you.
  • You’re motivated.

If you’re at a crossroads and desire the benefits of being your own boss, franchising might be a perfect fit.

Please schedule a call here so we can discuss your motivation.

What Are the Advantages of Owning Complementary Franchise Brands?

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It's no secret that multi-unit ownership is very popular in the franchise market. However, did you know multi-brand ownership is a fast-growing subset of the multi-unit ownership space? 

More and more franchisees are diversifying their portfolios by investigating different franchise brands that complement their present franchises.

There are several significant benefits to cross-brand franchising.

Protecting Against a Single-Market Downturn

One of the main reasons a multi-unit franchisee may enter into multi-brand ownership is to insulate yourself against a single-market decline. Furthermore, diversifying your portfolio with franchises from several areas spreads any possible risk across many locations and brands.

Experience with the Customer Profile

When you start a franchise with a complimentary brand, you will be targeting the same demographic but fulfilling a different desire. A gym or fitness studio franchisee, for example, already understands their target demographic, people who prioritize their health and wellness.

This type of consumer will eventually have demands that are not met by a gym membership and may be met by a franchise with a similar goal and complementary product or service.

A health and wellness-focused franchise, such as a health food shop, is a natural fit for this particular group. The franchisee is already familiar with marketing to this demographic.

How to Grow Your Business with Complementary Brands

To optimize your investment, the brands should be mutually beneficial. Here are some questions to consider while evaluating complementing franchises:

  • What is the current profile of my customers?
  • Would my current customers find this brand appealing?
  • Is this brand a direct competitor to my existing franchise?
  • Is there a location for this brand in my territory?
  • How can this brand help my current franchise and vice versa?
  • How can I market these brands together?

There are several ways to capitalize on your success as a multi-unit, multi-brand owner, whether you're growing inside a single franchise system or seeking complementary brands.

Are you interested in being a multi-unit, multi-brand franchisee? Please schedule a call here.

Franchising 101: What are Some Examples of Multiple Revenue Streams Offered by Franchises?

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Multiple revenue streams are important in any franchise. They offer a tried-and-true method for an owner to decrease risk and generate more predictable cash flow from several sources, rather than depending on a single, traditional product or service.

With multiple revenue streams, franchisees have the ability to reach the same loyal customer more often and with more points of contact.

I've compiled a list of examples to help you understand what revenue streams various franchises may offer.

Boutique Fitness

Some franchises offer membership, packages, retail, and private and small group classes. These separate revenue streams give the franchisee flexibility in how they market and drive business to different revenue stream opportunities.

Children's Education or Well-being

Normally, the facility is only open Monday through Thursday, but the franchisee has options such as opening on weekends and doing special events it could generate additional revenue.

Salons and Personal Care

Full-service salons have multiple streams of revenue, like haircuts, styling, coloring, perms, hair treatments, facial waxing, retail hair products, spa parties, and special events. These options are exactly what make this type of franchise both scalable and sustainable.

Home Services

In the area of home services, they bring together inspections, cleaning, maintenance, spa, carpet cleaning, window cleaning, yard care, security, and much more. Some services can be subcontracted if the franchise does not offer them directly.

Pet Services

A pet services business might offer instructional seminars, retail sales, and room rentals for local dog trainers. These additional channels bring in new customers who will notice the range of other services provided by the franchise. This also encourages customers to spend money on other items and services.

Auto Repair

Cleaners, emergency vehicle kits, floor mats and accessories, and aftermarket car parts are some of the things that an auto repair franchise can offer. These items complement the franchise's services wonderfully and are a simple add-on for staff to market to new and existing consumers.

Lastly, it all boils down to the old saying that putting all of your eggs in one basket is never a smart idea. The more revenue-generating options franchisees have, the more sustainable your franchise will be.

To learn more about multiple income streams, please schedule a call here.