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Franchising Path

Connecting You to Your Future

Franchise

Franchising Myth: I’m Too Close to Retirement to Invest in a Franchise

If you've been counting down the hours at your 9-to-5 job, the allure of early retirement is apparent. However, despite the fact that many people fantasize about retiring early, the realities of retirement have significantly changed over the past 20 to 30 years.

Across the country, the cost of living has risen dramatically, while wages have barely kept pace with inflation. Furthermore, people are living longer lives, which means they will have to rely on savings and Social Security for many more years.

A longer retirement also means more years without the structure of a job. Some people may discover a new purpose in an extended retirement, but many others may become bored, directionless, and isolated. In addition, their physical and cognitive health may suffer as a result of their inactivity.

You can benefit from a second career in the following ways:

  • New motivation
  • New challenges
  • Developing relationships with coworkers and customers
  • Many successful entrepreneurs have found their stride later in life.

So, why should you buy a franchise in particular? The following are some of the benefits of owning your own franchise:

  • Independence: You can finally be your own boss when you purchase a franchise. You have complete control over how your business is managed, and you can reap the full benefits of your efforts.
  • Flexibility: As a franchise owner, you'll enjoy having complete control over your schedule if you've ever felt restricted by the rigidity of the work week.
  • Structure that already exists: It's always difficult to start something new, but with a franchise, you'll benefit from brand recognition and a well-established model for success.

Regardless of your age, if you would like to find your franchising path, please schedule a brief call with me.

5 Creative Ways to Build a Happy and Motivated Franchise Team

Franchise owners want to inspire and be part of a close-knit franchise team. But how does it work? What strategies can you employ to keep your employees satisfied and aiming for excellence?

Here are five helpful hints for developing a positive franchise culture that maximizes the potential of its team.

  1. Establish and track performance metrics

Set out how you will measure your employees' tasks over weeks, months, and years to offer your employees direction. Each franchise has a unique set of performance metrics.

Every employee should be given a thorough explanation of the metrics and how often you'll compare the results. Then the team members can do various duties to the best of their abilities.

  1. Respect the uniqueness of each person

While expectations for a task should be clearly defined, smart leaders must realize that everyone learns and responds differently. Remember that one type of communication may be better for some colleagues than others, whether they are visual, practical, or reading-led learners.

  1. Share feedback with the team

Regardless of how many franchises or territories you manage, be sure to gather everyone regularly for a team meeting. You can go through the team goals you've met, team accomplishments, and any franchise news.

This will naturally lead to an open forum for questions.

  1. Implement the franchise’s training program

As a franchise owner, you receive all the training and support you need from the franchisor. Franchises provide extensive, in-depth business training, education, and support.

  1. Jump in and work with the team on the job

Separation can lead to negativity between supervisor and employee. However, a franchise owner willing to join the team on-site from time to time can boost team morale tremendously.

In conclusion, achieving happiness and motivation requires both expanding people's limitations and making them feel appreciated for the job they are performing.

Please schedule a brief call with me to discuss your thoughts on franchise culture.

Finding the Best Franchise for Your Leadership Style

There are so many options in the franchise market, and you may select the one that best fits you using a variety of factors.

Did you know that your leadership style significantly impacts how you run your business, engage with customers, and interact with employees? Therefore, while you're assessing franchise opportunities, you should take your leadership style into account.

Which of these describes your leadership style?

Builder or Maintainer?

Builders are experts at spotting and harnessing untapped potential. They excel at conveying their passion to their employees and enjoy the process of beginning something fresh.

Maintainers are great at keeping things moving forward steadily. When they are in the weeds, they are at ease. In addition, they frequently possess the patience and steadiness necessary to maintain a team's interest over time.

Risk-Taker or a Researcher?

Those who take risks seize an opportunity. You're willing to take significant risks in the hopes of reaping significant gains. You're not bothered by failure. If one of your endeavors fails, you pick yourself up, take note of the lessons learned, and move on.

Researchers use caution. They read the small print, look out for warning signs, and research opportunities. People with this leadership style frequently like taking well-traveled roads. However, they dislike taking the lead.

Hands-On or Hands-Off?

Hands-on leaders know everyone's name, job title, and key tasks. They know everyone's position and recognize when people are not performing as expected.

Leaders who take a backseat to their teams have a great deal of faith in them. Despite knowing everyone's names, they might not be aware of their respective roles or the manner in which they carry them out.

They especially rely on managers for goal-setting, performance monitoring, customer satisfaction, and daily staff motivation. However, in the best-case scenario, leaders who don't actively engage with their team might motivate them by emphasizing their vision and objective.

I want you to know that there is a spectrum of these different leadership styles, and not many folks fall into the extreme ends of the spectrum.

It might be challenging to determine how these characteristics interact and which franchises are most suitable for your situation. 

That’s where I can help. I’ve worked with many types of people and scenarios. So I have extensive experience assisting people in figuring out their strengths and purpose and the right path.

If you would like to find a franchise that fits your leadership style, please schedule a brief call here.

How to Make Your Money Work for You

Are you concerned about the stock market yet have money to invest? You could find the alternative you're looking for by investing in a franchise. If you want to generate high returns on your investment, put your money to work in a franchise.

To maximize your investment capital, choose a franchise that provides the following:

  • A compelling brand
  • A financially strong brand
  • Experienced management
  • A growing market
  • In-demand products and services
  • Multi-unit investment opportunities
  • Incentives for larger investments
  • Turn-key operations
  • Ongoing support and training

Make sure a franchise is worthwhile before investing. Interview the leadership and support staff. Meet with current franchisees and their customers. Find out if any franchisees have left the business recently. A high departure rate ought to raise suspicions.

Examine the franchise's financial standing as well. A reputable franchise must have the financial capacity to make long-term investments and offer continuing support to its franchisees.

The Franchise Disclosure Document (FDD) will provide information about financial matters, including any bankruptcy filings by the franchisor or management, fees you would have to pay, any details on financing arrangements, and services the franchisor will offer to franchisees, among other things.

Find out how many franchisees have more than one unit and what incentives the franchise gives for purchasing more units. Being the owner of multiple franchise locations is a terrific strategy to boost your return on investment and build wealth.

Verify any franchise with the Federal Trade Commission and Better Business Bureau (FTC). The FTC requires franchises to give investors the data they need to make wise decisions, including earnings claims.

So when it comes to investing in a business, especially franchise opportunities, there is no substitute for doing your homework.

If you are ready to put your money to work for you, please schedule a brief call here.

It’s The Small Pieces That Make The Big Picture

Like a puzzle, achieving success in life requires not just gathering the right pieces but also understanding how they fit together. To develop a fulfilling outlook on life and work, you must link the components of your past with your future expectations.

It might be daunting to take the risk of business ownership. I am aware of the anxiety associated with going it alone. However, I have collaborated with so many other ambitious folks and witnessed them have that "Ah-ha!" moment. To achieve their objectives, desired lifestyle, and financial independence, I help them find their fit and complete the puzzle.

What is my process to find your perfect fit? Here are just a few steps:

  • What is your location so that I can perform a detailed search for available franchises in your neighborhood?
  • What are your career experiences and passions?
  • Will your spouse, family, or partner will be involved? 
  • What is your timetable for becoming a new business owner?
  • What type of business model is best for you (retail, office, mobile service, or home-based)?
  • What is your financial situation? What is your net worth, and will you need financing options which will assist in determining your eligibility for franchise ownership with various franchises?

The more information you provide, the better I will be able to locate a brand that suits your goals.

I will collaborate with you throughout the entire process, beginning with the first meeting and continuing until you are ready to make a decision, even if you decide not to pursue the investment. Finally, I will always be ethical and transparent with you.

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

Why Has Multi-Brand Franchising Become Such a Hot Trend?

Imagine that you launch your very first franchise with greater success than you anticipated. Your customers and the business are both dear to you. But you still have the desire to keep moving forward.

You want to try something new but aren't ready to give up what has been so successful in supporting you and your family.

What should you do? You could join the many successful business owners who go into the world of multi-brand franchising.

In fact, of the 450,000+ franchise units in the United States, 53% are currently owned by either multi-unit or multi-brand franchisees.

Savvy business owners know it’s best not to put all their eggs in one basket. Below are a few reasons why aspiring or current franchise owners should consider multi-brand franchises:

  • Industry Trends: Market factors, technological advancements, or unforeseen occurrences like pandemics can cause an industry to change.
  • Best Practices: You may discover and implement best practices that can be applied to various industries.
  • Employees: Providing incentives and a future path for your personnel to want to stay and progress within your franchises are possible when you offer growth prospects within your portfolio.
  • Complimentary Brands: Having complimentary brands or the ability to extend a consumer's lifecycle through a separate brand lowers the cost of acquiring new customers.

Keep in mind, I do not advise launching multiple new franchise brands at once. But multi-branding is something to think about if you're a successful franchise owner searching for fresh approaches to boosting your cash flow.

As more people examine innovative strategies to safeguard their financial future in our changing economy, this trend is unlikely to slow down anytime soon.

Are you interested in learning more about the hot, new trend of multi-brand franchising? Please schedule a brief call here.