(866) 714-7703 Get a FREE Consultation

Franchising Path

Connecting You to Your Future

Franchise

How Do You Select A Franchise Consultant?

From retail outlets to employment services, nearly every industry has a successful business model offered as a franchise. Finding the ideal position for you relies heavily on your prior experience and desire.  

According to Business News Daily's analysis of top franchising opportunities, there are ten industries where franchise business is thriving:

1. Children's development. Parents want the best for their children, and educational franchises like Kumon, The Goddard School, and The Little Gym are assisting the next generation in learning and growing.

2. Hair salons. Haircare for men, women, and children is a service that is always in high demand. Franchisees may stand out with a known brand name at companies like Supercuts, Sport Clips, and Great Clips, while kids-only ideas like Snip-its allow owners to limit their target demographic.

3. Fitness. While huge gyms like Crunch and Retro Fitness are still going strong, choosing a niche that isn't being served in your community, such as kickboxing or Pilates, might help you stand out.

4. Paint-and-sip studios. Painting with a Twist, Pinot's Palette, Paint Nite, and Wine & Design are just a few of the firms offering this fun concept, which allows participants to drink a glass of wine while taking a group painting session.

5. Pizza This is a franchise classic, with competitors always coming up with new and inventive methods to assemble a pie or slice. Domino's, Pizza Hut, and Papa John's continue to dominate the market, while concept franchises such as Kono Pizza and Project Pie provide a unique spin on this traditional dish.

6. Frozen yogurt.  The froyo frenzy is still going strong, with chains like Menchie's, Yogurtland, Pinkberry, and Red Mango expanding.

7. Property management. Since 2008, the number of rental properties – and the organizations required to manage them, such as Real Property Management and Property Management Pros – has increased, resulting in growth and opportunity for those trying to meet that demand.

8. Senior care. As an increasing number of aging baby boomers require in-home or institutional care, this area is developing to include services such as advocacy and placement. Caring Senior Service and BrightStar Care are two franchise choices.

9. Spa and beauty services. Massage Envy, Hand and Stone, and European Wax Center are examples of franchises in the booming self-care business. You can provide specialty treatments such as waxing or massages or open a full-service salon with add-on services such as facials and threading.

10. Vending machines. Vending machines have been popular for decades, but the popularity of these models, along with the range of possible product choices, has made franchising a feasible option in recent years, with firms such as Fresh Healthy Vending and Healthier 4U Vending providing franchise opportunities.

Are you ready to learn more franchises? Schedule a call here.

Current Franchising Trends I’m Watching

From retail outlets to employment services, nearly every industry has a successful business model offered as a franchise. Finding the ideal position for you relies heavily on your prior experience and desire.  

According to Business News Daily's analysis of top franchising opportunities, there are ten industries where franchise business is thriving:

1. Children's development. Parents want the best for their children, and educational franchises like Kumon, The Goddard School, and The Little Gym are assisting the next generation in learning and growing.

2. Hair salons. Haircare for men, women, and children is a service that is always in high demand. Franchisees may stand out with a known brand name at companies like Supercuts, Sport Clips, and Great Clips, while kids-only ideas like Snip-its allow owners to limit their target demographic.

3. Fitness. While huge gyms like Crunch and Retro Fitness are still going strong, choosing a niche that isn't being served in your community, such as kickboxing or Pilates, might help you stand out.

4. Paint-and-sip studios. Painting with a Twist, Pinot's Palette, Paint Nite, and Wine & Design are just a few of the firms offering this fun concept, which allows participants to drink a glass of wine while taking a group painting session.

5. Pizza This is a franchise classic, with competitors always coming up with new and inventive methods to assemble a pie or slice. Domino's, Pizza Hut, and Papa John's continue to dominate the market, while concept franchises such as Kono Pizza and Project Pie provide a unique spin on this traditional dish.

6. Frozen yogurt.  The froyo frenzy is still going strong, with chains like Menchie's, Yogurtland, Pinkberry, and Red Mango expanding.

7. Property management. Since 2008, the number of rental properties – and the organizations required to manage them, such as Real Property Management and Property Management Pros – has increased, resulting in growth and opportunity for those trying to meet that demand.

8. Senior care. As an increasing number of aging baby boomers require in-home or institutional care, this area is developing to include services such as advocacy and placement. Caring Senior Service and BrightStar Care are two franchise choices.

9. Spa and beauty services. Massage Envy, Hand and Stone, and European Wax Center are examples of franchises in the booming self-care business. You can provide specialty treatments such as waxing or massages or open a full-service salon with add-on services such as facials and threading.

10. Vending machines. Vending machines have been popular for decades, but the popularity of these models, along with the range of possible product choices, has made franchising a feasible option in recent years, with firms such as Fresh Healthy Vending and Healthier 4U Vending providing franchise opportunities.

Are you ready to learn more franchises? Schedule a call here.

10 Things to Think About When Choosing a Franchise

Too many options can be overwhelming. Thousands of franchise opportunities are available for individuals interested in becoming franchise owners. I understand selecting the best franchise for you might be a difficult undertaking. You desire a business opportunity that meets your own needs while also providing a solid plan for profit and success. Before deciding on a franchise, take the time to analyze these 10 crucial signals that the organization is the correct match for you.

1. A track record of successful sales. The advantage of investing in a franchise is that you are capitalizing on a successful business. Therefore, a franchise that can demonstrate proven sales performance with its existing franchisees is a positive indicator.

2. The market is expanding. You want to enter a business or industry that is expanding rather than contracting. For instance, this is not the time to start a DVD rental business. Other industries, on the other hand, are thriving.

3. Competition. The absence of competition is one of the indicators that a franchise is a good investment. While there is a coffee shop on every corner, many communities still want more products or services.

4. Repeat customers. You want a franchise that will offer you recurring business and allow you to expand your business.

5. Your top priorities. If you value health and wellness, your business should reflect those ideals. So go for a franchise that encourages health.

6. Upsell opportunities. Another positive indicator is a franchise that provides a wide range of products and services, providing you with several income sources.

7. A successful business model. You want a franchise with a profitable business plan.

8. Personal interest. If you are enthusiastic about the product or service offered by the franchise, this is a strong indicator that it is a good fit for you.

9. New customer incentives. Investigate the incentives that a franchise provides to attract a consistent supply of new consumers and money. You want a business model that is always looking for new ways to expand your consumer base.

10. Variety. One-trick ponies are doomed to fail. However, a franchise continually seeking new methods to diversify its products and services is a solid indication that it is worth investing in.

Franchising is a very rewarding investment, and if you take these signs into account, you will have a great chance of success.

Here are My Key Questions To Ask Before You Invest In A Franchise

We know investing in a franchise requires thorough research. Investors must not only grasp the initial costs and financing choices, but they must also thoroughly examine the franchise model, the franchisor's experience, the franchisor's approach to running the business, and the franchise's culture.

Future franchise owners must assess their skills, limits, and work-life balance objectives. They must also research the franchise to ensure that the franchise system they select is a good fit for their personality and long-term ambitions. The extra effort put in on proper research will pay off in the end.

Here are my five questions you should consider before purchasing a franchise.

1. How much is it going to cost?

The price of a franchise varies substantially depending on the industry and the brand within that industry. There are a variety of charges that go above and beyond the original investment range, especially for well-known franchises.

Almost all franchisors charge their franchisees a one-time upfront fee known as the franchise fee. As a result, you are obtaining the right to utilize the franchisor's brand and business model and ongoing management, training, marketing, and support from the franchisor. Furthermore, most franchises will require ongoing royalty payments once the franchise is established.

2. Does the franchise provide financing?

Most franchise investors finance their franchises themselves. However, you may take advantage of many franchisors' recommended lenders. They are more inclined to give finance since they are familiar with the franchise's business plan.

3. How satisfied are the existing franchisees?

During the exploration phase, it is critical to interview current franchise owners. Current franchisees may tell you how life is on a daily basis, what their main challenges have been, and whether or not their relationship with the franchisor has been satisfying.

Speak to as many franchisees as you can. They may be busy, but they recognize the value of building their brand.

4. What type of support and training does the franchisor offer?

Franchise ownership necessitates not just monetary but also time investments. The early phases of establishing a franchise can be challenging, and you will require guidance and assistance throughout time. You want to work for a company run by experienced people who have built a tried-and-true model that will expand with your company.

Franchisees should offer training programs that include all areas of owning and maintaining a successful business, from basic and ongoing training to marketing and advertising assistance.

5. Is the franchise a good fit for me?

Do your core beliefs, talents, and goals align with the franchise system? As a franchisee, you will be expected to sign a long-term contract and conduct your business under a set of requirements. Therefore, franchisors can be quite diligent in implementing standards and procedures to maintain uniformity and ensure future success within a franchise system.

Purchasing a franchise is a significant investment that demands a significant amount of time and effort. The most successful franchise owners, on the other hand, actually like their business and are willing to put in the work required to make it a success.

If you are interested in learning more about franchising opportunities, schedule a call here.

Here’s How to Restart Your Entrepreneurial Dreams After a Financial Setback

I realize a financial setback can be difficult to bounce back from. Finances can be a major impediment to beginning your own business. However, there are methods to avoid high-cost investments and obtain funding. So, if you've recently had financial difficulties and want to get back on your feet in the business world, start here.

Here are my recommended four viable strategies to restart your dream business.

Make A Plan For Your Finances
There are several ways to fund your business that do not require you to use your funds. However, you should not disregard your accounts. If balancing the books is challenging for you, it may be worthwhile to hire a skilled CPA familiar with Quickbooks to help you get your finances in order.

Outsource Necessary, But Time-Consuming Tasks
Outsourcing the tasks that consume your time is essential for a successful entrepreneur. For example, a business owner's time is frequently better spent on creative or higher-level work than writing emails or filling out inventory sheets.

As a result, regardless of the model you pick, outsourcing can increase your production while decreasing your costs.

Explore Financing Options to Assist You in Realizing Your Franchise Ownership Dreams
Franchise ownership does not have to cost millions of dollars to invest like a startup might. Whatever your business, there is a financing solution to help you get back on course as a business owner.

Financing is often available from your franchisor, commercial bank loans, Small Business Administration loans, or other lenders.

Your Marketing Budget Accounts For Half Of Your Financial Struggle
Spreading the word about your new company is vital to its success. Consequently, to get your business off to a solid start, you'll need a smart marketing strategy.

With a few mouse clicks, you can begin promoting for free. Creating a local social media profile for your company is a fantastic first step for physical businesses or restaurant franchises. After all, the more familiar you are with your customers, the more likely they are to return to your establishment.

Whatever road you take in entrepreneurship, planning your funding is a critical step toward success. Even though you've had disappointments in the past, each day is a fresh start.

Are you ready to learn everything there is to know about franchise ownership? Schedule a call here.

My Solutions to Move Beyond Your Franchise Fears

What holds many people back from owning a business is fear. Most are afraid the business will fail, and the investment will be gone.

Common Fears of First-Time Franchisees

Many people invest in a franchise to reduce the risks of owning a business. However, even when considering tried and true franchises with outstanding track records, you can expect various fears to interrupt your thoughts of owning one.

Here are some straightforward solutions to cope with these fears.

1. Investment Risk
Pick a franchise where the owner’s role fits your strengths and skills to minimize risking your significant investment.

2. Underfunded
Many early business closures are due to insufficient cash or working capital. Franchises reduce this risk in three relevant ways. 

First, the total investment amounts are provided in writing in the Franchise Disclosure Document (FDD). Second, during the fact-gathering stage of a franchise evaluation, prospects should ask other franchisees how much the upfront costs were and how much working capital reserve they needed. Third, franchises have minimum financial requirements which must be met.

3. No Experience
If you chose a franchise based on your skills, the fact that you have no prior experience with the industry or company type should never be an obstacle for you. Keep in mind that franchisees give extensive training on their specific business as well as continuing assistance during your career with the brand.

When you match a franchise to your abilities, you can be confident that the type of business you are purchasing is most suited to your strengths.

4. Making Mistakes
You're afraid of making costly mistakes, whether due to a lack of technical abilities or just making a poor judgment call. After all, this is your first franchise and probably your first business.

The solution is to confirm the level of training and assistance supplied by speaking with current franchisees who have almost definitely faced every decision-making circumstance you will face. So you're only a phone call, text message, or email away from getting first-hand guidance.

5. Competition
Everything about the franchise is tailored to you, your budget, and your objectives. But you're worried about too much competition.

The remedy to this worry is to ask the franchise salesperson a few questions.

  • What are your competitors' names?
  • How can you set yourself out in a competitive marketplace?
  • What is the franchise's definition of territory?
  • Where can I find the nearest franchisees in the area?
  • Is the market saturated? What led you to this conclusion?
  • What is the franchise's marketing strategy?

6. Fear of the Unknown
Your franchise success depends upon the franchise you select, the quality of advice you receive, and the skills you bring to the business. A franchise has a recipe for success.  Be sure to follow the recipe!

In my process, we dive into fears as they come up, we address them together. I help give you the space to discern a fear versus a real concern. It’s hard to do alone. Schedule a call here.