Franchise

Discover How My Candidates Are Succeeding as Entrepreneurs

In today's economy, franchise opportunities are endless. A closer inspection finds that not all franchises are the same, though.

There are many benefits to working in the franchise industry, including some recession-resistant brands with low start-up costs and low overhead. Additionally, working your own hours and taking charge of your own decisions may enhance the quality of your life.

I'd like to tell you about Drew, one of my thriving franchisees. Here are his thoughts.

Question: What were the top three things (characteristics) you were looking in a business?
Answer: 1. Be my own boss. 2. Own a business that is in my backyard where I can help give back to my community. 3. A company that allows me to not be involved in day-to-day operations.

Question: Did you experience fear/hesitation/anxiety at some point?
Answer: I had a lot of anxiety and fear, but it was mostly because of what I didn't know. As we walked through the process and you answered questions, my fear/hesitation/anxiety were minimal.

Question: When? How did you deal with it?
Answer: I think that the majority of these hit at the beginning because I was not sure what type of franchise was right for me. Plus, as we got to the financials and I was(n’t) sure about the stages and how the loans worked out. I'm still a bit nervous, but it makes more sense as you are talking to each team and the timelines match up.
I dealt with it mostly by doing my research, attending calls with the franchisors, and asking a lot of questions to you, the teams, and former business partners. I felt over prepared for each step of the way and ahead of other people.

Question: How valuable did you find talking with franchise owners?
Answer: I thought talking to business owners was an extremely valuable part of this process. One thing that I would have to have had, would be a few more sample questions to ask. It's hard to figure out questions for things that you don't know yet. However, they were extremely helpful on next steps and what to expect from finding a locations, hiring staff, sales/marketing, preopening, and Grand Opening.

Question: Anything especially surprising or interesting?
Answer: I'm not sure if there were any surprises that came up, but I'm surprised how many people were testing the waters in the process and dragging their feet to move forward. I didn't think that I would be one of the first people to sign up after Discovery Day, but Ryan helped answer all my questions and prepare me for each step and I did the necessary homework/research that once I finalized Discovery Day and validated my questions; I felt comfortable to pull the trigger quickly.

Question: Did you find them or change to something else?
Answer: Initially, I was looking at a small IT company to support Small to MidSize companies. However, after talking to Ryan, I realized this role wasn't any different than being an Account Executive with a paid territory. That was not what I was looking to do and after I learned more about Boutique Fitness, I changed my direction.

Question: Did you feel well-equipped at the start of the validation process?
Answer: After preparation calls with Ryan, I felt extremely prepared for what steps were coming and what to expect at each phase.

Question: If not, what could you have known before?
Answer: There is so much going on, that it's best to take it in incremental steps. Don't over plan. Just take one step at a time. I thought the process was laid out well and prepared me for what was coming up and any concerns.

Question: When did you know that this was the right franchise for you?
Answer: I was pretty sure after I saw the Financial Disclosure Document and discussed some options for what I was looking for and what Franchise would be the right fit for me. I validated all my final questions after sitting at dinner with the President of Row House the first night of Discovery Days. However, my decision was pretty clear after the 2nd Day of Discovery Day and their team laid out an impressive presentation for each step of being a Franchisee and how they would support me up to Grand Opening and beyond for me, my GMs, Regional Manager, Staff, and Coaches.

Question: Do you think you would have found this business without my help/guidance?
Answer: I don't think that I would have found Row House if I didn't find Ryan and talk to him about what I wanted to accomplish.

Question: What did you think about the unique perspective I gave to you being an experienced multiple-unit franchisee?
Answer: It goes a lot farther when you can validate questions with someone that is part of the Xponential Fitness family. It’s another way to talk to a franchisee that also understands what you are going through and helps you understand the process and what questions are important to address.

Question: Now that you have gone thru my process, What advice would you have for someone that is thinking about owning a franchise?
Answer: I think the biggest advice that I would give them is that if you don't try to tackle everything at one time, it's doable. Also, if you are not happy with the Corporate life and looking for other options, that it's worth your time to listen to what is possible. Plus, understand the difference between getting a paycheck and wealth management. Once you understand tax ramifications and how you can fold more into your company, you realize that making a nice base is not the biggest factor with having a job/owning a company.

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

This Franchise Makes a Lasting Impact with Little Competition

This affordable business opportunity is in an underserved segment of the restoration industry. One of the most overlooked components of the booming restoration industry is the restoration of people’s belongings and contents.

Water damage, fire, and any other disaster doesn’t only destroy a home. It destroys the items that make up someone’s life. Restoring furniture and contents is a much-needed business that helps people and can allow a savvy entrepreneur to build an enviable business.

You can own a business that makes a lasting impact. This franchise excels in helping homeowners get back the things that make their homes feel like home, from furniture to photos and beyond. This franchise restores everything to its pre-damaged state.

The best part? You don’t have to have any experience in the restoration industry to succeed. Being a part of this franchise gives you world-class training and ongoing support, including coaching from a visionary leadership team that has built and scaled content pack-out and restoration businesses.

From a franchisee's perspective, here is what I love about this type of franchise:

Full-service Contents Capabilities with Advanced Specialties
Underserviced Sector of the Restoration Industry with In-Demand Services
Large Territories and Major Markets Available
Financing is Available on up to 100% of the Total Investment
Ongoing Support and Business Coaching
Strategic Partnerships with National Vendors for Supplies, Equipment, and more
National Brand Visibility and Uniformity
Nationwide Referral and Partnership Opportunities with Sister Brands
Backed By a Worldwide Leader in Property Restoration

If you want to own a business that provides a meaningful service to your community while also capitalizing on a growing need, then this franchise is the right business opportunity for you.

I look forward to sharing more over a conversation with you.

If you’d like to begin your path to franchise ownership, please schedule a brief call with me.

Lessons Learned by Walking in My Candidates’ Shoes

As a successful franchisee, I've been in my candidates' shoes and can speak to the value of what I do as a franchise consultant and the process I employ.

I strongly believe in the power of franchising, and in addition to being a franchise consultant, I have owned a franchise. I opened my first franchise in 2008, grew it to eight locations, and sold it for a profit a few years later.

I decided to walk through the same process I follow with my candidates as if I was buying my FIRST franchise again!

Here are some of the most important lessons I learned.

A Methodical Approach is Effective
I gathered the information I needed to make an informed decision. First, I identified brands that I wanted to investigate further. Then I used the discovery process and the questions that I always suggest to candidates.

Feedback and Guidance are Crucial
I collaborated with my fellow franchise consultants in the same way that I would with my candidates. They asked thoughtful questions and shared their perspectives. I have a lot of franchising experience, but I would not have been as confident in my decision without the support of my peers.

There is No One-Size-Fits-All Solution
Fit is important. Fit is essential for successful franchising. A franchise must take into account a person's time commitment, skills, strengths, interests, finances, values, and other factors.

You Determine The Business’s Performance
Franchisees who implement the system with leading franchises perform well.

There is No Such Thing as 100%
I made my decision when I was 80% certain I had discovered the right franchise. Except for death and taxes, nothing in life is certain. However, franchisees can set themselves up for success by conducting thorough due diligence and following the franchisor's proven system.

I learned a lot during my franchise exploration process that will help me become a better franchise consultant and do what I love as a franchise consultant, helping others become entrepreneurs.

Would you like to learn more about my franchise experience and how I can help you? Then, please schedule a brief call with me.

Will a Possible Recession Affect Aspiring Franchise Owners?

After successfully recovering from a major recession just over a decade ago, the threat of another economic downturn looms over the business community like a dark cloud.

Many people are concerned about the impact of economic uncertainty on franchising. As a franchise consultant, I am frequently asked this question, and my response surprises people.

In my opinion, a recession has no effect on franchising. This is due to the fact that franchising is not an industry. It is a business strategy. A recession has an impact on the industry in which the business operates.

Certain franchise industries are less susceptible to economic downturns than others.

A downturn in the economy can have a positive or negative impact on retail franchises. Storefront franchises are frequently reliant on in-store traffic and customer sales. People may reduce their spending on things like dining out, clothing, and travel when times are tough.

As a result, retailers in these industries may suffer. If, on the other hand, your storefront business is check-cashing or dollar stores, you may fare better during an economic downturn.

Home-service franchises, on average, are more neutral, which means that no matter what happens in the economy, franchises will continue to operate. The demand for these services is greater and less reliant on discretionary spending.

It's crucial to remember that some industries are countercyclical. This means that when the economy slows, their business grows. Outplacement services, credit services, or inexpensive haircuts are a few examples.

When the economy slows down, I frequently speak with people who believe franchise financing is unavailable. This is untrue. In my experience, regardless of the economy, financing is very similar.
Franchises can be opened with success in a strong, weak, or average economy. All that matters is that you are prepared to put in the effort, thoughtful and balanced in setting your expectations, and careful about the industry you are considering.

If you’d like to talk about franchises in the current economic conditions, please schedule a brief call with me.

Choosing The Size Of Your Franchise

The dream of every new franchisee is to have a sizable business. For a variety of reasons, including financial constraints, a lack of skilled labor and management, and even access to suppliers, it might not be feasible.

As a result, before purchasing a franchise, you should consider all franchise options available to you.

The Big Names
Think of Starbucks and McDonald's. These franchises are well-known and well-funded. They have a strong market presence and a proven track record, thanks to their experienced and seasoned management team.

Upside
These are low-risk ventures that may be recession-proof. Due to their large audiences, these franchises also have greater geographic reach and coverage.

One of the primary reasons for selecting these franchises is that you already have a customer base. People are already familiar with the brand and can easily rely on it more than any other franchise in the same sector.

Downside
Their greatest asset is also their greatest weakness. Because of their large market value, they frequently compete with other large brands, resulting in intense competition. As a result, this competition causes sales to fluctuate at times.

They also have higher entry fees by default because the brand has established its own value and presents less risk to the franchisee. As a result, the initial investment in these larger franchisees is substantial.

Stars on the Rise
These franchises are gradually expanding their customer base. As a result, they are looking for franchisees to help them expand their brand, so it is no surprise that they welcome franchisees and offer incentives.

Upside
These franchises are less difficult to establish than larger franchises. In addition, because of the low investment requirement and flexibility, there are more options for a faster start-up.

Downside
While a smaller franchise is expanding, there may still be bugs in their system. This could lead to issues with implementation, among other things.

Both of these franchise sizes have advantages and disadvantages for different people. It all comes down to the prospective franchisee's position and what they have to offer the franchisors.

Depending on your local market conditions, a Rising Star franchise may outperform a Big Name franchise in a competitive market.

If you would like to discuss your ideal franchise size, please schedule a brief call with me.

6 Ways to Maximize Your Discovery Day

When you've narrowed down your franchise options and are getting closer to making a decision, you'll likely receive invitations to what's known as a franchise Discovery Day.

These are typically events held at corporate headquarters where the franchise meets with you, answers your questions, and displays proprietary equipment, among other things. You will almost certainly meet other potential franchisees.

You're there to further evaluate the franchise opportunity, but you're not the only one doing so. Corporate representatives will watch you throughout the event to see if you fit their ideal franchisee.

They've been doing this for a while and know what kind of person would be a good fit for their team. As a result, they'll be watching you just as closely as you're watching them. So take advantage of this opportunity.

Typically, the Discovery Day invitation arrives when you are about to make a decision about whether or not to commit. It is significant. You should treat it as such. Use these six tips to put your best foot forward that day and make the most of it.

Keep your objectivity. Make sure you don't get swept up in the presentations and demonstrations.
Take it seriously because it is. Dress appropriately for the occasion, and if in doubt, dress one degree nicer than you think you should. Throughout the day, be punctual, polite, and professional.
Do your research. Learn more about the industry and fill in any gaps in your understanding of the franchise.
Take note of the culture and how people interact, both from corporate and any other potential franchisees who are in attendance.
Pay attention and follow directions throughout the day. Successful franchises are built on systems that can be replicated.
Prepare to feel overwhelmed. Throughout the day, you will most likely be flooded with information. Carry a notebook with you to write down notes if necessary.

Treat Discovery Day as an important event by putting your best foot forward and paying attention to what is happening around you.

Find out more about preparing for Discovery Day by scheduling a brief call with me.