Franchise

What Are the Advantages of Owning Complementary Franchise Brands?

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?

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 beauty 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.

6 Signs You Should Invest in a Franchise and Transition From Your Corporate Job

In the corporate world, nothing is certain. That’s why you can keep working as you begin the process of starting your franchise and building your business.

Keeping your full-time job will provide you with income to tide you over until your franchise becomes profitable. It will also be beneficial to have more monthly income from various sources.

But how do you know when it’s time to begin the process of transitioning away from your corporate job?

For some people, leaving a job is simple. Others may not realize it's time to leave. Maybe you're not entirely unhappy at work, but it no longer gives you the same satisfaction it once did.

Here are six indicators that can help you decide it’s time to begin your move.

1. Are You No Longer Excited About Your Job?

This may sound obvious, but remember when you started your job? Remember how eager you were and how many possibilities you saw ahead of you? Many people are content with just having any job, but it may be time to move on if you no longer have that passion.

2. Is The Company Failing?

If you work for someone else and the signs are clear that the ship is sinking, then it’s time to get off. There usually isn’t a good reason to be the last person aboard.

3. Is Workplace Stress Affecting You At Home?

If employment stress is spilling over into your personal life, you should reevaluate. It might be the pressure you're under, the fact that you despise your job so much that it makes you uneasy, or that work consumes too much of your family time.

Work has become too much if it is interfering with your personal life. Likewise, if work-related stress impacts your health, it is time to make a change.

4. Do You Feel Like You Don’t “Fit In” At Work?

You might not fit in with the corporate culture or have other work ethic conflicts. If you aren't happy at work and don't believe in the company, it’s time to explore other opportunities.

5. Is Your Job Performance Declining?

If you're not satisfied at work, you might not be performing your best. If you can't give your best effort, it's time to hunt for other prospects.

6. Are You Being Overlooked?

It's unlikely that things will improve if management isn't utilizing all of your abilities or if your promotion opportunities are limited. You may not be receiving negative feedback, but you are being passed over or no longer invited to important meetings.

It could be your managers, but it could also be boredom. Even the most successful leaders sometimes discover that they need a change. If your job is no longer challenging, you should look for other options regardless of the reason.

You might be able to find what you're looking for at another job. But, on the other hand, it may be time to go out on your own and leave the career that is preventing you from reaching your full potential.

Franchising is a path to consider because it offers a real opportunity for the success you are missing.

Before you quit your day job, contact me here.

Never Lose Another Job. Invest in a Franchise!

Job loss is one of the top stressors that people in a full-time job can face. If you are presently unemployed or fear you may lose your job, you are aware of the enormous stress that causes.

Perhaps you're just starting out, with a young family to support and the pressure to stay employed. On the other hand, maybe you're nearing the end of a long career and are being forced to retire when you're not ready. Being at the mercy of others when your livelihood is at stake can be frustrating and frightening.

Being your own boss by becoming a franchise owner eliminates the possibility of being fired ever again. You can put all of your efforts into the business and work hard to make it successful without fear of someone taking it away. Your efforts will be directed toward securing a future for yourself and your family, not someone higher up the corporate ladder.

The Advantages of Starting Your Own Business

As a franchise owner, you have the ability to build on an established and proven business model.

Consider these benefits of owning a franchise:

Start a new career without industry experience. A career move as a franchise owner can be very successful since franchises provide comprehensive training and assistance from day one. They have the industry knowledge to complement your business acumen, management, and people skills.
Franchises lower the risk of owning a business by providing an established business model with in-place processes.
Customers are attracted to franchises because of brand awareness and effective marketing. These benefits are magnified when it comes to growing your business.
Franchise owners benefit from partnerships with vetted suppliers even before opening their doors.
As a company grows, effective scaling enhances its profitability and operating efficiency. Franchises have mastered this. On the other hand, independent entrepreneurs find it difficult to scale as their businesses grow.

Long-term Training and Support

Purchasing a franchise means that you, even as a small business owner, are a part of something larger. As a franchise owner, you will profit from the brand's overall scale and power.

Franchise training and support:

Franchises provide extensive, in-depth training in business growth, along with continual training, education, and online support.
Franchisee training covers all aspects of running a business.
Customized training for the brand's specialized products and services.
Comprehensive support system and support teams.

If you’re ready to move away from the insecurity of working for someone else to the security of owning your own business, franchising can put you on the path to success.

Please schedule a call here if you would like to talk about your franchising options.

Why Should Veterans Use a Franchise Consultant?

Military service members rely on one another for support in the line of duty, frequently in terrible conditions. Military service brings a unique set of challenges. They must overcome all challenges to fulfill their mission.

When military personnel retire, they frequently start on a new mission in life, searching for their future career. Because of their high business success rates and because veterans thrive as franchise owners, franchising is a popular career path.

They succeed by adhering to a tried-and-true system, possess strong leadership and problem-solving abilities, and can complete jobs under duress with little or no advance notice.

Many veterans take it upon themselves to transition into their new careers. But, as in the military, it’s always reassuring to know someone has your back through the toughest challenges.

Your Franchise Consultant Has Your Back

When the time comes to start a new profession, buying a franchise and, eventually, becoming a business owner might be daunting. There are several franchises to pick from, as well as numerous questions to ask:

Which is the best fit for me?
How much will it cost you?
Are there any special discounts for veterans?
What legal implications should I be aware of?

A franchise consultant can help get you the answers to these and other questions, plus give you the peace of mind that comes from knowing you have the advice of someone with experience in franchising.

The advantages of working with a reputable franchise consultant cannot be overstated.

Franchise consultants are experts in:

Lowering your risk by identifying the franchise where you will have the most success.
Saving you time by presenting you with an organized, buyer-friendly approach.
Giving guidance by leaning on their own experiences.
Introduce you to brands you may have never found on your own
Helping you reach your goals.

Reducing Your Risk

Risk reduction is critical in business. To move forward, you must make calculated decisions. Working with a franchise consultant can help a veteran who is considering entering the franchise market but is unsure how to proceed.

A consultant may learn about your personality, important characteristics, and interests through one-on-one meetings and then match those factors with franchises that may be a good fit for you.

The consultant may also advise you on numerous possibilities you may not have been aware of and give knowledge on the details that most people overlook. In addition, the consultant will supply current, helpful information on funding and legal issues.

Saving Your Time

Prospective franchisees might feel overwhelmed by all of the options and details that must be considered. A franchise consultant can give focus, keeping you on track to purchasing a franchise while saving you time and money.

The consultant will take a buyer-friendly approach, taking into account your goals and budget and the necessary information associated with purchasing a franchise. After that, the consultant will prioritize everything that needs to be done in the best interests of all parties.

Building A Network

In addition to having a franchise consultant on your side, you will have access to a vast network of connections that can collaborate and assist you. Moreover, those contacts will have previous successful experience dealing with franchises.

Working with a franchise consultant will also provide you with access to a network of other franchisees who have used that consultant. You will be able to work with the other franchisees and bounce ideas off of them after you become a franchisee.

Free Consultation

The best part is that dealing with a franchise consultant is free. The franchise pays for the consultant's services entirely. There are no hidden consultation fees, add-ons, or additional costs. Veterans, like franchise consultants, are proud of their honesty and integrity. Franchise consultants, like veterans, are proud of their honesty and integrity.

If you believe in the old saying "time is money," you can see how working with a consultant will help you save money. Consultants can assist potential buyers in navigating the maze of possibilities quickly since they examine the market regularly.

It is important to note that a franchise will charge you the same whether you work with a franchise consultant or not. In other words, the price is the price.

A franchise consultant is there side-by-side with you through every step of the process. So, if you ever have a question or need a resource, your franchise consultant has the answers.

If you would like to talk about your franchising options, please schedule a call here.

How a Corporate Job Prepares You for Franchise Ownership

You've spent your entire career in a corporate position that provides you with a steady paycheck and stability. But is that all you want from your life?

Are you tired of these constant roadblocks at your corporate job?

Do you have an idea that you want to put into action? Ask your boss.
Do you need to take some time off? Ask your boss.
Do you want a raise? Ask your boss.

Are you passionate about working in the corporate world for the rest of your life? You've always wanted to start your own business. But now you're wondering if all of the time you've spent working for others has limited your ability to be your own boss.

Your time spent in corporate America was not worthless. Many of the essential skills you learned, like time management, teamwork, employee management, and communication, will immediately help you as a business owner. These are all transferrable talents that will put you in a good position when you're ready to start your own business.

Here are just a few of the benefits you gained from your corporate experience:

Immediate Credibility

Building a successful career in the corporate sector offers you immediate credibility when you decide to start your own business.

Culture Building

You've witnessed firsthand how important it is to create a great culture with strong chemistry in order to sustain a happy workplace. Many of the same culture-building methods you witnessed in the corporate setting can be applied to your business.

Critical Processes

The list of critical processes you've been exposed to while working for others provides you a significant edge when it comes to running your own business. Time management, budgeting, sales, collaboration, strategic planning, and attention to detail are examples.

Team Management

Your previous management experience gave you significant skills in hiring the right employees, establishing and overseeing a team, defining professional development goals, and mentoring.

Aside from the expertise you provide, investing in a franchise eases the move from the corporate world to business ownership. A franchise gives you an established business plan as well as a support system from both the corporate office and your network of other franchisees.

Interested in transitioning into a franchise owner? Please schedule a call here.