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Franchising Path

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Franchise

Is It Possible To Find A Franchise On Your Own, Or Should You Seek The Help Of A Franchise Consultant?

When you begin seriously considering franchising, you may question, first and foremost, what exactly does a franchise consultant do? Second, you may be thinking if you need one or whether using one is worthwhile.

To begin with, a franchise consultant provides potential franchise prospects with a variety of general and inside knowledge on the franchise industry and opportunities. Franchise consultants help the people they work with save time by doing most of the research involved in locating possibilities that meet your criteria in your desired market.

Why Do You Need A Franchise Consultant?

Yes, you have the option of going it alone. So, franchise consultants are not required when it comes to researching franchise options. That being said, I can't help but emphasize that working with a franchise consultant is free of charge for the franchisee.

Franchise consultants, like myself, serve as unbiased resources, guiding and assisting potential franchisees through the various processes required to reach the goal of business ownership.

If you've never bought a business before, you'll want a guide on your side to make sure nothing is missed or neglected while you go through the process.

It All Starts With A Dream
What do you have in mind for your new venture? Do you have a certain sort of business in mind, or do you simply want to live a better life? An initial interview with a franchise consultant is conducted to get to know one another.

The franchise consultant's purpose is to learn about your experiences, strengths, and aspirations. Next, they will evaluate your investment range, target market, and other factors. Based on what they discover about you, your franchise consultant will recommend the best franchises for you to pursue.

Following that, they will aid you in studying these options in order to help you narrow down your choice. To summarize, once you've established your ideal, your franchise consultant will assist you in filling in the spaces.

Making Introductions
When you've narrowed down your options and are ready to take a serious look at any franchise, your franchise consultant organizes introductions and remains your partner throughout the process. It may take a few introductions before you discover the right fit, and that's OK.

Find the Funding
Once you've found your ideal franchise match, the following step is to secure finance. Your franchise consultant guides you through the process and has a wealth of knowledge to give. When it comes to the down payment and accessible assets, franchisor criteria differ, but it doesn't have to be a mystery.

Your franchise consultant either has the answers or knows where to find them. Your franchise consultant will also inform you of any special interest funding programs that you may be eligible for, such as Veterans or the Small Business Association.

Your franchise consultant can assist you with paperwork and point you in the direction of any further documentation that may be necessary.

A franchise consultant is there for their candidates every step of the process, from the first exploration through the purchase of the franchise. 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.

3 Tips for Successfully Making the Transition from Corporate Employee to Franchise Owner

If you're considering quitting corporate life to start a franchise, you're undoubtedly wondering how. Financially and personally, corporate life is predictable. You know the hours you will be working, the pay you will earn, and the tasks assigned to you.

As a business owner, you lose a lot of predictability, but you gain flexibility, independence, and power.

Nonetheless, some adaptation is required throughout the changeover phase. Here are three pointers to help things move more smoothly.

1. Lay the Foundation

In the early stages, you must lay a solid foundation upon which to develop the success of your franchise.

There are several reasons to work for yourself and own a business, including:

  • The satisfaction that comes from accomplishing things for yourself on a daily basis.
  • The excitement of creating something larger than yourself.
  • The desire to provide opportunities for others around you.
  • Increasing your income is also a typical desire for business owners.

In order to make the transition from a corporate salary to a business income, think about what you will get from an increase in your income in the future.

  • What impact would additional money make in your life?
  • Will it impact the amount of time you have for family or hobbies?
  • Will having more money allow you to take vacations or send your children to college?

Consider how income will help fulfill you, and then set your goals based on that fulfillment. Next, write these goals down and refer back to them often.

Money alone may not be enough to motivate you, so focus on the benefits that come with it.

2. Motivate Yourself

The concept of having your own business is undeniably exhilarating, but it is not uncommon for that excitement to fade for some entrepreneurs. Transitioning from a steady paycheck to your business income may be stressful.

Also, as a business owner, you lose the security of routines and a supervisor reminding you what has to be done. Taking ownership of the business is powerful since you are the one in command, so it is critical to get inspired and stay motivated!

Self-motivation is an essential characteristic of a leader and franchise owner. You must have decided to leave your job to start your own business because the things you dislike about corporate life outweigh the benefits. Hold on to the goals you set when you first started and refer to them anytime you need a burst of inspiration.

This self-motivation is beneficial in terms of keeping your eyes on the big picture, both financially and personally. Success will not happen for you overnight, so keeping motivated is key.

3. Find Support

As vital as being self-motivated is, you cannot expect to do everything on your own. Starting a franchise might be difficult if you don't have a solid support network behind you. Find people who will support you as you make the shift to business owner, such as a spouse, family, friends, business acquaintances, or anybody else you trust.

Many ambitious business owners prefer to invest in a franchise rather than establish their own business since a franchise comes with a built-in network of assistance.

Typically, a franchise has a development team whose sole job is to support the franchisees. The members of the development team have experience in the industry as well as an intimate understanding of what it takes to start and expand the business, so their expertise is invaluable to franchise owners.

If you are interested in transitioning from corporate life to business ownership, please schedule a call here.

4 Steps for Adding Another Brand to Your Franchise Portfolio

At its core, a franchise is a model that promotes the ownership of several units. You invest in a brand that you feel will last.

You adhere to the brand's systems and benefit from the support it provides. Then you resize and repeat the procedure with each additional site until you believe you have grown sufficiently.

But what if the franchise brand's growth objectives do not align with yours? Or what if the market you intend to enter is already oversaturated?

You start the process all over with a different brand.

If you want to diversify your franchise portfolio, the expansion of many brands may appear difficult at first. However, you may be inspired by the prospect of working with new people, learning new systems, and confronting new challenges.

In reality, the method is the same regardless of the brand you choose. Growing your portfolio with various brands is frequently the most effective strategy to achieve your growth objectives in a reasonable amount of time. You just need to know what to look for and have the necessary resources in place.

1. Find Your Happy Place

When considering adding another brand to your portfolio, you need first to analyze yourself. Know what you're strong at and stick to those environments.

When you look at a strong franchise portfolio, you will see that virtually all of the activities are with brands that have basic operations and a comparable footprint. This is not by accident.

In business, we believe it is best to focus on what we do well. Simple franchise concepts with a limited footprint are not only easier to maintain, but they also have the ability to develop at a quicker rate with devotion and effort. Remember to discover your comfort zone and begin expanding from there.

2. Collaborate with the Right Brand

Knowing what to search for is essential when there are so many franchise concepts to pick from. My advice is to keep an eye on established franchises with strong leadership and consistent store growth.

Why? Because there is experience and history, as well as a drive to develop. When a brand is already successful but continues to make positive changes to streamline operations and remain relevant, it demonstrates a strong commitment to growth.

Strong brands have the ability to provide the best prospects for significant and scalable growth while concentrating on improving the experience of their franchisees.

3. Think with Your Calculator, Not Your Heart

When deciding on a brand to develop, numbers should always play a role. So I am a big believer that business choices should be made analytically rather than emotionally.

One of the most common errors made by first-year franchisees is purchasing a basic franchise because they enjoy the product. Take the time to read the franchise agreement, examine the data, and ensure that it can help you make the most of your investment before joining a new brand.

4. Hire the Right People

Hiring talented employees that you can educate, train, and develop is the key to success for multi-unit owners. With each brand you add, your primary duty shifts to building excellent managers who can work for you.

Good employees, in general, do not work for poor supervisors. Personally, I believe in nurturing potential from inside the business. Bring individuals into your businesses, train them on a part-time basis, and build loyalty and trust.

The store managers should be someone you trust and who demonstrate a genuine dedication to their positions while being motivated to learn and grow on a regular basis. Therefore, having folks like them on your team makes your operation run much smoother.

If you would like to grow your portfolio, please schedule a call here.

4 Questions to Ask About Absentee-Owned Franchises

To generate passive revenue, you will need to run your franchise as an absentee or semi-absentee franchise owner. This simply means that you are not involved in the business's day-to-day operations.

The majority of smaller franchise operations are not operated in this way. Instead, the owners manage the business on a daily basis. They are known as owner-operators. As an owner-operator, your income is created actively.

We know that some level of absentee ownership is key, but most franchises require a minimum number of hours spent working on the business. In addition, as a semi-absentee owner, some franchises allow you to choose the responsibilities you wish to focus on, such as marketing, sales, or accounting.

This model allows you to leverage your abilities, expertise, and interests to expand your business and stay motivated.

If you want to know whether a franchise can be successfully managed as an absentee or semi-absentee owner, you should ask the four questions below.

1. Is Absentee Franchise Ownership Allowed by the Franchisor?

This is the most crucial question.

If the response is no, that franchise is effectively ruled out. Unfortunately, many franchisors do not permit absentee or even partially absentee ownership. However, there are many who do.

Here are some types of franchises that tolerate and even encourage absentee ownership. They might be excellent options for you to start with.

  • Boutique fitness franchises
  • Personal Care franchises
  • Children's Education or Well-being franchises
  • Car wash franchises
  • Salon franchises
  • Home Service franchises

2. Is there enough cash flow generated by the franchise?

You will want to own a franchise with high cash flow, meaning you have money left over after all operating expenses have been paid. When looking for a passive income franchise, you should ensure it has enough cash flow to support the management and staff.

If you purchase a franchise that does not create that kind of cash flow, you will be an owner-operator. You didn't acquire a business in that situation. You bought a job.

3. Is it necessary to have any special licenses or skills?

You want to purchase a franchise that will allow you to run the business without any specific knowledge, licensing, or training other than the training that the franchisor provides.

For example, if you wish to run an at-home childcare business, it might require a daycare license. Alternatively, if you are interested in purchasing a franchise in the health services field, you may be required to obtain a professional license.

Therefore, the less the business requires your talents and knowledge to handle daily operations successfully, the better suited it is as a passive income business.

4. Is Absentee or Semi-Absentee Ownership Available in this Business Model?

This is essential. When assessing a franchise, consider how many of the owners own numerous locations. If the answer is yes, then the business model can most likely sustain absentee or semi-absentee ownership.

When owning a semi-absentee franchise model, you can spend time developing your managers while building loyalty and trust with them.

Many car wash owners, for example, own several locations. They are clearly operating as absentee or semi-absentee franchise owners, and they are doing it successfully. Knowing that other business owners are achieving this should give you confidence that you can as well.

Closing Thoughts

Exploring the absentee or semi-absentee model can be an ideal choice for those looking to balance a day job with business ownership. This type of business and type of franchise ownership allows aspiring business owners to dive into franchise opportunities without the need for a full-time time commitment. By leveraging a strong management team to operate manager run franchise locations, individuals can experience the primary benefit of franchise business ownership: the ability to generate income while maintaining ample time for other pursuits.

Ultimately, whether you’re transitioning from a corporate role or seeking to diversify your investment portfolio, absentee franchise ownership or semi-absentee franchise ownership offers a flexible path to becoming a successful business owner. Consulting with a franchise consultant can provide valuable insights into the right business concept and help determine the best fit within this unique framework.

Are you interested in owning an absentee franchise? If so, please schedule a call here.

When Is The Best Time To Invest In A Franchise?

The ideal time to buy a franchise is decided by examining franchise prospects and asking yourself a few questions.

Before you can assess franchise prospects, you must first assess yourself.

Many first-time franchisees make the mistake of rushing into a purchase without first thoroughly researching the franchise opportunity and themselves. However, the most vital element of the equation is your willingness to take on the challenge of being a franchisee.

In a nutshell, if you are prepared for life as a franchisee, now is the time to purchase a franchise. When analyzing franchise prospects, these are three things you should ask yourself.

1. Do you have the mindset of a franchisee?
Owning a business involves innovation, creativity, dedication, attention to detail, interpersonal skills for managing people, among other things.

Your risk should be very low as a franchisee, much less than a startup. You are purchasing a tried-and-true company model with a strong candidate base. You should get started right away. However, becoming a franchisee necessitates certain abilities, such as:

  • The mentality of adhering to a pre-determined operating model and business system.
  • Experience in management, operations, sales, finance, or all of the above.

As a franchisee, you may be extremely successful if you have the appropriate mentality.

2. Are you motivated to succeed in this franchise?
Ask yourself why you want to start a business. Maybe you've had enough of the corporate merry-go-round, and you want more control over your future.

You may be dissatisfied with your current position and seek a new challenge.

Perhaps you've always wanted to be a business owner, and the thought of doing so inside a tried-and-true business model makes more sense than attempting to reinvent the wheel with a startup business.

Your motivation, whatever it is, must be sincere.

3. Do you have the necessary finances?
If you have the money to invest, it will be easier to turn that investment into a profit sooner, and those profits are likely to be more sustainable. In addition, with no interest payments to make, your bottom line will be stronger.

You can also finance your franchise investment by acquiring a small business loan or utilizing your retirement funds.

But has COVID affected franchises?
This is a question we've been getting a lot lately. The answer is yes, but not in the way you would think.

True, the economy has taken a setback, and small businesses are struggling. But on the other hand, franchisees enjoy a significant edge over their independent small business counterparts.

As a franchisee, you have the backing of a larger brand. They will assist you with marketing, training, and pricing. As a result, you can capitalize on their best business practices more quickly.

There is one more advantage for prospective franchisees. Because of the economic downturn, business values are relatively low. Therefore, you may never find a better time to invest.

Are you ready to evaluate franchise opportunities? If so, please schedule a call here.

This Young Franchise is Paving Over The Competition in a High-Ticket Industry

Almost everything has been done in terms of franchising. This comes as no surprise. In America alone, there are hundreds of unique franchise brands.

But every now and then, something fresh in franchising emerges, and when it does, I pay close attention.

That's why I'm posting this message right now.

I've lately been aware of a young brand that I feel is accomplishing something very unique.

So I decided to do a deep dive into the brand to determine if it has the identifying characteristics of a strong franchise.

Here’s what I look for:

  • Strong franchisor/leadership team that serves its franchisees
  • Top shelf online marketing
  • Strategic advantages over its competitors
  • Catastrophe stability (e.g., recession, pandemic, natural disaster)

All of it sounds obvious, doesn't it? Yet, you'd be surprised at how many brands fail to achieve those requirements.

I have so much more to tell you than what is in this email, but I want to provide you with a few details about the brand.

First and foremost, this brand exceeds all of the requirements I outlined above. Furthermore, it is a first-to-market franchise in a fast-growing industry.

From a franchisee's perspective, I love these five things about this brand.

  • Fantastic software, technology, training, and support from the franchisor
  • B2B Model
  • The primary focus is a preventive business which can be equally high average job ticket and recurring revenue.
  • No franchise competition
  • This brand is for pavement, and pavement is an asset, and it's everywhere.

There is a lot more I want to say about this brand that would be better saved for a conversation. I'm looking at my bullet points of why I like this brand, and I haven't even scratched the surface here.

If you’d like more information on successful franchises, please schedule a call here.