Franchise

See How My Candidates Are Experiencing Entrepreneurial Freedom

Franchise options abound in today's economy. However, close examination reveals that not all franchises are created equal.

There are several advantages to entering this industry, including resistance to recessions, fewer start-up expenses, little overhead, a greater quality of life, and the option to work your own hours.
Many of the franchisees I have worked with have found their way to success, and I'd like to tell you about one of them. Kevin S. is someone I'd like to introduce to you. His thoughts are included below.

Question: What were the top three things (characteristics) you were looking for in a business?
Answer: A good business model with achievable positive cash flow in less than six months from the grand opening.
Semi-absentee.
A franchisor that offers lots of support and has a track record of success.

Question: Did you experience fear/hesitation/anxiety at some point? When? How did you deal with it?
Answer: I experienced hesitation throughout the entire process for a variety of reasons. I dealt with it by keeping a running list of questions. During validation calls, I would ask the same questions to each franchisee (or Franchisor). This often led to more questions and the need for more validation calls. Essentially, I found that there can be a wide variety of answers to the same question and the success of each franchise really depends on the owner’s due diligence, organizational skills, ability to execute a plan and drive.

Regarding fear and anxiety, I really didn’t experience much of this until it came time to make a decision. Do I write the largest check of my life? Do I have enough capital to see this through? Have I planned for the worst-case scenario? What is the worst-case scenario? Could I lose everything? Did I forget to ask an important question that would change my mind? Am I taking way too big of a risk? Then it hit me,I just spent two months asking 50 million questions that helped me develop some conservative but acceptable projections. Did I miss something? Probably. But I made enough connections to get any question answered or any problem solved. Regarding that huge check, I didn’t want to part with, once I paid it, the fear and anxiety disappeared. It was replaced by a drive to be successful (I hope anyway).

Question: How valuable did you find talking with franchise owners? Anything especially surprising or interesting?
Answer: Talking with as many franchise owners is without question the most important part of the process. Not only does it help you with your decision, but if you decide to move forward, you have also made a useful connection.

Question: Did you feel well equipped at the start of the validation process? If not, what could you have known before?
Answer: When I started the validation process, I thought I had to contact the owners directly to get them to speak with me. I was not aware there were biweekly group validation calls set up by the Franchisor. However, I would still recommend that a franchisee not only participate in the group validation calls but all reach out to owners directly for one on one calls. Again, this helps to form a useful connection if you decide to move forward.

Question: When did you know that this was the right franchise for you?
Answer: It took a while for me (about two months). I thought I knew before the discovery day. Then, I was almost talked out of it by other potential franchisees from discovery day. A few days after discovery day and after a few more validation calls, I realized that the other potential franchisees had not done the same amount of homework as I had.

Question: Do you think you would have found this business without my help/guidance?
Answer: Probably not.

Question: What did you think about the unique perspective I gave to you being an experienced multiple-unit franchisee?
Answer: It was helpful to know that you have gone through the same process. It was also helpful to know that you own a multi-unit franchise.

Question: Now that you have gone thru my process, what advice would you have for someone that is thinking about owning a franchise?
Answer: Do your homework.
Call as many franchise owners as possible.
Ask a lot of detailed questions.
Ask yourself if you plan and/want to stay in your corporate job for the rest of your life.
Use Ryan Perry to help find a franchise that fits your situation.

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

Why Do You Need A Franchising Advisor?

With over 4,000 franchises available, how do you choose the best one for you? This is where a Franchise Advisor can help.

I am a business matchmaker. I use a proven process to help ambitious entrepreneurs identify the ideal franchises for their situation.

A Franchise Advisor is a franchising industry professional who is always up to speed on the latest developments in the industry. I also understand industry specifics that you won't find in a Google search.

Franchise Advisors ask questions like:

What types of franchise arrangements are ideal for each candidate?
Which franchises have an excellent support team and systems to help new franchisees succeed?
Which emerging brands are hidden gems in the franchise market that offer significant opportunities for investors?

Here is a rundown of the reasons to work with a Franchise Advisor:

Gain access to insider knowledge that isn't available on a Google search.
Receive advice from an industry expert.
Learn about popular industries and new brands before everyone else.
Avoid costly mistakes.
Learn which factors to consider and how to analyze the prospects effectively.
Get assistance in locating the best franchise for your expertise and situation.
Learn about franchise financing possibilities and gain access to finance partners who can help you make your investment a reality.
Discover hidden treasures in the franchise business, such as franchise models, to help you develop wealth.
Using a Franchise Advisor's service and advice is free of charge.

What makes a good Franchise Advisor?
A good Franchise Advisor will always keep their candidate's best interests in mind. I will listen to you, understand what you want to achieve, and base my franchise recommendation on that.

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 help you find your franchise match, please schedule a call here.

According To The 2022 Economic Forecast, Franchising Will Help Lead The U.S. Recovery

The International Franchise Association (IFA) has issued its 2022 Franchising Economic Outlook, which indicates that franchising is a driving force in the United States' economic resurgence.

The research reveals remarkable employment and business growth over all franchising industries, from Personal Services to Lodging, through 2021.

What is the forecast for 2022?
According to the statistics, 2022 will be another excellent year for employment and salary growth in the fast-growing, locally-focused franchising market.

Oxford Economics research indicates:

Franchises pay approximately 3% more than similar independent businesses.
Health insurance is provided by 65% of franchises.
Vacation, sick leave, and other benefits are provided by more than 75% of franchises.

The following are some of the report's key highlights:

Following the 2020 shutdowns, franchise output returned by more than 16% in 2021, reaching approximately $788 billion.
Franchise growth is predicted to level out in 2022, with a 2.2% increase to 792,014 franchises, 17,000 higher than in 2021.
Franchise employment is expected to rise at a rate of 3.1% to 8.5 million jobs, returning to pre-pandemic levels and representing a net gain of up to 300,000 jobs.
Personal Services franchises are expected to dominate growth in 2022, followed by Commercial & Residential Services.

The report shows that states have seen varying economic recovery rates due to differences in business climates, migration trends, and changes in consumer preferences.

At the state level, it is anticipated that:

In 2022, states in the West and South will have the fastest rising trend of franchise business growth.
The Southeast region, which has the highest franchise concentration in the U.S., is expected to have 231,500 total establishments by 2022 while employing 2.6 million people and contributing $235.9 billion to the U.S. economy.
Texas, Florida, Arizona, South Carolina, Idaho, Tennessee, North Carolina, Utah, Montana, and Nebraska are anticipated to be the top ten states for franchise expansion in 2022.

Would you like to be a part of franchising growth in 2022? Please schedule a call here.

4 Tips for Choosing the Best Franchise for You

The key to finding the ideal franchise is to focus on yourself and your personal goals.

Although several franchise options are available, it is important to invest in a brand that is interesting to you long-term.

Choosing a franchise might be difficult because there are so many to choose from. So, how do you choose a franchise that is perfect for you? Here are a few things to think about.

1. Evaluate Your Finances
The first key to investing in a franchise is selecting opportunities you can afford. While you may have sufficient funds to cover a one-time payment, you also need to consider variable charges. A franchisor may want a minimal investment, but there may be additional costs to operate the franchise.

2. Align Your Investment with Your Personal Goals
Purchasing a franchise is a significant investment, and you should invest in a brand that you are willing to commit to and are passionate about.

Everyone has different motives for becoming an entrepreneur, so ensure that the brand you partner with supports your objectives. You should take pleasure in growing and strengthening your franchise.

3. Evaluate Your Strengths
Before acquiring a franchise, it is critical to assess your skills. You should evaluate whether your skills are suitable for what you would be doing as a franchisee.

For example, if you are a very organized, thorough, and operationally-oriented individual, you should match a franchise where you can use those qualities for optimum success.

4. To Make Things Easier, Work with a Franchise Advisor
Now is a great time to buy a franchise. Running a franchise is a tremendous responsibility, and stepping into the shoes of a well-known brand requires market understanding.

However, working with an experienced franchise advisor may help you with vital market experience. Your advisor's advice will help guide you in making a solid and educated decision.

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

3 Tips for a Successful Discovery Day

A franchise Discovery Day allows potential franchisees to learn about the franchise directly from the franchisor. Attending a franchise Discovery Day is a great method for franchisees to get a ton of useful information in a short period of time.

What Is A Franchise Discovery Day?
At a typical franchise Discovery Day, a prospect who has obtained a Franchise Disclosure Document (FDD) and has met several initial requirements visits the franchisor's headquarters and tours various departments, as well as talks with franchisor personnel who deal with franchisees. A potential franchisee might attend a Business Discovery Day to ask questions and experience the franchise firsthand.

What Can I Expect On Discovery Day?
Discovery Day is a sales presentation for the franchisor, so there is a natural temptation to make it a "feel good" event. You should not be scared to ask difficult questions or seek clarity as a franchisee. If you're wondering what sorts of questions to ask during your franchise Discovery Day and want some pointers, I've put together a list for you to think about before attending your Discovery Day.

How Do I Prepare For Discovery Day?
These questions are not legal advice but rather observations based on years of experience. In general, before attending your franchise Discovery Day, you should try to obtain as much information about the franchise as possible.

Tips for having a successful franchise Discovery Day include reviewing the FDD, talking to your lawyer, accountant, and franchise consultant, as well as speaking with a number of existing franchisees. The FDD includes their contact information.

Obviously, if you do not receive the FDD until your franchise Discovery Day, you will not be able to fully participate in this process, but you should still ask as many questions as possible. You should also make sure you have a chance to ask the franchisor questions after you have the FDD and gather additional information.

Following my tips for Discovery Day and asking the questions will go a long way in helping you forge a successful path forward as a franchisee.

Find out more about Discovery Day by scheduling a call here.

Generations in Franchising: Regardless of Age, There is a Franchise For You

Today's fast-paced and technologically-driven environment enables more people, regardless of age or experience, to pursue independence and start their own businesses. Additionally, the ease of entry and minimal initial investment make franchising an appealing option for entrepreneurs of all generations.

Even though the motives for joining a franchise vary by generation, many businesses can attract Millennials, Boomers, and even Zoomers. A franchise’s approach to each franchisee's specific needs makes it an attractive option to all generations.

Millennials and Generation Z
Millennials are those between the ages of 24 and 39 who are the most active franchise buyers today. Furthermore, according to a recent survey, the number of franchisees under 30 is growing. Nevertheless, they are becoming an engaged workforce and are driving innovation and digitization in various industries.

And, even though Gen Z (born between 1997 and 2012) is only now entering their twenties, many are anxious to start their own enterprises and are beginning to join franchises.

What qualities do Millennials want in a franchise?
Technology and digital presence
They are the first generation to have grown up in an era of rapid technological advancement and the internet. This is why people born after 1981 want to work in the digital technology industry. Franchises with advanced technology and new mobile apps, for example, are ideal for tech-savvy Millennials.

Training and assistance
Younger generations, despite their ambition and resourcefulness, frequently lack industry-specific expertise. Millennials are interested in continuing professional education because of this and their internal motivation to improve themselves. With an online training platform, franchises can make it more accessible to master certain skills and compensate for a lack of experience.

Workplace culture, values, and social responsibility are all important considerations.

Millennials and Generation Z are more aware and aggressive about social and environmental concerns than any previous generation. As a result, they want to work with and associate with businesses that are genuine and committed to making the world a better place. Therefore, it is critical to have a work culture that is founded on equality and mutual understanding.

Boomers who are still evolving
People in their 50s and 60s who are primarily concerned with their retirement are a thing of the past. According to recent research, around four out of every ten entrepreneurs were over 50. People of that age are willing to take calculated risks and prefer to work with well-established businesses.

What makes a franchise a good fit for Baby Boomers?
A proven business model
Boomers are not interested in beginning a business from the ground up and wasting time in several trial and error situations. People over the age of 50 want to work with a franchise with years of experience in the market. Business models that have proven to perform and generate profits are important considerations in their decision-making process.

Protocols and systems that are well-established
The Boomer franchisees have a wealth of expertise and are anxious to put it to use. They do, however, place a high emphasis on the brand's pre-existing systems, automation, and processes. In general, Boomers prefer to apply their expert abilities to a well-established system that can assist them rather than reinvent the wheel.

Stability and security
Baby Boomers are devoted employees and business partners, and they expect mutual respect from franchisors and managers. In addition, boomers are less inclined than their younger counterparts to make risky investments, so they choose franchises with years of experience and are here to stay.

Regardless of your age and background, there are franchises that have everything you need to become a successful business owner.

Are you interested in learning more? Please schedule a quick call with me to learn more about your franchise options.