The Truth Behind Franchise Business Ownership

What does it take to own a franchise? In many ways, the responsibilities of a franchise owner align quite similarly with those of a small business owner. Even though they are essentially the same, the franchise owner starts of with a few more advantages.

There are many franchise concepts and some of them offer a type of product or service that connects directly with the customer. Depending on which franchise you choose, you could be very involved with the public on a daily basis. If you don’t have the patience or personality to deal with complaints, demands and the occasional attitude, then you might want to look for a franchise that does not need you on the front lines. Carefully understand the outline of your responsibilities and don’t settle for something you aren’t passionate about.

As an owner you need to make sure you have a strong team of employees, so you need to prepare for effectively training and motivating your team. The franchisees’ training and on-going support will come from the franchisor; however, the franchisee must pass on their knowledge and use it to better their individual operation.

You’ll also need to consider the marketing of your business. Your franchisor may have national or regional advertising, which they will handle. However, you may be also tasked with leading local marketing activities to actively promote your business. Are you prepared for this?

You will also need to plan for additional costs in starting of your business. There are the expenses of the initial investment, but keep in mind the royalty fees, equipment costs and the expense of keeping your business running day to day. Don’t set yourself up to fail — money is important and so is time. You will be pulled a lot of different directions and you will need to dedicate a great deal of time on your business so your business can get up on its feet the right way.

Simply put, a franchise owner is a leader with an inability to quit. They take initiative, communicate effectively and are pro-active. Expect to fill this role wholeheartedly and you’re setting yourself up for great success.

Are you ready to be your own boss? Perhaps it’s time for a free consultation with a qualified and experienced franchise consultant. FranNet has a great track record of assisting individuals on their path to business ownership. Make arrangements to speak with one of our representatives today!

Did You Lower The Bar For Your Business?

You’ve done it. You successfully own a franchise or new business and the first three years have passed without too much trouble. Now 10 years…15…20, each with its own unique opportunity to keep your business perspective fresh and exciting. How do you stay motived and keep your passion thriving?

You’ve already overcome one of the hardest obstacles about business ownership, which is finding a business you find fulfilling and from which you gain a level of satisfaction. When your career matches up with your passions, it is hard to dread the workweek. Yet, that doesn’t mean you’ll wake up refreshed and ready to smell the roses at each ding of the alarm. While your emotions may fluctuate, you can’t lower the bar in your business relationship. It’s a constant give and take and your standards should remain resolute even in the roughest times.

• Realistic Goals: The world around you is rapidly changing, which means your business will be affected. Don’t set yourself up for disappointment, track your progress and celebrate the small milestones as well.

• Embrace Competition: Nothing like a good challenge to awaken the competitor within. Face it, we all like to win and a little healthy competition will encourage you to innovate and explore. Lacking in competition? That’s great! Challenge yourself. Let your friends and coworkers speak their mind and keep your business from becoming stale one way or another.

• Your Business is a Result of Your Efforts: That’s right. Your intentions, actions, efforts will show in your business. It is ideally an extension of you, after all. Make sure you put your best foot forward, or the lack of motivation will start to show in your work.

• Self Mastery: Continue to use the courage that got you to this point to achieve your dreams. Fear, if left unmanaged, will slowly deteriorate your business. Protect your future with courage and self-belief. Master your fears and always say you can do better. In turn, appreciate what you have accomplished and forgive your mistakes.

The bar, so to speak, is never set. It will be reached and repositioned, but only if you’re pushing professional (and personal!) boundaries. Always defy your limits and keep your passions alive.

Do you feel that you’re ready to get started? Let FranNet connect you with the business you’ve been looking for. Ask us about a free consultation. Our purpose is to connect the dots and make the transition from corporate employment to the freedom of business ownership manageable and safe.

How Would You Feel If You Were Unstoppable?

Think about it. To be completely unstoppable. And, no, it’s not impossible. Even with the fact that entrepreneurs face several challenges, becoming unstoppable could be as simple as switching up your habits and redefining old routines.

First, if up until now all you have been doing is talking about becoming an entrepreneur, it’s time to make the talk a reality. All talk and no action does not make you unstoppable. You have to be ready to follow through on what you say and hold yourself accountable. Let’s go ahead and get this out there too – you’ve got to care about your health. Your mind is, without fail, affected by the state of your body. Care about how much sleep you get, the food you eat, the exercise you do and how much water you drink.

With the amount of uncertainty an entrepreneur faces, you have to be willing to embrace risk. Progress is impossible without stepping away from your comfort zone and exploring a variety of options. It’s actually less risky to accept change than to let you or your business become out dated and out of touch. As long as they are calculated, thoughtful risks, you will benefit from them.

Since your day is already complicated enough, try and keep your business plan clear and simple. If you want people to be on board with your idea, then you need to make sure it is easy for everyone to understand. Simplicity and brevity can take you far, so make sure your message is strong and to the point. Afterward, always try to expand your brand identity through authentic, honest marketing. Budget where to spend your money so it has the most impact and brings new consumers to your brand.

Unstoppable people are not super human – they make plenty of mistakes, are constantly rewriting their strategies and they learn more about themselves and their business every day. The fear of whether or not you will succeed will be there no matter what. The true test of an unstoppable person is what they do to put them in a position to test the unstoppable theory.

 Do you feel that you’re ready to get started? Let FranNet connect you with the business you’ve been looking for. Ask us about a free consultation. Our purpose is to connect the dots and make the transition from corporate employment to the freedom of business ownership manageable and safe.

Be The Problem Solver

Here is the situation: you own a franchise or small business. It’s the first year, so you are working through the speed bumps every business faces. You have a handful of employees that are pulling your attention to a million different things, the budget is tight but your demands keep growing, and you are still figuring out how to market your brand.

What is the one thing you have to be good at to succeed in this situation? Problem solving.

The only way your business (and your sanity) will make it is if you can take these problems and solve them -- for both your employees and your customers. The more you learn to master critical thinking and problem solving, the more time, energy and money you will save. Excellent problem solvers all go about it differently; however, there are some key steps that you can follow to find a solution.

Before you can do any solving, you must first identify the correct problem. It isn’t as simple as you may think as you need to be asking the right questions and find the root of the issue. After you’ve correctly identified the real problem, you can start the brainstorming.

You may like the idea of working alone, but the brainstorm process may better serve you if you include others. You never know, someone on your team might have the perspective that leads to a quick solution. This is the step that involves a great deal of critical thought, which is more a state-of-mind rather than techniques or tools. Looking at the issues from multiple viewpoints and remaining open minded will lead to the most creative, longer-lasting results.

Evaluate the different ideas you come up with and see how they will impact your goals within the constraints that you have. Shoot for high impact-low complexity ideas and get it done. Try to have a couple plans as a backup in case your original idea falls through; a problem can be solved many ways.

As a franchise owner, you will face many issues – some big and others little. No matter the size, you need to approach and resolve each hurdle with a sense of calm and purpose. Look for the opportunities within the problems, keep it positive and you’ll be ready for any situation.

Do you want to be your own boss? Perhaps it’s time for a free consultation! FranNet has a great track record of assisting individuals on their path to business ownership. Make arrangements to speak with one of our representatives today!

Consider the Legal and Financial Aspects of Owning a Franchise

As with any major investment, the best decision can be made only if you’re as informed as possible. You need to spend a good deal of time researching, interviewing and exploring your options -- and a part of the process is determining what the legal and financial aspects are.

As your focus gets more serious with the idea of owning your own franchise, you need to genuinely look at your financials and propose a budget with which you feel comfortable. Research the many options you have, like the Self-Directed 401K option or loans. Financing a franchise may be considered a lower risk investment, mostly because franchises have proven track records and an established trademark and brand. That being said, it is still crucial that you prepare an in-depth business plan and explore a range of options so you commit to the one that makes the most sense for your budget.

The two main documents you must be aware of are the Franchise Disclosure Document (or FDD) and the Franchise Agreement. The FDD provides prospective franchisees with specific information about the franchisor, the franchise system and the agreements that lead to an informed decision. The law requires franchisors to show you the FDD before any franchise is sold. The Franchise Agreement goes into a little different detail than the FDD, specifically on the relationship between the franchisee and the franchisor.

There are various matters that need to be observed in your decision, which is why FranNet suggests you seek the advice of an experienced franchise attorney and financial advisor. They will help you decide the appropriate investigations for any franchise you are interested in and will offer exposure for the legal documentation that will be used to implement the transaction.

Are you ready to get started? Perhaps it’s time for a free consultation . FranNet has a great track record of assisting individuals on their path to business ownership. Make arrangements to speak with one of our representatives today!

Is It Possible To Own A Franchise After Years In The Workforce?

However, you’re the only one who can convince your stubborn, scared self that it’s possible. Spending years in corporate America or working for other small/large businesses doesn’t have to cripple your franchise ownership dreams. In fact, the experience and knowledge you’ve gained to this point will prove to be very useful! At FranNet, we want you to know that it is certainly not time lost – look at it instead as time preparing for this new path.

Think about your current social circle and the activities with which you are involved. Slowly start to transition it all toward your new franchise goals. Look for local franchising events – they will provide opportunities to become acquainted with the right people who will then refer you to the right places, provide you with resources and contacts as well as give valid advice.

Do your research and look for a consultant to guide and help you toward a field that is right for you. See what’s out there and get to know the players. Your current skill set will without a doubt align with a franchise. You may watch online seminars and read several blogs by current franchisees and discover where your budget and needs will fit into the industry.

Keep moving forward. The only guaranteed roadblock that will stand in the way of owning a franchise is you. Don’t continue to sit and wait with the expectation that it will someday change. There is an appropriate amount of due diligence and testing that comes with the process, but ask for help and afterwards go through with it. Can you really own a franchise after years in the workforce? Yes, yes, a thousand times yes! The real question is: where do I sign?

Do you feel that you’re ready to get started? Let FranNet connect you with the business you’ve been looking for. Ask us about a free consultation. Our purpose is to connect the dots and make the transition from corporate employment to the freedom of business ownership manageable and safe.

How Big Is Franchising Anyway?

The number of franchise establishments in the United States has grown to 781,794 – the highest it has ever been. Along with the steady growth, the International Franchising Association (IFA) projects the industry to continuing its impressive expansion for a fifth consecutive year.

When talking about the franchise industry, some may debate the many benefits of such an investment while others will cautiously warn against getting involved. The truth is, there are both positives and negatives to owning a franchise and it depends almost entirely on the person and the process. However, after the extensive research the IFA completed, no one can deny the numbers for 2015. The number of direct jobs in franchise establishments will increase 2.9%, from 8.6 million to 8.8 million jobs. The monetary output of franchise establishments will increase 5.4% in nominal dollars from $844 billion to $889 billion.

From: Entrepreneurs Source

In an article by the Wall Street Journal, the percentage of women that become franchisees are 28.1% vs. the 71.9% of men. The median age of franchise owners is between 45 and 54, with 12% younger than 34 and 28% over the age of 55. When it comes to education level, 44% of franchise owners have a bachelor’s degree and a significantly less 19% hold an advanced degree.

Franchising is becoming a more appealing option for entrepreneurs who are ready to be a business owner, but don’t want to go through the hassle of beginning a business completely from scratch. After extensive research and counseling, finding a franchise can prove to be a very rewarding experience – for both your heart and wallet.

Do you want to be your own boss? Perhaps it’s time for a free consultation. FranNet has a great track record of assisting individuals on their path to business ownership. Make arrangements to speak with one of our representatives today!