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!

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!

Align Yourself With Strong Franchises

A franchise is a specific license that a franchisee can acquire that in turn allows the owner to have access to the franchisor’s proprietary knowledge, processes and trademarks in order to allow the party to sell a product or provide a service under the business’s name. FranNet’s franchise experts know how to spot the best franchises with these simple giveaways.

If the franchise you are looking at doesn’t have a strong business system or a proven business model, then cross it off your list and move on. What is the difference? A strong business system is how the business operates on a daily basis, such as the payroll, point of sale system, marketing and point-of-sale systems. These items are in direct contact with your consumer. If it isn’t well executed, they will be the first to know and word of mouth can be disastrous (or conversely, highly beneficial). Also, a proven business model is what makes a franchise…a franchise. Franchisees purchase an idea that has shown massive success. They then get training on how to replicate that success (system) to obtain the same outcome. The entrepreneur has the option to choose a business that has been around for years or may be newer, but either choice should have both a strong model and system.

When you find a franchise that is constantly innovating and trying new ideas, keep it on the list. This is a strong sign that they will remain a success through their consistent flow of creativity and openness to keep their business relevant. A business has its staples, however it shouldn’t remain monotonous or its customer base will grow bored and restless. Look for the franchise that has solid staples with an equally solid stream of fresh product or offers.

Befriend other franchisees and seek their wisdom – this will undoubtedly weed out some “maybes” on your list. Ask what they did in their research stage and during their first year, and compare their personality to their ownership responsibilities. Who are you most like? Are they succeeding or is their business struggling? The trick here is to be honest with yourself after the interviews. If you speak with a franchisee that is failing, yet resonates perfectly with your work habits, seriously question your next step. Franchisees in your community could be your future – carefully reflect on that.

Is there such a thing as a perfect franchise? No. If you are seeking perfection, you will not find it. What you can find, however, is a franchise that will embrace all your particular wants and needs and provide you with the future you’ve always wanted.

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 with a qualified and experienced franchise consultant. Our purpose is to connect the dots and make the transition from corporate employment to the freedom of business ownership manageable and safe.