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!

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.

"It is never too late to be what you might have been."

It’s almost like George Eliot was speaking straight to the late blooming entrepreneurs. Most of us reach a certain age and feel it’s too late to start chasing old fantasies and begin again. The wonderful thing about success is its impromptu character – it could happen at anytime time in life for the wildest of reasons.

Dig a little into Ray Kroc, Leo Goodwin and John Pemberton’s past and you’ll be convinced that an empire can be built with a little gray hair and spirit! Several of history’s leaders did not begin with the companies they are known for today and the same can be said for many modern entrepreneurs. Entrepreneurship is never easy, no matter what stage of life you are in. It takes a lot of hard work and dedication, yet the reward is leading a career you have control over and enjoy. 

As author Isabel Allende says in her TED talk, “society defines when we are old.” How true! Does your age have control over your ambition, passions and mission in life? How accurate it is to see years as chapters, while the story you have been living is full of detail and depth. There are so many pages left that can be equally thrilling and satisfying.

The safety your current career offers you is a huge reason to stay put and avoid change. You have safety in that job you’ve carried out for 20 years, in the routine you walk through each day and in the predictable road ahead. There is nothing wrong with valuing that safety or the life you’ve lived thus far.  But what about that desire for more? It has not aged at all. 

Your age is the equivalent of a fine, aged wine: highly valued, greatly enjoyed and rare. You also have something younger counterparts do not – money and the experience to manage it. Not only that, but you will know how to cater to your community and gather support from long-time neighbors.  Don’t be afraid to use your network and build a team you can trust. Start exploring and don’t be afraid to ask current franchisees for advice.

You are not bound by any one path. Remember that you are the main influencing factor for what happens in your life. If becoming your own boss was a goal 10, 20 or even 30 years ago, it can still happen.

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. 

Get Your Business Back On Track

Owning your own business is a daily effort to keep revenue up and the client list strong. However, sometimes the money isn't where you want it to be and client aren't coming through the door as often as your would like. If you have been trying to figure out how to save your failing business, remember that nothing is impossible. It’s not too late and there are some tips that other owners have used to save their business.

The first thing you need to do is identify the problem. This is where many people fall short. Grant Cardone, the "Turnaround King" and author of several books, has made a career of turning around failing companies and making them profitable again. After 25 years he knows a thing or two about identifying the root cause.

"I've never seen the executives of a company have the right idea of what the problem is," he declares. "It's like talking to a drug addict about his problems: He'll blame everything but the drugs." So he says, "Before I meet with the management team I get some intel on the company."

It’s easier to blame the economy, a badly timed expansion, the government or anything other than your own decisions. If you really want to save your company, you can’t be afraid to point a finger inward and take responsibility for your actions.  That being said…

Maybe your staff or business partner needs to be revisited as well. You can’t run a business solo, which means a smart and motivated team is crucial to the success of your business. Make sure you trust their intentions for the company and look for those who have the initiative to take on problems and quickly solve them. Along those lines, reevaluate your clients and cut lose the ones that are draining your time and energy with little return.

Scrutinize your financials and make some tough cutting decisions. It’s time to trim the waste, time is money and so it the late payments on loans, credit card processing fees, personal salary, membership fees on certain business credit cards, paper and energy-sucking appliances. If you’re finding it hard to stay above water, you have to sacrifice something to throw overboard.

Know all of your options and keep your cool, it’s not too late to save your business. Don’t be afraid to ask for advice, stay focused and get creative – you will turn it around and learn from what happened.

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.