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“HORN IN" On Franchise / Business Ownership

a monthly post with blurbs, links, and other words-of-wisdom

regarding self-employment; career transition;

and franchise / business ownership;

as well as information for business owners

who may be interested in franchising their business.

  

April  2018

 

Franchise Opportunity Knocks

Self-employment Beckons

Start answering the call right here.

News you can use to help you find

The right franchise / business opportunity for you.

  

JUMP!  Three Reasons the Franchise Model Works!

By Natalie Barnes, President, Business Alliance, Inc.

You may be a natural entrepreneur or someone who has always dreamed of owning your own business. Either way, or somewhere in between, you owe it to yourself to jump in and review the franchise model. A franchise can benefit the high-risk tolerance person to the more conservative person who needs predictability and support.

But not all franchises are created equal. The “best” model is based on your goals. Let’s review three key reasons why the franchise model can benefit you.

1.    The Interdependent Relationship!

 The relationship between the franchisor (corporate office) and the franchisee is a “win-win”. The franchisor offers a proven system and supports the franchisee to be successful. And in return, the franchisor gets a percentage of that success in royalty fees.

What the franchisee wants: support, predictability, proven system, and success! And of course, the franchisor wants the same thing.

 2.    A Proven System with Strong Support!

I must address that the proven system is for established brands only! And this is huge.

Imagine starting a company with the ability to have a realistic forecast of growth, group purchasing power, marketing, and site negotiation. In addition, you have support from other franchisees and the corporate office to help you maneuver through the ups and downs of business. Why? Because they have been there and it is beneficial for a brand to have all franchisees be successful.

 The more successful the franchisees, the stronger their brand becomes.

 3.    Funding Options and Availability!

Buying any business, franchise or not, is expensive. When that business is a franchise, there often are more funding opportunities available to the buyer.

The franchise may be an SBA Approved Registry brand, meaning the FDD has already been approved by the SBA which may shorten the loan processing time. And an SBA loan is just one of many options.

 There are companies that specialize in funding franchises. Depending on the person and the franchise will depend on the options they have to get a loan to buy the franchise company.

 

What Do Franchisors Look For in a Prospect?

Most people would answer financial qualifications.  While having the necessary amount of liquid capital and net worth is a consideration, financial qualifications are secondary.  Yes, the prospect must be financially qualified, but money alone is not the main qualifying factor.  Having sufficient financial resources just indicates that the prospect has the “price of admission”.  Franchisors look for prospects who are bright, enthusiastic, have entrepreneurial spirit, are willing to work hard / smart; and someone who has a good attitude towards teamwork and is willing to work within a collaborative working environment. Franchises are collaborative working environments and are in the people business.  So, franchises get awarded to people based on their human characteristics.

Often a Franchise Representative will ask a candidate, “What are you looking to achieve by owning your own business?”  The purpose of the question is not to see if the candidate can articulate a “right answer”, but instead, to find out if the candidate is prepared and can intelligently explain why they want to be self-employed and what they are looking to accomplish through business ownership.  Also, a Franchisor is looking for candidates who are decisive and can make a reasonable decision without having 100% of the information / facts.  You might be wondering why this is important.   Well, when you own a business, the majority of your time is spent making decisions, and most decisions will have to be made after receiving / reviewing about 60%- 75% of the information. 

Franchisors understand buying a franchise is a big step in a candidate’s life and he / she will want to be deliberate.  But, a serious candidate always stays on task and works through the process in a reasonable amount of time.  Candidates need to be willing to move through the due diligence / validation steps carefully, but without dragging their feet.  Again, Franchisors are seeking candidates who can and will follow a system, and be able to make sound decisions within a reasonable time-frame.

 ********************************************************************************************* 

ENTREPRENEURSHIP

Is Living A Few Years Of Your

Life Like Most People Won’t,

So That You Can Spend The

Rest Of Your Life Like

Most People Can’t.

                  -Unknown

****************************************************************************************

Outdoor Lighting… design…create…outdoors

As the category founder, this concept stands alone as the world’s oldest and largest outdoor lighting franchise company. Has custom-designed and installed Eco-friendly low voltage exterior and landscape lighting at more than 70,000 homes and businesses since our inception. Provides rigorous training, proven sales, support and marketing systems that enable our franchisees to sell, design and install professional outdoor lighting systems – with unparalleled service and attention to detail. With attractive gross profit margins and a sales closing ratio of over 65%, this is a strong choice for franchise candidates seeking a home-based business with few employees, low overhead, recurring revenue and great growth potential. Also works tremendously well as an add-on to an existing business.

We specialize in the design, installation, and service of landscape and architectural lighting systems for both commercial and residential customers. We also sell and install lighting control automation for interior and exterior lighting applications. In 2010 added a holiday lighting program creating a "three businesses in one" approach, helping our franchise owner's extended their selling season with a unique opportunity.

3 Businesses in 1:

  • Residential Landscape Lighting
  • Commercial Lighting (Retrofit for huge energy (Green) savings)
  • Holiday Lighting for Home Owners and Businesses

 Strong Profit Margins

Excellent Annual Recurring Revenue

Low Investment

Superior Marketing and Lead Generation

Exceptional Cross-selling opportunities

Strong customer Referrals

Ideal Candidate:  Enjoys meeting and working with new customers, has a strong commitment to service and enjoys creative and/or visual thinking. Sales and marketing skills are a plus, but not mandatory due to our extensive training program.

The typical profile of a franchisee:

  • Man or woman, could be a husband and wife team
  • 35-50 years of age
  • College educated, usually with a four-year degree
  • Background in business management, customer service, high-end premium retail, marketing or sales are preferred;
  • Evidence of leadership success in career and/or community, ideally with hiring and firing responsibility and budget unit P&L responsibility
  • Project management experience preferred
  • Strong desire to build and manage a strong business versus a “boutique business” or “sole proprietorship”
  • Above average acumen, skill and comfort with computers and technology
  • Creative and/or interested in design and/or architecture would be a plus
  • Often a “corporate refugee” seeking increased control and financial independence
  • Motivated by an environment of not being trapped in an office or retail store
  • Very motivated to be own boss and have control over schedule
  • Understands and is comfortable with the ideal of relationship building to develop long-term trade alliance partners in the local market
  • Flexibility to learn to sell to residential clients, including via nighttime demos, and through a long-term, technical sales cycle required for commercial accounts

Investment: $143,000

Please call if you have questions, or desire additional information.

********************************************************************************* 

 If you are seeking top-quality financial / investment advice, I highly recommend

Teamwork Financial Group and Doug Moe...Texas Ex.

Doug is the CEO of Teamwork Financial Group in San Antonio.  He is an attorney and CPA.  He has provided valuable insight to me and my wife regarding investment / financial advice, including guidance on having a Will vs. Revocable Living Trust, re-balancing our investment portfolio, as well as assisting us move a portion of our IRA investments into Fixed Asset Annuities.  Over the past several months, I have had a number of very enjoyable meetings with Doug, since we have a tendency to spend time talking sports, as well as financial / investment stuff. Doug played basketball at UT in the 80s and is the son of Doug Moe, the former coach of the San Antonio Spurs. And, a great guy.

*********************************************************************************

Do You Need Furniture Repaired...

If so and in the San Antonio area, CALL Pat Bonney...Texas Ex... Owner of a Guardsman Furniture Pro. franchise...The Most Trusted Name in Furniture Repair. Pat was on the UT baseball team in the early 70s.  I have used Pat's service multiple times for a variety of furniture repairs in my business and home.  Great guy and fantastic service.    

210-849-9663   Email: gfpsa@sbcglobal.net

 

Don't Just Change Your Curtains...

Change Your View. I DidMy Story 

 

2017 newsletters; as well as copies of 2016 and 2015 newsletters can be viewed by going to the Franchise Quest Website.  

Click on the Website link below, or go to:

www.franchise-quest.com 

Resource Center > Newsletter

  

Small / medium size business owners:

Would you like to grow your business by franchising.

 

$1,000 Referral Bonus $1,000

 

Additional Information Is Available at Franchise Quest

 

If you would like to visit, please don’t be shy about reaching out:

I’m a coach, not a sales person.

 

Hook 'em. 

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