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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.

  

May  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.

 

  Three Key Points to Know when Working with a Franchise Consultant

by Natalie Barnes, President of Business Alliance, Inc.

A strong franchise consultant should align your financial and lifestyle goals and show you companies that make sense for “you”! Here are three points that help us show you the “right” companies!

·  We need to understand your WHY! Why are you exploring franchise ownership? Is there a specific franchise that you are interested in, and why? Are there some franchises you do not like, and why? Why now?

·  WHAT you like and don’t like is critical. What do you like about some companies over others? What categories are you drawn to for personal reasons? What have you liked about your previous jobs or business? What have you not liked? What are your financial goals? What are your lifestyle goals?

·  We need to understand HOW will you buy a franchise? Do you need funding? How do you see yourself as a franchise owner? And if applicable, how is your family, partner, or friends going to be involved?

A franchise model can bring structure, support, and predictability IF you work with a strong franchise consultant. We will guide you through a methodical process of discovery.

 

 Assessing Your Options: Choosing the Right Franchise

by David Banfield

 

To quote the great Stephen Covey, author of that famed book, ‘The 7 Habits of Highly Effective People’: “You can buy a person’s hand, but you can’t buy his heart. His heart is where his enthusiasm, his loyalty is.”

Every Franchisor wants to buy your heart, so it is essential that before you make the decision to become a franchisee you know yours inside out.  

It’s a decision that will heavily influence your life and in my experience, franchisees who fully understand the risks and opportunities have the greatest success. So absorb the following advice and get to know your inner driving forces. It will help you understand exactly why you want to become a franchisee and what type of franchise is right for you.

Be clear about WHY you’re doing this

Why do you want to become a franchisee? And why this franchise? What’s driving you to make this decision? Success, as with all things, comes with dedication, but it’s your motivation to succeed every single day that will see you reach new heights.

According to Dan Pink, author of Drive - a book that breaks down the essence of motivation – impetus is fueled by three things: authority, autonomy and problem solving. The right franchise could provide you with all three but it’s often just one of those factors that seals the deal for aspiring entrepreneurs. Which will it be for you? The authority to be your own boss? The autonomy of running your own franchise? Or the joy of solving problems with a proven solution? Crystalize your motivations in your mind and be clear of your reasons why.

Do note, if problem solving is your motivation to succeed it will be especially important for you to unfailingly believe in the solution. Without this, you may struggle to achieve your goals.  

How much are you prepared or able to invest?

Franchises require varying degrees of investment. From hundreds to thousands to millions, the level will depend on the solution, support and industry involved.

Investment habits are deeply personal. We advise all aspiring franchisees to find a level of investment they’re comfortable with and ensure those affected by the decision are aware of the risks and opportunities involved.

What sort of life- or workstyle do you want to achieve?

Crucial to choosing the right franchise for you is being aware of the life and workstyle you’ll be committing to. For many, franchises offer a more flexible, empowering work-life balance. More time with the family, a business you can run from anywhere or an additional income stream are examples of perks of the ‘job’. 

What scope is there for expansion?

Are you in an available territory? Are additional territories available? What are your aspirations for growth? Be sure you know what’s available to you but more so, what you want to achieve in the future before signing on the dotted line. Franchisors will provide you with this information but it’s the future-thinking and self-awareness that will allow you to think through the opportunity and assess if it’s right for you.

Will you exit this franchise?

This might not spring to mind at the beginning of your franchise journey, but it’s worth giving thought to this very important question. Many franchisees choose to exit a business having grown it to a certain size and value, making substantial profits from their investment. If you want to exit the franchise in 5, 10 or 20 years, what implications does that have today, tomorrow and the day after that to ensure you’re consistently moving towards your exit goals?  

Do you want a willable franchise?

If becoming a franchisee is a family decision (and for many, this is a significant driving factor), you might like to know if your franchise is willable. Can you pass it down to your children or on to other relations? Make sure you have all the information to hand before making a choice.

What level of support do you want from the Franchisor?

What support do you have in your immediate network? What skills do you need to acquire to run this franchise effectively? Each franchise has its own, unique culture. Be sure the ethics, morals and values of your franchisor are aligned with your own and that you get the support you need – however much or little that may be.

To reference Covey once more: know your heart before offering your hand. Ensure you chose the right franchise for you, your family and your future by carefully considering each of these factors.

 

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

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

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

Senior Modifications <> Handyman Services

Executive model construction business specializing in residential/commercial handyman projects and home modifications for the senior, (aging in place), and disabled market. Finish a homeowners to do list and/or help with handicap accessibility by installing a grab bar, widen a doorway, add a wheelchair ramp or remodel a bathroom. The model drives profitability by using a combination of specialized employees and contractors with a dedicated scheduling center that also eliminates the need for an office manager/dispatcher. Franchise offers a royalty back guarantee ($9,500 franchise fee), if franchisee does not reach $100,000 in gross sales by end of year one.

Our Home Modification Program taps into the booming “Aging in Place” market. Program focus is on home modification and specialized equipment for seniors and disabled.

Features of the Business:

• Recognized in 2014, 2015 Entrepreneur’s Franchise 500.

• 2015 INC Magazine recognized as top 500 Business.

•Online customized proprietary business management software. Software allows entire business management from CRM to Key Performing Indicators.

• Company personnel have extensive experience launching, supporting, and growing construction businesses.

• Strong earnings claim – Item 19 is in the FDD.

• Focus on home modifications and specialized equipment for senior and disabled market through established local and national referral sources. This is HUGE!

• Executive model, no handyman experience necessary.

• Pro-Crew Scheduling Center fields calls and books appointments on behalf of franchisee. This also alleviates the cost of office manager or dispatcher. • Business model utilizes combination of specialized employees and skilled contractors. Provides wider spectrum of services to clients. No job too big or small.

• Proven technician recruitment and retention program.

• Franchise Marketing Assistance.

• Accounting support.

• National initiative in place to help secure retail and property management accounts for franchisees. Already doing business with Starbucks, McDonalds and several other national retailers on the local level.

Function of Owner/Daily Tasks

• Oversee, manage and grow the business.

• Managing employees, recruitment and retention.

• Maintaining high level of client service and satisfaction.

• Networking through local trade, homeowner and chamber type associations to build the  brand.

• Managing marketing activities, placing and evaluating local advertising opportunities.

Desired Background of Prospects and Ideal Candidate

• Good Networkers. Willing to get out in the community and develop referral sources.

• Leaders. Good management experience desired. Out-going and personable.

• Coachable, team player.

• Good with employees, recruiting, retaining, motivating.

• Willing to follow a proven business system.

• P&L experience a plus. Computer skills a must.

Investment: $70,640-$128,643

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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