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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.

  

October  2019

 

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.

 


Why Do I Pay A Royalty Fee?

 The first point to make about Royalties is that good Franchise systems should look at them not as a payment but rather as a remittance. It is the Franchisor’s share of the income derived from customers or clients. The Franchisee collects that fee along with all other revenues from the customer.

 It’s an important concept because it emphasizes that the customer ultimately pays for everything, including the Franchisor’s royalty, the Franchisee’s overhead, all costs of sales, employee’s salaries, and the Franchisee’s profit. Therefore it’s all about the customer – as it should be.

The Franchisee should want the Franchisor to earn a significant amount of royalties because that’s really the oil that makes the engine run. Each Franchisee collects and remits a small portion of that oil to the Franchisor. All elements of the system can continue to improve as long as the royalty stream is strong.

 The Franchisor’s royalty will be based on the fact that they have provided a system and strategy that has ultimately served the customer. The Franchisee delivers that system to that customer. The royalty represents the Franchisor’s share based on the various parts of the Franchise system, which has four elements.

 The four elements of a Franchise are:

a)    Brand

b)    Operating System

c)    Support System

d)    Franchisee

 Brand – the name associated with the services delivered in a memorable and satisfying experience to the customer

 Operating System – institutionalizes the excellent service delivered in a memorable experience so it can be done over and over again from Franchise to Franchise in a consistent manner

 Support System – helps the Franchisee get better and better at delivering the service in a memorable experience – helps a Franchisee improve their performance

 Franchisee – the individual motivations or reasons for being in a good system, as well as the talents and experience delivered to the business.

The Operating and Support systems will generally provide access to advice at the level of professional consultants in the fields of marketing, management, advertising, execution of the delivery of the product or service, customer support, etc. The cost of these types of consultants on the open market will often far exceed the value of the royalty fees that are remitted by the Franchisee that participates in a system that delivers these items from a position of experience. In fact, it’s the exact experience the Franchisee requires as opposed to open market advice.

Now here’s the test. If each of the four elements of a Franchise system is evaluated in terms of the percentage of contribution to the overall success of the business, then the royalty can be assessed in a proper light. Many people will say that each of the four elements contributes equally – or 25%, to the overall success. That means that the Brand, Operating System, and Support System provide 75% of the success formula. Therefore, as long as the royalty is less than 75%, it’s a good decision to participate in the system. That’s a little silly, but it emphasizes the point.

Most royalties range from 2% to 10% depending on the type of system, so as long as the Franchisor’s systems contribute 10% or more to the success of the business, it makes sense to participate, and remit the collection of royalties to the system.

 

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Fixed Mindset vs. Growth Mindset

 We’ve all heard that there are two types of people in this world, but the statement is usually followed by a punchline. According to former Harvard psychology professor Carol Dweck and a book she wrote on the subject, people really do fall into two groups: those with a fixed mindset and those with a growth mindset. Mindset is powerful. It can be limiting or expanding, which can impact a person’s entire perception of their pursuits and determine what they accomplish. This is particularly interesting when exploring these concepts in the context of business ownership.

If you own your own business or aspire to, here’s what you need to know about fixed mindset vs. growth mindset.

If a person has a fixed mindset, they believe the qualities that make up their personality and abilities are fixed, or they can’t be altered or changed. A person with a growth mindset believes that they can evolve over time.

Many aspiring or current entrepreneurs are choosing to become franchisees because of the support and growth mindset of the franchisor.

Source: Neighborly brand, blog June 20, 2019.

 

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

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

 

Entrepreneur Defined… If this describes you or who you want to become, then take the next step.

  • An entrepreneur is a person who will see the embryonic seeds of an opportunity well in advance of others. Others will eventually only see a lost opportunity.
  • An entrepreneur will see risk as an opportunity. Others will see opportunity as a risk.
  • An entrepreneur will look forward to the challenges and hard work that an opportunity will bring. Others will only see an uphill struggle.
  • An entrepreneur will continue to work at that opportunity irrespective of set-backs, make mistakes, pick themselves up and learn from their mistakes. Others will give up the fight when the going gets tough.
  • An entrepreneur will work outside of the normal business framework in order to feel free and unrestricted whilst others will have a need to build an even stronger framework in order just to feel safe.
  • When the opportunity is finally realized, an entrepreneur will not say 'I told you so'. An entrepreneur will say to themselves not others, 'I knew I could do it'. Others will say, 'I wish I had done that'. 

 

Go confidently in the direction of your dream.

Live the life you have imagined.

                                              -Henry David Thoreau-

 

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

Personal Property Liquidation Services…Estate Sales

Our teams provide personal property liquidation services for people who are downsizing or have passed away. We sell everything from cars and fine jewelry right down to the pots and pans.

Estate sales often manifest when people find themselves at a crossroads in their lives. They may be downsizing, dealing with the death of a loved one or moving to assisted living. We provide an organized and professional way to sell your personal estate. Our estate sale specialists help you through every step of the estate sale process to ease the stress and workload of downsizing.

We provide industry leading training and support and have developed software to support all aspect of the business. Last year we were named the Inc5000 539th fastest growing company in the US and the 6th fastest growing franchise.

Owner’s Daily Activities:  Interviewing for potential sales, staging, pricing and conducting the sales. Communicating with  clients, staff. advertising the sale. Closing out the sale and paying clients, managing software product.

Home-based.

Investment: $83,900

 

Indoor Environment …Health / Wellness Improvement

A proven successful business model that works directly with Habitat for Humanity and solves problems which directly relate to health issues, improved indoor environmental conditions and is in absolute alignment with today's cultural awareness of health and wellness.

We offer multiple revenue streams with high margins that includes Mold Remediation using proprietary plant based EPA registered product, odor remediation, Probiotic air quality maintenance systems, Duct Cleaning, Crawl Space Encapsulation, Air Quality Testing and a hospital grade disinfectant that destroys e coli, salmonella, and other harmful bacteria's. Many of these services are combined to increase revenue. Our customers come from many verticals such as Real Estate Agents, Home Inspectors, Homeowners, Property Managers, Medical Professionals and Environmentalists.

Since December 2018 we were named the 105th Fastest Growing Franchise by Entrepreneur Magazine (190 units and counting), received Franchise Business Review's Top Franchise Satisfaction award, and were named a Game Changer by Franchise Dictionary. We are a low investment, multi-unit friendly (many owners start with 2 units) that is led by an experienced Franchisor leadership team.

Home-based.

Investment: $50,475 - $132,000.

 

Virtual Reality Arcade

North America's first virtual reality arcade and is currently the largest virtual reality arcade chain in the world. This is an international brand with partnerships that span every required component of the franchise infrastructure to ensure a business model that breeds longevity and creates a runway for growth. Actively looking for locations in a variety of markets and has one of the most refined and sophisticated expansion infrastructures in the VR industry.

Since inception, has introduced over 250,000 people to VR technology. These individuals range from 3 years old to 93 years old, in a safe, fun and exciting environment. An outing is generally a group activity, meaning that word of mouth is our biggest driver of traffic and provides an opportunity to leverage existing customers to bring new customers in and leads to organic growth over time.

The business itself is one with low overhead, 2 people can manage 16 bays with our proprietary management software.

Your location is the destination - no need for street presence or expensive retail.
Your customers can choose from a myriad of games - all licenses are pre-negotiated.

What we offer is an experience - experiences add excitement, joy, and wonder to life. We are not a retailer trying to scrap with other retailers who sell the exact same product. We are the largest network of VR arcades. We are first movers, pioneers. What we sell is unique and the caliber of the experience you get is special. Above all we care about customer service, we take care of our customers and make sure their experience is a great one. We make VR easy, fun, and accessible to all. This is the value we bring to the customer. And the reason for our rapid and sustainable growth.

Investment: $200,000

If you are interested in discussing and learning more about these unique opportunities, please call me at your convenience… 210-479-2491, or if outside San Antonio 888-479-2491.  Or shoot me an email with your phone number and a good day(s) / time(s) to call you.

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

 Are you in career transition, or contemplating making a change?  Would you like a "sounding-board"?  As a former Human Resources executive and now a Franchise Coach / Consultant, I have over three (3) decades of assisting folks with career transition.  Plus, I have personally walked down that path a couple times myself.  If you would like to visit about career transition in general, entering self-employment via a franchise or business opportunity and / or UT sports, please call me at your convenience… 219-479-2491, or if outside San Antonio 888-479-2491.  Or shoot me an email with your phone number and a good day(s) / time(s) to call you.  I will gladly provide complimentary advice and counsel. And, remember, I'm a coach, not a sales person.

I am a coach / consultant for those who desire to explore and LEARN about franchise and business opportunities…I do not sell or broker franchise / business opportunities.

My role is not to sell you anything other than my ability to help you make an informed decision as to what is best for you and your family to achieve your goals and objectives.  My objective is to help you identify and refine your goals and needs, present to you options that align with those goals, and then to help you make a sound decision that is best for you, your family and your lifestyle.

 Would this scenario be of interest and value to you… a process where you receive assistance to help you better identify your goals, financial requirements, lifestyle needs and what you would like for your work-life to look like; then provided information on self-employment options and guidance on exploring these opportunities within the confines of a supportive, educational and no-obligation environment?   

Have a job you don’t like?  Seek other employment > I call that Changing Your Curtains.  Perhaps, you prefer a bolder approach which may provide a new and invigorating work-life.  I refer to that as Changing Your View.  In 2001, I decided to Change My View.  If you are ready… Let’s Talk.  I can help you Change Your View too…

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

Is Your Preference Being An

Employee, or Being Self-Employed?

Dream It, or Live It…the choice is yours.

 

Oliver Wendell Holmes once said, “The great thing in this world is not so much where you stand, as in what direction you are moving.”  Are you allowing your professional life to wander aimlessly, or stand still?  Perhaps you are in career transition and have always dreamed about being self-employed?    Remember, a window of opportunity won’t open itself.

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

I highly recommend:

 If you are seeking top-quality financial / investment advice...

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.

 

Larry S. Powell

Registered Franchise Consultant

Certified Franchise Consultant

CLICK HERE For Complete Contact Details

And To View My Video Business Card. 

Franchise Quest...Turning Your Dream Into Reality

San Antonio, TX 78248

210-479-2491 Direct Line-San Antonio

888-479-2491 Direct Line-Outside San Antonio

Email:  franchisequest@sbcglobal.net

Hook 'em 

 

 

 

 

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