Want to be a Franchise Owner? Here’s How to Start Your Year


Don’t look now, but it’s 2018! Are you ready? At FranNet, we sure are. And as an exercise to kick things off the right way, we’d like to offer you some advice to get your year off on the right foot. Want to be a franchise owner in the not-so-distant future? Here’s how to start your year primed for success

If you’ve been thinking about it, pondering it, wondering exactly how you’ll get all the moving parts and pieces together, now is the time. And you can do it. We’re talking about the quest to become your own boss. Maybe it’s something you’ve dreamed about in the past year. Perhaps you’ve been preparing for this moment a long time ago. Either way, your future is truly in your hands. So what ways can you effect this new motivation to change? Here are three tried and true examples to get up, get moving and get yourself out there: 

Past, Present, Future…

To begin this introspective exercise, let’s take a look at the past year that was 2017. What type of personal and professional progress did you make? Are you where you thought you’d be today? In addition to ruminating on your accomplishments, it’s just as important to delve into areas where you didn’t feel like you succeeded. Because these are the areas, with improvement, that will end up making the difference. Take stock in what you’ve accomplished in the last 365 days. Write it down if you have to. Check your current status, and get ready to plan for an exciting future with you at the helm of your own destiny. 

Communicate!

If this is going to be your year when you finally take the proverbial leap of faith into entrepreneurism, you’ll need to ramp up your communication efforts. Becoming your own boss through franchising is going to take a lot of advice. We know because we quite frequently get to dole it out. If you’re serious about making a run at owning your own business, we want to hear from you. And since we’re not mind readers, you’ll have to seek us out. Be sure to talk to as many people as you can about your plans. Seek your family’s approval, as this will be a real key. Solicit advice from friends or others you know who already own a business. Find out from them what works, what doesn’t and how to get from point A to point B in this game. Now’s not the time to be bashful. Pick up that phone and make some calls! 

Mind Your Budget

When we advise you to mind your budget, we aren’t just talking dollars and cents, although that is of supreme importance. You’ll need to budget your time as well. The franchise investigative process can be an intense undertaking and we want to make sure you’re as prepared as possible. We’ll work closely with you to craft a schedule which keeps your regular life intact. So, check those finances. And just as importantly—check that calendar. 

As we saw in 2017, life comes at us all pretty fast. We want you to make 2018 as impactful as possible. If you’re just beginning to consider a life as your own boss, we’re ready to have an exploratory conversation. If you’re already down that road, we can catch up to you at the next exit. At FranNet, we just want to be a catalyst for your success. And if that means becoming a franchise owner, we have decades of experience in guiding you.

Happy New Year! FranNet wishes you a blessed, prosperous and successful 2018. Let’s go do this!!!

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


Franchise Year in Review and 2018 Predictions


It’s finally here…the last 2017 FranNet blog before the New Year rings in next Monday. What else would we be talking about except the year in review and a few 2018 predictions? Here is a list of some of the things you may have missed hearing about in 2017…and hopefully a few things you will in 2018:

2017 IN REVIEW

 

The One That Got Away

As 2017 dawned, incoming President-Elect Donald Trump was putting together his cabinet nominations. In doing so, he picked a franchise legend in Andy Puzder to lead the U.S. Dept. of Labor. Though Puzder would later remove himself from consideration, he remains a darling in the franchise community. International Franchise Association President and CEO Robert Cresanti had this to say, ”[Puzder’s] fair and measured approach to managing the Labor Department would’ve reversed the course of the job-killing regulations implemented over the last eight years, which have paralyzed small businesses. Regardless of where he is, Andy will continue his dedicated pursuit towards advancing growth for all workers as the leader of one of America’s great franchises and everything this business model represents.”

Save Local Businesses Act

The U.S. House of Representatives passed the Save Local Businesses Act (H.R. 3441), otherwise known as a repeal of the joint employer standard, which would have exposed a company’s liability for labor violations by their franchisees or subcontractors. While the bill must still be taken up and voted on by the Senate, its passage would be a boon to the franchise industry. 

Corporate Tax Rate Slashed

With the passage of the Trump Administration’s tax bill, the corporate tax rate will be reduced from 35 percent to 20 percent, hopefully spurring even further economic growth and expansion. While many of the provisions don’t kick in until after the 2018 tax season, the first changes to the tax code in three decades should be a welcome change for businesses across America.

 

2018 PREDICTIONS

 

Special Delivery

For franchises operating in the QSR or food industry, experts are warning owners to get on board with delivery options in 2018. Delivery of meals picked up some major steam over the past year, with several large players entering the market (Uber, anyone?). Just listen to how bluntly Jim Mizes, CEO of Blaze Pizza, tackles the delivery topic: “Delivery is the sea change happening in our industry.  Get with it or get left behind.”

Do You Even Instagram?

Don’t look now, but the rumors are true. People really do like looking at pictures more than reading. Whether or not this is a sign of declining intellect, Instagram as a social media tool is a rocket ship headed to new heights in 2018. According to Entrepreneur.com, “In 2017, Instagram announced that approximately 800 million people use the platform each month. Their latest tool, Instagram Stories, became more popular than Snapchat just one year after going live.” Pro-Tip: start taking a photography class to showcase your franchise product or service.

A Shift in Customer Demographics

Seems like we were just getting to really know and understand the Millennial Generation and now it appears they’re being supplanted. By Generation Z! This new wave of consumers are just beginning to enter the workforce, armed with disposable income and appetites for anything and everything. According to Sara Spivey, CMO of Bazaarvoice, “Gen Z consumers are coming of age and they command $44 billion in buying power. In 2018, marketers will need to pivot their “marketing to millennials” mindsets to reach this younger audience. Generation Z is value-oriented, inclusive and socially conscious. Rather than marketing to “all about me” consumers, companies need to adapt to Gen Z’s “all about us” mentality and reflect that in their business practices and brand messaging to earn their attention and loyalty. 

So that’s it for 2017 and what a year it was. We’d like to take this moment to thank each and every one of our loyal readers. We hope that you’ve been able to learn a thing or two and that you’ll continue to be with us twice weekly in 2018. And never forget, if you as a budding entrepreneur have been inspired by what you’ve read, we’re always open to sitting down and discussing a future in franchising.

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


The Art of Allocating Time; Becoming Efficient


Well, we certainly hope that everyone had a very Merry Christmas as we now prepare for the next holiday on the schedule—and it’s less than a week away. Yes, a new year is almost upon us! Many people take this week between Christmas and New Year’s Day as a time of reflection and contemplation.

Some make extravagant plans and others conjure up resolutions. Maybe it’s time to eat healthier, exercise more, spend more time with family or put in more hours at work. You get the picture. But there is one constant which runs through all of these ideas. Time management. During this edition of FranNet’s blog, we’re going to delve into a few of the finer points of allocating time and becoming more efficient.

First, take stock of your schedule as it exists now. Perhaps keep a rudimentary journal of your time for exactly one week. Be honest with yourself. If you spend over an hour a day browsing posts on Facebook, own up to it! At the end of the seven days, tally up your results. If you use a Microsoft Excel document to enter your numbers, the program even has a feature which will process your results into a handy pie-chart. We’re guessing that most of you will find out that there are a few surprises in how you spend your time each week. Would you call your results efficient? Or rather, might you find some room for improvement, freeing you up to be more productive?

Once you know what you’re dealing with, you can now take active steps to make your time work for you. Match up your inefficiencies with where you desire to spend your new-found time. Instead of posting funny memes on Twitter for an hour, decide to use that time to take up jogging, cycling or spending that hour with more family time. 

Many people may also discover that demands on their time don’t necessarily originate with you. In lots of cases, demands on time are placed upon us by others. We’re not talking about showing up for work every day (like you’re supposed to), but rather favors we do for others. If your scheduling exercise shows that you spend too much time in the service of other people at the expense of your own time, learn how to say no. In the new year, you can reclaim this time block for yourself. 

Lastly, in your time management exercise, are there any activities you can delegate to others? Are you taking on too much responsibility when you could spread it around a little? As an example, perhaps it’s time your kids began mowing the lawn, or raking leaves, or even helping out with meals and housework. Letting go of a few responsibilities that can be delegated to others is a healthy exercise.

We covered this topic today because time management is extremely important in the world of franchising. Becoming your own boss means you’ll have to allocate your time and attention like never before. We want you to be prepared because your new venture has the possibility of bringing satisfaction and rewards you only dreamed of previously. However, it takes a serious approach and time management will be at the heart of your efforts to build a successful franchise operation. Come talk to us and we’ll help you trim the inefficiencies and free up your schedule for a new life.

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


Tips on Hiring an Exceptional Staff


We’re getting closer and closer to the end of the year, so in this edition of FranNet’s blog, we’re going to jump ahead of the usual starting point of convincing you that franchising is a smart move. Today, we’ll be pretending that you’ve already investigated, selected and purchased a franchise of your very own. It’s not an existing business, but one you’ll be starting from scratch. Congratulations! You’re now your own boss. But wait---you now have to hire a staff to support your franchise. Where to begin? Fear not, we have tips on hiring an exceptional staff.

Having a brand behind your business is what franchising is all about. But your biggest asset has everything in common with a typical small business. You’re only as good as the employees who represent your organization. Now, not every franchise concept out there requires a staff, but many do. For this exercise, let’s assume you’re going to need a staff of 5-10 employees.

The roles of your new employees must be well-defined. Do not begin the interview process without fully completed job descriptions for each role. Include these with any targeted ad offering the job. It serves a dual purpose. It sets your expectations for the employee and sets the employee’s expectations for the job. 

Before you head out to www.indeed.com and post the job openings, you might want to do a little networking first. Ask around friends and family and see if you might be able to pick up a recommendation or two. Most people will only vouch for someone personally if they happen to believe the individual to be a dependable asset.

If you’re smart, you’ll want to set the tone for a specific corporate culture of your own. This will center on what type of boss you intend to be and how you’ll interact with your staffers. Think back to the many jobs you’ve held over the years. Where did you feel appreciated? Where was it that you felt valued? What positions did you hold where you were unhappy and what made you that way? Conducting this introspective exercise can help you create the best attributes of a corporate culture of your own. Now, to find out what type of employees will fit within the framework…

Because your franchise is a customer-facing business, you’re going to want employees who you can trust to deal with the public. Being a good judge of character is extraordinarily important when it comes to the interview process. Seek out and look for folks who have that certain charm, maybe even a spark. Envision how they might interact with your customers. A solid history of customer service jobs with a good recommendation or two will usually be a lock.

Don’t be afraid to go with your gut on an employment decision, but it also never hurts to have a second opinion. If your interviewing process goes into a second round on particular candidates, bring that second opinion to the table and garner their assessment as well.

Finding the right set of employees may take some time to get right, but its importance never diminishes. Remember, you’re only as good as the employees you retain.

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


The Case for Buying an Existing Franchise Business


At FranNet, our qualified franchise consultants help guide entrepreneurs in making informed decisions about franchise purchases and future ownership. But we have some advice for you. Just as when you shop for a car, you don’t always have to buy new. In fact, an existing franchise business for sale might just suit you as well. Today, we’ll be making the case for buying an existing franchise. Here are the pros:

Ready, Set, Go

The first pro should be glaringly obvious. Instead of starting a franchise business completely from scratch, you’ll be purchasing one that’s already up and running. What this means is no site selection, no build out, no construction, no initial inventory order and no interviewing potential staffers. Everything is already in place. Best of all, no delay in making money!

Getting a Deal

With a new franchise purchase, you’ll know going in what the actual price is going to be. It’s set in stone, with little or no negotiation involved beyond the possibility of royalty payment waivers. With an existing franchise operation, everything is up for negotiation. And in all likelihood, you’ll have a motivated seller to boot. This means you can draft up favorable terms, prices and agreements when you make your pitch to buy the business. That’s resale leverage!

Built-In Customer Base

If the franchise has been a successful one—and it should be, you’ll inherit a customer base rather than building one. Your main goal will be to retain these satisfied customers while looking to expand your consumer reach in your assigned territory. That’s better than starting from scratch, right?

A Crack Staff

As the new boss of an existing franchise, you’ll also inherit a staff. Of course, what you do with them in terms of retention is solely up to you, however these employees will already be trained and seasoned in the ins and outs of the business. Staff reviews and evaluations are important, but it should be comforting to know that you already have people in place who know how to make the business run smoothly.

While there are many clear cut advantages to buying an existing franchise business, it doesn’t mean go into the deal with rose-colored glasses. The evaluation and consideration of this purchase exercise is solely up to your judgement. You should be on your guard about several aspects of the deal.

Find out if you can ascertain the true nature of why the existing owner is selling the franchise. What is the owner’s motivation in putting the operation up for sale? The answer to this question and how you interpret it can have long-lasting effects on your turn at the helm.

Review the financials of the existing franchise. It’s advisable to do this with a seasoned business executive, such as a CPA. Find out where the business is doing well. And if it isn’t, find out why. You’ll have to take the good news with any bad news and make an informed decision as to whether or not you will be a difference maker as an owner.

Don’t just talk to the existing owner. Make an effort to talk to customers as well. You’re likely to get the most unbiased opinions from seasoned patrons of the franchise business.

If you’re in the market for franchising and you’d like to discuss your options for purchasing an existing operation, FranNet can be of assistance. What we want is what’s right for you. If that means launching your own franchise from scratch, we can do that too. But if you’d like to take a more frugal route, come see what we have to say about the purchase of existing franchise businesses that are up for sale in your area.

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Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!


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