Why Millennials Make Good Franchisees


If you don’t already know, FranNet is running one of our online seminars today—yes, today, May 25. The subject is MILLENNIALS: OWN YOUR BUSINESS! The seminar begins promptly at 2:00 p.m. EST and you can join the one-hour session by following the hyperlink above.  

Which brings us to the focus of this FranNet blog edition: Why Millennials Make Good Franchisees. Quick, can you name a few reasons? Not off the top of your head? Then, let’s start with your preconceived stereotypes of the 75 million people born between the years of 1981-1997. Millennials are lazy, entitled, self-absorbed and unable to grasp the concept of a self-starter, right? Wrong. We’re guessing that if you’ve ever worked closely or alongside a Millennial, you may not have found a more driven and ambitious free-thinker, completely disassociated from the normal drone worker model. Statistics bear this out.

According to one poll conducted by Deloitte, 70 percent of Millennials report a preference of rejecting traditional business opportunities to work independently. Franchising, how do you do?? Furthermore, 54 percent of millennials either want to start a business or already have started one, and 90 percent think being an entrepreneur means having a certain mindset rather than starting a company. And we all know that a certain entrepreneurial mindset can be a path leading directly to FranNet’s front door. 

Because Millennials are more skeptical of true fulfillment generated by working in Corporate America, they come across as bigger risk takers. They’re willing to go to great lengths to see that their professional lives include some form of purpose or a greater good. The generations before them didn’t see things that way and perhaps that’s why it takes a “second career” crossroads to lead them to franchising. Millennials are ready to begin that second career first.

Another aspect that makes Millennials such a good fit for franchising is their innate desire to be “coached up” and “mentored.” Because franchises employ such stringent training programs and supervision, the fit becomes natural between the two. 

Many franchises have also gone to great lengths to modify their outreach efforts in attracting the next generation of business owners. Social media campaigns are carefully constructed and executed while targeting Millennials where you’re most likely to find them at any given moment—on their smartphones.

The competitive streak that seemingly lives in each Millennial is also a strong determining factor in their investigation of franchising. They’ve spent their whole lives trying to get to the top of their class, achieve the most accolades and attain top bragging rights. What better way to measure success than to run your own business as opposed to having some supervisor determine your career growth? 

FranNet knows that Millennials are prime targets for becoming successful franchisees. Which is why we created a seminar just for them. If you’re interested in hearing what we have to say, join us today at 2:00 p.m. EST. Unless….you’re just not motivated enough. KIDDING!

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!


FranNet Franchise Spotlight: Mr. Handyman


During this edition of FranNet’s blog, we’re going to focus on one of our favorite franchise success stories, Mr. Handyman! Yep, Mr. Handyman is a franchise that does exactly what the name implies. As stated on their corporate website, Mr. Handyman provides the following description of their franchise:

Mr. Handyman is your one-call solution for a wide range of home maintenance and repair needs. Our uniformed technicians are fully insured professionals. We arrive on time in uniform and a marked van with the tools to complete the job right.

Mr. Handyman technicians are highly skilled craftsmen with an average of 10 years’ experience in the trades. We’re home repair and improvement experts, and we are known for the quality of our workmanship and professional reliability so you know the job will be done correctly and efficiently.

Mr. Handyman was founded in 1996 and has served nearly one million customers across North America.

What sets Mr. Handyman franchises apart from the competition is the value proposition. They understand that there are an untold amount of contractors out there (hopefully both licensed and bonded), but Mr. Handyman provides professionalism backed by a “Done Right Guarantee.” Which means they promise customers will be 100 percent satisfied with their work on any particular job. They simply won’t stop until they get it right.

Did you know that Mr. Handyman franchises also cover commercial properties in addition to residential work? The common denominators include repair, maintenance, and improvements. For residential, this covers everything from fixing a leaky faucet at the sink all the way to full kitchen remodels. And for commercial, services extend from painting to cubicle installations. But you don’t even have to know how to drive a nail to operate a Mr. Handyman of your own.

Mr. Handyman is proud to boast of a few of their well-known corporate clientele such as Walmart, Target, The Gap, GNC, and PetSmart.

As for franchising, Mr. Handyman is a popular choice, based on the many accolades they have received over the years. They maintain a separate website just for prospective franchisees, with a full accounting of why their business opportunity is one of the best around. With an initial franchise fee on the low end of the scale at just under $50k, the total investment range is $106-138k to get a Mr. Handyman of your own up and running.

Several prime territories are still available for a qualified franchise candidate and include a few municipalities we’re betting you’ve heard of before. Metropolitan areas such as Las Vegas, Nashville, Seattle, Miami, and Denver still have open territories for prospective franchisees.

How does Mr. Handyman rank in terms of support and assistance? Well, they actually dedicate what they call a “Sure Start” consultant/specialist to your new franchise. This person’s sole job is to help you navigate getting the doors open and taking customer calls on the phone.

Mr. Handyman has been ranked the #1 home repair service company by Entrepreneur Magazine for 13 consecutive years, making this franchise opportunity a worthy subject of our franchise spotlight edition.

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!


What My Hip Replacement Taught Me About Business Ownership


Facing a surgical bone-cutter, anesthesia, and grueling physical therapy is not my idea of fun. Yet, I managed to brave through it, having just had my hip replaced. Upon reflection, I am most pleased with the results now. However, in advance of the surgery, I had experienced much fear, anxiety and pain avoidance. 

Facing One’s Fears to Get Ahead

I witness similar fears and anxieties in my professional life too, although of a different origin. After all, I am a franchise matchmaker and coach who helps navigate aspiring ‘wantrepreneurs’ through the exploration of business ownership.  

While most Americans dream of owning a business, many put off any exploration. A feeling of some void in one’s life or career distress, like physical pain, can be a real motivator! Taking cues from one’s discomforts and focusing on outcomes enables forward progress.

Personally, what began as a modest ache in my hip evolved over years into a huge quality-of-life issue. The most rudimentary of activities became agonizing. I was even forced to give up certain cherished sports.  

In business, I coach people who find themselves in a dead-end or unsatisfying job, cut off from promotions and raises. Others suffer from work-life imbalance, having their jobs outsourced abroad, or seeing their new boss bringing in their own personnel. Worse, some have been laid off. 

Their discomfort, although of a different form, has impacted their lives like mine – serving as a catalyst for life change.

We often are creatures of familiarity and may rely on short-term remedies for life’s challenges. I dealt with my hip as best as I could…depending on shots, exercises, and stretches. Despite my best coping efforts, I realized a radical fix was necessary to achieve a pain-free and productive existence - surgical intervention. After several trusting expert consultations, talks with friends and colleagues who underwent replacement, and careful analysis of data…a new hip seemed prudent. 

X-raying Your Goals, A Great First Step

Like many patients, some executives-in-transition, corporate refugees, and others become open to diagnosing the symptoms behind what’s blocking their goals and career distress. For them, business ownership is not an automatic solution but simply considered a possible solution worthy of an examination. 

Yet, self-diagnosis is difficult, underlying why many business explorers trust us to diagnose their situation. Akin to an x-ray, we identify their preferences, goals, wants, needs, financial targets, etc. We build them a business preference model – pinpointing their desires (e.g., independence, flexibility, control, etc.). Thereafter, we match them to a prescribed franchise(s) whose model they can leverage, then help them research it.

The devices used in hip replacements are limited. Franchises are not, and their breadth across all investment levels impresses nearly all. Most franchise candidates are surprised at the resulting right choice, realized only after an expertly guided, robust research campaign. For them, owning a franchise can add to their lives as much flexibility and mobility as a new hip!

No Guarantees, But Lots of Expert Help

Client trust bolsters my ability to help diagnose and prescribe solid solutions for my clients. Comparable to hip replacements’ track record, our performance is strong. 

Success in buying a franchise cannot be guaranteed. But, the path leading to it is aided by balancing emotional with pragmatic, fact-based perspectives and making educated projections in one’s analysis. 

As for me, I’ll go on helping clients see how business ownership can create a better life. Mine will certainly be improved by my new-found hip solution and pain-free/mobile functionality.

No Pain, No Gain

Delaying my decision further and wishing for a magic remedy for my hip arthritis would have been foolish. I regret waiting so long. Yes, I’ve experienced post-surgical incisional, tissue, and physical therapy discomfort and the rehabilitation process has taken time. However, my expectations are being fulfilled, attributed to an unwavering commitment to self-improvement. 

These same ingredients are needed to find and succeed in the right business. If your goals are not being realized, take action. Owning a business could be the answer. You may later regret not looking.

There’s no self-employment age cap, and fortunately, franchises have ready-made models to leverage…making it easier to launch a business. Some can even be operated on a semi-absentee basis! 

Prescription for Getting Ahead

Like a ‘scary’ hip replacement surgery, one’s imagined fears and anxieties surrounding business ownership don’t typically measure up to the actual experience and results. Be brave, do bonafide research, and put trust in the experts around you to help make a thoughtful and informed decision. Buying a franchise business is surely less permanent than a new hip! In the end, it may be a perfect fit. 

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Guest writer, Frank Dunne is New York's Hudson Valley & Capital Region owner of FranNet.


How to Formulate a Real Plan to Become Your Own Boss


Taking a leap of faith into the world of franchising might be the most exhilarating undertaking of your life. Especially if you’re harboring thoughts on formulating a real plan to become your own boss. But nobody said it would be easy. Unless you have a fabulously wealthy relative ready to drop an established business right in your lap, it’s going to take a modicum of planning to accomplish. But when you’re done, you’ll be much better off than the guy with the wealthy relative. It’s the mindset and approach that leads many a successful franchisee candidate through our doors. During this FranNet blog edition, we’re going to clue you in on what they went through to get to this point…

I Can’t Get No…Satisfaction

You may have reached a point in your life where a reality check is a welcome exercise. We’re not talking about the midlife crisis variety where you go buy expensive sunglasses and a Corvette. This is more like realizing that you may be dissatisfied with your current career situation. You want to do something about it. This feeling is both natural and even welcome if you’re considering an entrepreneurial journey. Even Bill Gates once sold computer parts out of the trunk of his car. You think he went home satisfied every day? He sure does now.

Skills and Expertise

Hopefully, at this point in your career, you’ve accumulated a wealth of knowledge in a particular field. Your accrued skills and expertise should be a guide—but not necessarily the only guide—in exploring what it is you really want to do. Some of the best accountants would rather run a handyman operation. Why? Because they love do-it-yourself projects more than spreadsheets. Just the same, a do-it-yourself carpenter might want to own a handyman operation precisely because he does understand the ins and out of the business and knows he can be a successful business owner. Take stock of what you have to offer and marry that with your passion. 

The Plan-O-Gram

If you’re ready to formulate a goal to become your own boss, you should know as well as anyone that this will take careful planning. Here’s a helpful hint—you don’t need an 80-page dissertation on the subject. You just need your own personal Plan-O-Gram. Keep it short and simple and answer these questions: What do I really want to do? Who will I serve? What business model appeals to my working style? What is my specific time frame? When you do make an appointment with a FranNet representative, bring your Plan-O-Gram with you. It will be a helpful document for both of us.

Financial Health

In order to formulate a plan to become your own boss, you may be well into a multi-year savings plan to give you the nest egg you’ll need to get your business off the ground. Or perhaps you intend to seek outside financing to fund your future entrepreneurial operation. Either way, this step is important in getting a handle on what you can afford and what you can’t. Franchising offers candidates multiple ways to set up shop and be in business. Do your best to read up on things like bank financing, 401k rollover funding, and small business administration loans. Keep careful records of your own savings and earmark them for actionable steps in the franchise investigative process.

Pre-Networking

If it’s really your dream to open your own business, you don’t have to wait for the ribbon-cutting to get out and network with individuals, groups, and influencers. Minus the fine details, it’s ok to share your plans with those who may have a positive impact on your future as a small business owner. Look into your local Chamber of Commerce. Attend a Rotary Club meeting. Find like-minded business leaders in your community and don’t be shy about asking for advice. You’ll find that people can be unfailingly polite and quite helpful when you seek their opinion. After all, it’s a form of flattery. 

These are but just a few small ways in which you can begin transitioning to a life where you become your own boss. Put these steps into action and best of luck on your journey!

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!


When Enough is Enough – How to Leave Corporate America Behind


Most, but not all, of the budding franchisees who make the decision to meet with FranNet agree that there is a point in which enough is enough with Corporate America. We learned long ago that management’s loyalty to its employees has been supplanted by loyalty to shareholders. Hence the phrase “downsizing” that soon thereafter entered our lexicon. But we do know from people who have studied the issue extensively that people finally leave their comfort zone for a variety of reasons.

Presumably, Corporate America is supposed to provide stability in the form of a regular salary, health insurance, and other ancillary benefits. But you’d have to be blind to see that this façade has been chipped away year after year. Now, more people talk about leaving Corporate America to pursue their own interests as a matter of physical and mental health. Let that sink in for a minute. Another surprising fact? Many people realizing that money isn’t really everything after all. Freedom is. The freedom to pursue your own dreams and entrepreneurial visions as a way of securing better physical and mental health for yourself.

Franchising offers just such an outlet. And, with over 3,000 different concepts, it offers the opportunity to run a business of your own that you value handling over your current paycheck-producing hours. Time really is money. Desiring the freedom to break free from Corporate America means having a calculated plan to exit properly. Here are some tips: 

Begin by getting your financial house in order. Pay off revolving debt. Pour money into savings. Create an avenue for funding to accrue and provide yourself some slack to make the transition without worrying about paying the light bill every month. It starts with good habits which you then transition into long-term behavior. There’s an untold amount of advice on how to accomplish this, but Dave Ramsey’s financial peace strategies are highly recommended. Read up on them, set a realistic budget, and get started.

Investigate your passion. We’ve all heard the saying, “Choose a job you love and you’ll never work a day in your life.” This is your opportunity to follow through! At FranNet, we counsel patience and consideration. You may think you know exactly what type of franchise you want to own, but we’ll help you make sure you’re right. 

Account for everything you’ll need to lead a new life separate from Corporate America. You may have your finances in order, money in the bank and a business plan committed to paper. Now, what about your family? Are they on board with your choices? Your plan? Will they support your efforts to better your life, as well as theirs? Having the full support and backing from friends and family will help your new venture get off the ground and gain altitude.

Are you prepared for any setbacks? Because they may very well occur. Do your best to seek the counsel of those who have your best interests at heart and who can help you get through the investigative process. Read the fine print carefully. You will likely be investigating multiple franchise concepts. It’s best to compare a list of pros and cons for each opportunity and weigh the decision carefully.

Once you’ve clicked off the steps above, it’s time for what will likely be one of the greatest days of your life. Cutting the cord and venturing out on your own to an exciting future. We don’t recommend making a scene when you turn in your two-week notice. After all, there’s another saying about never burning a bridge. But thousands of people do successfully leave Corporate America each month, determined to strike it out on their own for the betterment of their health and their financial future. 

You could be one of them. And if you need any further encouragement, the popular country singer Johnny Paycheck wrote a song about it. You can listen to it here.

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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