Chapter Highlights
- The model of the one-company career is increasingly far from the norm of success. The economy, technology, and information age have all contributed to this change in the workforce, and it appears to be here to stay.
- Middle-aged and older workers have been edged out of career positions and are finding it increasingly hard to find equivalent replacement jobs.
- Your life savings only last for so long. You could try to wait a career crisis out and hopefully beat the odds, but you could also choose to leverage your skills and assets in a different, more proactive way.
- Franchising is a legitimate and sometimes overlooked option for middle-aged workers and executives, and it’s a component of the economy that is booming.
- Use reason and research to combat the fear and anxiety that will inevitably color your decision
about whether to invest in your own business. - It’s important to have the five C’s covered to build a successful business. Every franchisor knows it, and the good ones will carefully evaluate each candidate to ensure he or she will represent the brand well and can make money following the franchisor’s business model.
- If you think you have what it takes, dare to head in a new direction. Hire yourself and break the mold (and the hold) of traditional employment.
- Franchising touches nearly every industry, and there are thousands of business models available for an investor to consider. New concepts are being created all the time.
- Franchises generally fall into two categories, facility- based businesses where customers come to you, and service-based businesses, where you go to the customer.
- You’ll need to decide if you want to be an owner/ operator of your franchise business, or if you want to be an executive owner, hiring others to do the day-to-day work.
- For some investors, owning and operating one store or business is exactly right for their personal goals and lifestyles. For entrepreneurs and experienced executives who want to build a larger business, there are significant advantages to the multi-unit ownership franchise model.
- The most important thing to do at the outset of your franchise search is understand your own motivations and goals. Assess every franchise concept through the filter of those things that matter most to you.
- When it comes to choosing a business concept, maintain the perspective of an investor and a savvy executive, not that of a once or future consumer.
- Look for a concept that will utilize the business experience and
strengths you already have. - With thousands of franchise options to sort through, you might find it helpful to speak with a franchise consultant who can help you separate legitimate prospects from those that are either ill-suited to your needs, goals, and talents, or not worthy of your investment.
- When you find a great win/win/win concept tied to an outstanding business model, you’ll know you’re on the right track.
- Great franchises have success broken down into efficient, meaningful steps, and those steps allow them to replicate success from one unit to the next.
- A big part of choosing the right franchise for you is finding a company you can see yourself in a long-term relationship with. Look at characteristics like corporate culture, communications, and stage of development to help you assess the elusive factors that make a company a good potential partner.
- When you’ve narrowed your franchise options down to just three or four, it’s time to go through the process of franchise investigation for all of them, to the end or until an option no longer seems viable.
- The four main steps of franchise investigation are the introductory call, receipt of the Franchise Disclosure Document, validation calls, and discovery day.
- Validation calls are your very best opportunity to peek behind the curtain at a franchisor’s inner workings. Be sure you make the most of this opportunity.
- Each of these steps will give you a new depth of knowledge and understanding of the franchise company. By the end of the process, you should feel confident in making a decision about investing in one of your three investment prospects.
- Capitalizing your investment starts with making an honest assessment of your assets so you can pinpoint your net worth and available liquid capital. Next, decide how you’ll assemble the necessary investment through a combination of liquid capital and loans.
- Before you move forward with your investment, carefully consider
how much risk you’re willing to assume. Weigh the risks vs.
benefits of tapping home equity or retirement savings for your
investment. This is a personal decision that should not be
influenced your franchisor or any other party involved in your
investment. - Take the time to develop a strong, detailed business plan. This tool
will not only help you secure financing, but it will also serve as a
guidepost as you build your business.
- The franchisor has a vested interest in your success, so every education and training program it offers has the potential to be instrumental to your business. Be sure to avail yourself of every
opportunity. - The franchisor has tested and retested the products, supplies and processes it shares with you, and every franchisee that came before you has tested them as well. The biggest favor you can do yourself as you begin life as a franchisee is to think of Follow the System as your mantra for success.
- Having Player employees is critical to your success. Investing your time, energy and resources in choosing productive, positive employees will enable your business to work without you. Poor hiring choices can plague your business with ineptitude and poor customer service.
- In business, momentum is achieved through the cooperation of many factors, and your franchisor will start you rolling with a great concept, a streamlined process for delivering it, and a sophisticated marketing plan. To increase the inertia those components bring, augment them with your outstanding leadership, customer service, and vision for the future of your business.
