Thursday, September 25, 2014
Element #1 - Drive Determination
How strong is your desire to own a franchise?
Element #2 - Business System
How good is the franchise system offered by the franchisor?
Element #3 - Fit
Will the business maximize my strengths, passions and experiences?
After examining a franchise, multiply the three scores together and come up with a total. If you can score a 10 in all three elements, you are batting 1000! On the other hand, a low score in any element may yield much lower results. Try plugging a 2 in any of the boxes and do the math.
Desire for Greater Independence
While it might sound obvious to say it, the desire to own a business is perhaps the most important element. Other words that come to mind that describe this element are drive, the desire for greater flexibility, control of one’s future, financial success, independence, etc. Business ownership can be very rewarding, but it will not be easy. Someone who is satisfied working for someone else will usually find the challenges of business ownership too great to ever attempt.
On the other hand, there are many stories of people who succeed against all odds because they have a strong desire to have their own business. So ask yourself this question: On a scale of one to ten, with ten being high, how do I rate my desire for greater independence? The higher your number, the better your odds of success.
A business system is the total package for running the business: location, marketing, products, sales process, management and training. It is even more important than having a great product!
Franchises are all about a business system. Franchises tend to take common products (hamburgers, oil changes, etc.) and business an effective business system around them. With the very best systems being a ton, you want to see that the franchises you select have a great business system.
Identifying a great system is important, but a word of caution is in order. Prospective franchise owners may be tempted to put all their emphasis on the quality of the system without considering the third and equally important element called “fit.”
No matter how good the business system is, the business must be one that “fits” you. If must be a business that builds on your strengths and talents. Every franchise system has successful operators and less than successful operators. The difference is the individual. A business system does not run itself. Identifying a business that fits your profile, what we call your business model, is just as important as the quality of the system.
As you probably guessed, the goal is to find the business that is as close to a ten in how it fits you.
Two FREE Events to Build Your Knowledge About Franchising
I am holding two events to help increase your knowledge about franchising. If you have the drive to start your own business – attending these two events will help you learn about all of the different options available to start your own business, and how franchising can point you down the path to success.
September 30, 2014 – Business Ownership Options (Grand Rapids, MI)
Is franchising the path for achieving your goals? Let me bust some common franchising myths, enlighten you on the wide range of categories and investment levels available, different entry strategies, and how to find the right fit for you.
MORE INFO REGISTER
October 16, 2014 – Meet the Franchisors (Grand Rapids, MI)
Different franchisors looking to expand in Michigan will be here and are ready to talk to you! After a brief introduction to the world of franchising, each franchisor will overview their business model and what they look for in a successful owner, tips of franchising funding, and Q & A. There will be time for one-on-one time with any or all of the franchisors present!
MORE INFO REGISTER
Sunday, September 14, 2014
MICHIGAN FRANCHISE FORUM: Meet the Franchisors Expanding in Michigan
October 16, 2014 at 3pm - Grand Rapids, MI
GVSU Bicycle Factory: 201 Front St.
GVSU Bicycle Factory: 201 Front St.
The Forum was launched in early 2008 and continues to be presented at least bi-annually. It is offered at NO CHARGE to the general public, but REGISTRATION is REQUIRED.
This is your chance to learn about six premier franchise companies that are poised for continued expansion in our state, and to meet their franchise development executives! Tips on franchise due diligence will also be presented, and a franchise financing expert will discuss your funding options.
This free, "must attend" event is for anyone who wants to:
- Leave Corporate Life Behind
- Be Your Own Boss
- Enjoy Career Independence
- Build Long-Term Equity
- Launch a Recession-Resistant Business
- Hear About Financing Options
- Diversify Your Investment Portfolio
- Create Additional Income Opportunity
Opportunities exist in Grand Rapids, Kalamazoo, The Lakeshore, Lansing and surrounding areas with initial investments starting at $70,000.
Categories may include:
Categories may include:
- Light Manufacturing
- Home and Office Decor
- Retail/Commercial Distribution & Recycling
- Professional Staffing
- Residential/Commercial Building Services
- MASTER Franchising
The program includes:
- A brief introduction to the world of franchising, and a safer approach to franchise due diligence and selection
- Updates on the “State of Franchising” here in Michigan
- A brief presentation by each Franchisor, including an overview of their business model and what they look for in a successful franchise owner
- Tips on franchise funding
- An opportunity for Q & A, and optional one-on-one time with any or all of the Franchisors
If you’re thinking about making a change and becoming your own boss, or looking for a better investment opportunity, this event is for YOU!
Sunday, September 7, 2014
It’s many years in the future, and you have just officially retired. You just finished life as a franchise owner, and now you are ready to enjoy rest and relaxation.
Did you enjoy working for yourself?
It’s a sense of liberation being your own boss. Your rules. You didn't have to worry about an immediate supervisor and if they were satisfied with your work. You didn't have to worry about your supervisor’s boss who you have maybe seen five times in five years. I won't even bring up the corporate suits you have never met that can change your life by a simple order down the corporate ladder.
Did you take on the world and succeed?
You took challenges head on. You didn't break. The business you built still stands. In fact, you may have opened up new locations. You created. In fact, you may have created positions for your family and truly created a business legacy.
Did you retire in a much better financial position?
Investments are never guaranteed. But, savings accounts lose money if you consider inflation. Stocks go up and stocks go down. You invested in somethingYOU control, you invested in yourself. You may have had to work hard. You were successful, you made it happen!
Now lets time travel from the present to retirement as noted above? What options can you consider to find retirement by modes noted above?
Franchise ownership isn’t something that most entrepreneurs immediately think of, but truly is a viable option to consider. Just imagine, someone else’s successful idea and YOU GET TO USE IT. You don’t have to worry about creating a product, service or brand. You are being handed the ball – run with it!
Start the process of finding your vehicle to retirement today, join me for one of these two free events:
· September 30: Business Ownership Options
o This free seminar introduces you to the world of franchising, including entry strategies, financing, categories, and more. Learn if franchising could be a path for achieving your goals, and if so, how to go about finding the right fit for you!
o 9:30am in Grand Rapids, MI
· October 16: SIGNATURE EVENT – Michigan Franchise Forum – Meet the Franchisors Expanding in Michigan
o Learn about several premier franchise companies that are poised for continued expansion in our state and meet their franchise development executives.
o This event includes presentations on franchise due diligence, financing, the “State of Franchising,” Q & A sessions, and more!
o 3:30pm in Grand Rapids, MI
If you have any questions about franchising or one of my upcoming events, please contact me at 616-891-1374 or firstname.lastname@example.org.