The Stuff That Creates Growth In Your Franchise Biz
The Stuff That Creates Growth In Your Franchise Biz
My grandmother used to say to me, "John, you cannot talk your way out of a situation you have acted your way into." Our current executives will forever find it hard to replicate the life, lifestyle or income they had just left behind. They cannot do some simple thing and *poof* be made financially whole. I realize that it is possible but to a more extreme example, so is winning the lottery. Typically you are NOT made financially whole with the acceptance of your next "job." Also, you are not at all more secure than you were any more than the ostrich is more safe who just stuck his head into the warm sand. THAT is the greatest challenge to business ownership for the displaced executive. Will I or will my wife and I decide to make the investment to create the security we have just lost; the security which after all was said and done was not at all that secure?
Most will ultimately say no to business ownership. And, to their discredit, they will also eat through their life savings trying to create the quick fix to find the job that will provide the dubious next job.
Other however will have an epiphany. They realize, given the current economy, and job trends, it may take a very long time to find a new position in corporate America either that provides them with the same earnings level or any security at all. The trend is likely to replicate itself. In a few years they will once again be displaced. This time remember they do not have tenure. They have not built up a resume of accomplishments.
Joblessness and the uncertainty that comes with working for someone else, have made owning your own business, becoming an entrepreneur, a reasonable alternative to the job market simply because it is factually more secure.
But the displaced are now more insecure and vulnerable than ever. Their spouses in particular question if what they do know translates into earnings and security. Then, that becomes the question...take the time to answer it. Don't gloss over it.
What makes a successful entrepreneur? What makes a successful franchise owner? Is it past job experiences, education, certifications and/or some developed skill sets? Is it a particular personality trait? What type of person has a greater chance of success in owning a franchise business?
Various studies have created dissimilar conclusions. While there are differing opinions on this, experts in the industrial behavioral fields believe those interested in buying a franchise should stay close to their area of expertise. This should be defined as the areas where the individual had the bulk of their business successes.
Period!
The only differentiators with the pros in this field becomes while job experience is important when buying a franchise, some are committed to your need to find a franchise business that nourishes the most important aspects of your personality. The franchise should allow you to use your natural and personal strengths. This will increase your chances of success.
I am convinced with the proliferation of fields now covered by franchising, it is possible to do both; have the franchise where you have already racked up wins and within an area or field where you could relate your passions and personal preferences.
A Word of Caution
Franchising does not necessarily allow for true entrepreneurship. I know, many people argue the merits of one definition of entrepreneur over another. However, entrepreneurs tend to be non-conformists. They start life by simply thinking outside of the box. They tend to want to do things their own way. Franchising asks that you play by the rules. You follow the franchise model to achieve franchise success. After all, it was "the model" that created the successful business standard that attracted you in the first place.
Entrepreneurs sometimes want to pave their own path. Go a different direction that no one else has gone and do it better. Franchising is about the tried and true. Top franchises have a proven method for success and they stick to it. There will be recorded failures in their system. Any franchise with any history has failures. Typically those failures are not systems issues and study after study has shown this.
You reduce failure rate by drilling down on the most challenging issues within the business area. The franchiser made all the mistakes of entrepreneurship and learned from them. This proven method of doing business a certain way is what you pay for when you buy a franchise.You can call yourself a "frantrepreneur" but you need to recognize the difference...in business for yourself and not by yourself gives you freedom with boundaries.
As an ex-franchisee and a life-long entrepreneur I can tell you the two have common ground. They both are motivated by long term goals. You have got to see beyond today, next month, 6 months and a year. Vision is what builds your business, your culture and your character as a franchisee and an entprereneur.
They both realize this is NOT about replacing a paycheck. It is about the building of business equity. It isn't about making short term monetary returns. It's about using your resources, personal, learned and financial to build a business you can be proud of for many years whose end result is a significant asset of value at the end.
Finally, franchise owners and entrepreneurs both have realized they have to deal with ambiguity as leaders in their business. Someone else is not going to deal with the myriad of responses to threats and conditions in the marketplace; you are!
You must also understand that "risk" tolerance is only one aspect of ambiguity. The unknown or solutions to questions which are not black and white by their nature always create the opportunity to fail. That detail however is nothing like the risk of getting fired one more time for things outside of your control.
You know what I am talking about if you are reading this as a displaced professional.
Our day and age has shown nothing if it hasn't proven that no one can predict the future. The confidence is that a franchise gives you back up, expertise (both the franchise company and other franchisees - you are NOT alone). This produces high levels of confidence that you can apply the business model and your personal resources and create a successful franchise business.
Now, stop pretending to look for a business and get to it!
The Stuff That Creates Growth In Your Franchise Biz - To learn more about this author, visit John R. Wilson, Sr.'s Website.
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Franchising certainly can be a solution for joblessness. The unemployed today are some of the most highly skilled executives in the history of any civilization. The challenge is they also have developed lifestyles to match with a need for a high income.
My grandmother used to say to me, "John, you cannot talk your way out of a situation you have acted your way into." Our current executives will forever find it hard to replicate the life, lifestyle or income they had just left behind. They cannot do some simple thing and *poof* be made financially whole. I realize that it is possible but to a more extreme example, so is winning the lottery. Typically you are NOT made financially whole with the acceptance of your next "job." Also, you are not at all more secure than you were any more than the ostrich is more safe who just stuck his head into the warm sand. THAT is the greatest challenge to business ownership for the displaced executive. Will I or will my wife and I decide to make the investment to create the security we have just lost; the security which after all was said and done was not at all that secure?
Most will ultimately say no to business ownership. And, to their discredit, they will also eat through their life savings trying to create the quick fix to find the job that will provide the dubious next job.
Other however will have an epiphany. They realize, given the current economy, and job trends, it may take a very long time to find a new position in corporate America either that provides them with the same earnings level or any security at all. The trend is likely to replicate itself. In a few years they will once again be displaced. This time remember they do not have tenure. They have not built up a resume of accomplishments.
Joblessness and the uncertainty that comes with working for someone else, have made owning your own business, becoming an entrepreneur, a reasonable alternative to the job market simply because it is factually more secure.
But the displaced are now more insecure and vulnerable than ever. Their spouses in particular question if what they do know translates into earnings and security. Then, that becomes the question...take the time to answer it. Don't gloss over it.
What makes a successful entrepreneur? What makes a successful franchise owner? Is it past job experiences, education, certifications and/or some developed skill sets? Is it a particular personality trait? What type of person has a greater chance of success in owning a franchise business?
Various studies have created dissimilar conclusions. While there are differing opinions on this, experts in the industrial behavioral fields believe those interested in buying a franchise should stay close to their area of expertise. This should be defined as the areas where the individual had the bulk of their business successes.
Period!
The only differentiators with the pros in this field becomes while job experience is important when buying a franchise, some are committed to your need to find a franchise business that nourishes the most important aspects of your personality. The franchise should allow you to use your natural and personal strengths. This will increase your chances of success.
I am convinced with the proliferation of fields now covered by franchising, it is possible to do both; have the franchise where you have already racked up wins and within an area or field where you could relate your passions and personal preferences.
A Word of Caution
Franchising does not necessarily allow for true entrepreneurship. I know, many people argue the merits of one definition of entrepreneur over another. However, entrepreneurs tend to be non-conformists. They start life by simply thinking outside of the box. They tend to want to do things their own way. Franchising asks that you play by the rules. You follow the franchise model to achieve franchise success. After all, it was "the model" that created the successful business standard that attracted you in the first place.
Entrepreneurs sometimes want to pave their own path. Go a different direction that no one else has gone and do it better. Franchising is about the tried and true. Top franchises have a proven method for success and they stick to it. There will be recorded failures in their system. Any franchise with any history has failures. Typically those failures are not systems issues and study after study has shown this.
You reduce failure rate by drilling down on the most challenging issues within the business area. The franchiser made all the mistakes of entrepreneurship and learned from them. This proven method of doing business a certain way is what you pay for when you buy a franchise.You can call yourself a "frantrepreneur" but you need to recognize the difference...in business for yourself and not by yourself gives you freedom with boundaries.
As an ex-franchisee and a life-long entrepreneur I can tell you the two have common ground. They both are motivated by long term goals. You have got to see beyond today, next month, 6 months and a year. Vision is what builds your business, your culture and your character as a franchisee and an entprereneur.
They both realize this is NOT about replacing a paycheck. It is about the building of business equity. It isn't about making short term monetary returns. It's about using your resources, personal, learned and financial to build a business you can be proud of for many years whose end result is a significant asset of value at the end.
Finally, franchise owners and entrepreneurs both have realized they have to deal with ambiguity as leaders in their business. Someone else is not going to deal with the myriad of responses to threats and conditions in the marketplace; you are!
You must also understand that "risk" tolerance is only one aspect of ambiguity. The unknown or solutions to questions which are not black and white by their nature always create the opportunity to fail. That detail however is nothing like the risk of getting fired one more time for things outside of your control.
You know what I am talking about if you are reading this as a displaced professional.
Our day and age has shown nothing if it hasn't proven that no one can predict the future. The confidence is that a franchise gives you back up, expertise (both the franchise company and other franchisees - you are NOT alone). This produces high levels of confidence that you can apply the business model and your personal resources and create a successful franchise business.
Now, stop pretending to look for a business and get to it!
The Stuff That Creates Growth In Your Franchise Biz - To learn more about this author, visit John R. Wilson, Sr.'s Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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