Passive Income in a Franchise
Passive Income in a Franchise
Only once the business owner sets this as a goal, will the business truly make the necessary adjustments needed to tackle the most important tasks of producing long term sustainable passive income streams.
To me now this sounds obvious but in the beginning of my learning process, of launching a business, this was not at all clear. Only once I understood the importance of having money flowing into the business that does not require huge effort to produce, did I see the massive benefits to the business. Once this became clear then it became easier to make the system changes to make this a reality.
The staff members within the business, largely could not see any difference and seem blissfully unaware of the benefits of passive income. This is largely due to the fact, that as employees they are trading their time for money and have never earned any passive income of any significance, so to them it is not an issue. This is why, if, as a business owner, you come from a corporate background, it is natural to make the same mistake, of not valuing passive income.
If you are reading this article and you have not got a clue about what I am writing about, and you have no idea about what "passive income" is then you are no doubt stuck in the same mindset that I was, in the beginning. For me a simple definition of Passive Income, is money that is produced for very little time or effort. Real Estate for example can produce a rental income that is largely passive and requires very little effort.
In my business we have 3 main areas: manufacture, rental and franchising. We sell rental items from our factory to our franchise network, that produce a growing passive income stream back to the main business. My mistake had been using lots of my factories time and resources to produce rental items for competitors and other customers, non of which had the same passive income flowing back to the company. The difference is subtle but the results long term very different.
Your business may not have the same opportunities for creating passive income, but if one opens ones mind to the possibilities of seeing something new, them it is quite possible that new opportunities and changes in focus can produce new results.
Passive Income in a Franchise - To learn more about this author, visit Andrew Edwards's Website.
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In my franchise network, I found that the business was often side tracked by customers and demands that although they made some money, they used lots of time and resources, for no added gain. The real gain I was looking for was to increase the passive income of the business.
Only once the business owner sets this as a goal, will the business truly make the necessary adjustments needed to tackle the most important tasks of producing long term sustainable passive income streams.
To me now this sounds obvious but in the beginning of my learning process, of launching a business, this was not at all clear. Only once I understood the importance of having money flowing into the business that does not require huge effort to produce, did I see the massive benefits to the business. Once this became clear then it became easier to make the system changes to make this a reality.
The staff members within the business, largely could not see any difference and seem blissfully unaware of the benefits of passive income. This is largely due to the fact, that as employees they are trading their time for money and have never earned any passive income of any significance, so to them it is not an issue. This is why, if, as a business owner, you come from a corporate background, it is natural to make the same mistake, of not valuing passive income.
If you are reading this article and you have not got a clue about what I am writing about, and you have no idea about what "passive income" is then you are no doubt stuck in the same mindset that I was, in the beginning. For me a simple definition of Passive Income, is money that is produced for very little time or effort. Real Estate for example can produce a rental income that is largely passive and requires very little effort.
In my business we have 3 main areas: manufacture, rental and franchising. We sell rental items from our factory to our franchise network, that produce a growing passive income stream back to the main business. My mistake had been using lots of my factories time and resources to produce rental items for competitors and other customers, non of which had the same passive income flowing back to the company. The difference is subtle but the results long term very different.
Your business may not have the same opportunities for creating passive income, but if one opens ones mind to the possibilities of seeing something new, them it is quite possible that new opportunities and changes in focus can produce new results.
Passive Income in a Franchise - To learn more about this author, visit Andrew Edwards'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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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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