Select Page
I’m an Introvert. Is Franchising Right for Me? | Franchise Strategy Partners, Larry Reed

I’m an Introvert. Is Franchising Right for Me? | Franchise Strategy Partners, Larry Reed

There is a common misconception that certain industries or areas of business are reserved for the Type A, go-getter, “disruptive” people. While having the ability to talk with anyone about anything can obviously go a long way, there are traits and benefits reserved only for the introverted person that can be extremely beneficial in franchising.

An introvert is typically described as someone who prefers “minimally stimulating environments and needs time alone to recharge.” If this is you and you have hesitations about franchising, see the list below to see why franchising may actually be a perfect fit for you.

Reflection

Franchising is a space that requires a lot of networking, so the extroverts assume their role quite nicely here. But how about the other 85–90% of the time it takes to run a business?

Most of the time, it’s spent in an office planning and reviewing and optimizing. It takes a lot of creativity, reflection and quiet to maintain a level of success. This is a quality introverts are known for. When it comes this naturally, why not harness it?

Intuition

While not all introverted people would consider themselves intuitive, the ability to observe and assess a situation comes easily for most introverts. They also have a keen sense of understanding patterns in people and situations, which can help them in hiring, purchasing and marketing decisions.

Intuition can save a good deal of time and hassle, so introverted people hold a card here that is most helpful in running a business.

Independence

Because introverted people would many times rather work alone than in a group, this allows them to feel free to be in charge of their own decisions regardless of outside influences.

Careers that require a high level of person-to-person interaction can be a drain for introverted people. The phrase “be your own boss” is appealing to lots of people for various reasons, but for the introvert, it’s a safe place to land knowing that they are able to call the shots when it matters.

The right franchise is out there for you, and I’m ready to help you find it. Contact me today to see what options are available!

I’m an Extrovert. Is Franchising the Best Fit for Me? | Franchise Strategy Partners, Larry Reed

I’m an Extrovert. Is Franchising the Best Fit for Me? | Franchise Strategy Partners, Larry Reed

The life of the party. The social butterfly. The center of attention.

If this is you, you’re probably an extrovert. An extrovert is commonly described as someone who is energized by crowds and interaction with the external world.

If this is you and you have inclinations toward franchising, see the reasons below as to why franchising may actually be a perfect fit for you.

Networking

There is almost nothing an extrovert loves more than networking. The buzz, the connection, the opportunity to meet new people is exhilarating.

People need people for franchising to work, and your natural proclivities make it easy for you to make those connections and utilize them for your business. Goals are often met as a group effort—and lucky for you, you have the ability to rally a group of supporters to gain trust, hard-won wisdom and synergy that many introverts only wish they did.

People

Extroverts, by definition, thrive on being around people. How many articles have been written about people management skills, employee relations or customer service?

These are all things that come a bit more naturally for extroverts than introverts. With your preference to talk things out, speaking to a person face-to-face rather than through asynchronous communication is a great skill to utilize in your franchise.

Extroverts usually remain much more open-minded and optimistic than introverts, and this can go a long way when you’re running a business.

Approachability

As a general rule, extroverted people are approachable and easy to like. Internally, this is a game-changer when you’re managing a team. Externally, this can mean customer service is an out of the park experience for everyone you interact with.

When there is a problem and both employees and customers feel as though they can approach you without having to walk on eggshells, this opens the door to meaningful, and productive, interactions.

The right franchise is out there for you, and I’m ready to help you find it. Contact us today to see what options are available!

Welcome to the World of Entrepreneurship | Franchise Strategy Partners, Larry Reed

Welcome to the World of Entrepreneurship | Franchise Strategy Partners, Larry Reed

Do you remember the moment where you decided you wanted to try your hand at being a business owner? For many entrepreneurs, they know the day and even the time of when they decided to take control of their own career.

While the start of being an entrepreneur is different for everyone, the goal is the same: to run a successful business. Let’s take a look at how you can start building upon your entrepreneurial skills in order to become a successful business owner.

Getting Back to Basics

Are you looking to start “navigating the waters” of being an entrepreneur after being a corporate employee for so long? Let’s take a look to find out where you should start:

First, you want to do a full assessment of yourself to better understand your strengths and weaknesses. As a business owner, it’s important to know what you can do well and the skills you could use improvement on or help with.

By understanding your strengths and weaknesses, you can also work to build a strong team of professionals around you who can add support, especially in the skills you are lacking.

Second, you want to make sure you continue to grow your knowledge as a business owner, both about business management and about the industry your business is in. One of the biggest mistakes entrepreneurs can make in business is thinking they already have all the knowledge they need to grow their business.

Knowledge is power, and it is something that should always be added upon, whether that means staying up to date on the latest SEO trends or finding new ways to improve your company’s culture for increased workplace productivity.

Finally, you want to make sure you are continue to have a passion for your business. This passion is what is going to keep driving you to succeed, as well as keep you going when the hard days hit. It is always important to keep in mind why you started the journey to being an entrepreneur in the first place.

If you begin to lose your drive and interest in the industry or in the business itself, that can have a negative effect on the franchise’s success.

Are you looking to make a move as an entrepreneur? I’m here to help you find the perfect franchise to fit your passion. Schedule a consultation today!

Avoid These 3 Mistakes When Buying a Franchise | Franchise Strategy Partners, Larry Reed

Avoid These 3 Mistakes When Buying a Franchise | Franchise Strategy Partners, Larry Reed

Have you seen the headlines about the “Great Resignation”? More and more people are choosing to leave unfilling jobs in pursuit of something bigger and better. In many cases, that search leads them to franchising!

Franchising has a lot of perks right from the start. When you choose to join a franchise, not only are you choosing a brand that has already been established, but you have a customer base and support system in place when starting your business.

But like anything else in life, the path doesn’t always run smooth. A misstep can threaten the success of your business, so it’s important to do all you can to avoid them.

At Franchise Strategy Partners, my goal is to help you be as successful as possible. That’s why I’m taking a few minutes today to talk about three common mistakes and how to avoid them. Read on to learn more.

Mistake 1: Underestimating the Costs

When you buy a house, it’s important to consider not only the cost of your mortgage but also other costs you might not consider, such as insurance, closing costs and maintenance. The same is true for investing in a franchise—you need to consider the true cost and ensure you’re prepared for it.

Also, talk with other franchisees within your organization to get a good grasp on reality, financially. On average, it takes most businesses a year before they start earning a profit. You want to make sure you understand where your cash flow needs to be in order to pay off your loan while also handling various other costs of your business.

Mistake 2: Trying to Go It Alone

A major benefit of franchising is that you’re in business for yourself, but not by yourself. So, don’t try to do it all alone!

When you invest in a franchise, you are given a franchise support system. Different organizations provide different resources, but in general, the franchisor typically provides assets such as branding, marketing resources, supply chain assistance, and ongoing training and education.

Lean in to this assistance. The franchisor of your business knows what it takes to make your business succeed. Don’t miss out on this valuable advice—reach out to those at the corporate level, as well as other franchisees who know the ropes.

Mistake 3: “Winging” It

There’s a saying that “A goal without a plan is just a wish.” That’s true in anything, but it’s especially true in business. To set yourself up for success, you need to thoughtfully lay out a plan outlining every aspect of your franchise operations.

Make the plan detailed, and think through any and every potential hiccup that could occur. You want to outline the next steps to take in a variety of scenarios—this will ensure you’re less overwhelmed when chaos occurs, because you have a plan in place.

I’m ready and waiting to help you find the best franchise for your unique needs! Get in touch today to get started.

Are You the Right Leader for a Franchise? | Franchise Strategy Partners, Larry Reed

Are You the Right Leader for a Franchise? | Franchise Strategy Partners, Larry Reed

When you own a franchise, it isn’t only about being a business owner. It is about being a leader to your team, helping to motivate and inspire them to reach their own dreams within your company.

Do you know whether you have the right leadership skills to guide a franchise team? In this blog, I dive into what leadership skills are needed to help run a successful franchise.

Skills That Make a Leader

There are a number of meaningful skills needed to be an effective leader at any business, whether large or small:

You might not think about it much, but you need to have empathy to lead. There’s a saying that people don’t leave companies; they leave bosses. There’s a reason for that.

In order for employees to perform at their best, they need to feel like valued members of the team. That requires a certain level of understanding about what they’re experiencing, as well as a solid support system to help them navigate burnout and other mental health issues. This is especially important in the face of the pandemic, with more employees than ever experiencing excess stress and burnout.

It’s also important to maintain self-awareness as a leader. Take time to thoughtfully consider your weaknesses and strengths—where can you improve? You need to have an honest and comprehensive understanding of your abilities, and be willing to admit when you’ve misstepped or need assistance.

Your employees also need self-awareness in order to thrive, which is why it’s important for you to model the skill. When your team recognizes that you are willing to admit when you struggle, they will be much more likely to do the same.

Finally, you need resilience. If we’ve learned anything in the last two years, it’s that things happen and obstacles show their ugly head.

When crisis strikes, it’s important to maintain a positive mindset—and to quickly and strategically determine next steps. Your business will always need to evolve to align with changing customer needs, so change is a constant. Adapt and keep going!

I’m ready and waiting to help you find the best franchise for your unique needs! Get in touch today to get started.