For many entrepreneurs, owning a business is a lifelong dream. Many people are able to make this dream come to life for themselves, but even more are kept from achieving their goal of business ownership for one reason or another.
One of the biggest deterrents for those wanting to operate a franchise is having limited funds or a lack of funds altogether.
Luckily, there are many ways to purchase a franchise, even if you are in an less-than-desirable financial situation. Below are three popular methods for securing funding to purchase a franchise.
Working With a Partner
If you are not in the best financial situation for purchasing a franchise but have a friend or family member who is, you may consider partnering with that person to fund your franchise. You should make sure that you are partnering with someone you not only trust but someone you work well with.
Because he or she will be a partial owner, this means that your partner will be able to make decisions regarding the business. You can work with a lawyer to create all the necessary paperwork to legitimize your partnership.
Using Franchisor Financing
Check with the franchisor of the franchise you are interested in. Franchisor-financing is a common option that benefits both parties. You should know that before you receive funding from your franchisor, you will need to ensure that you meet that specific franchise’s requirements.
It’s also important to know that not every franchise offers the same amount of money. While one franchise may offer a qualified franchisee $50,000, another franchise may offer more or less than that amount. You should find a franchise that can meet your financial needs.
Taking Out a Loan
There are several loan options available to franchisees who are looking for help with funding. While a traditional loan from a bank is always an option, it may be difficult to obtain if you do not have good credit.
This is where Small Business Administration loans can be helpful. It’s easier to qualify for these loans, and the amount of time you have to repay the loan is much longer.
These are just two examples of possible loans, but there are more you can research and choose from.
If you are ready to start your career as a franchisee, get in touch today to get started with a free consultation!
It is no secret that many entrepreneurs pride themselves on being individualistic people, seizing the opportunity to be their own boss and to pave their own way. And while there is nothing wrong with any of that, all business owners can benefit from having a mentor who has been in their shoes before.
Let’s explore three ways that a mentor can help guide and reassure entrepreneurs who are just getting started with business ownership:
Mentors Have Years of Experience
While new entrepreneurs may possess the skills and the hunger it takes to succeed, they lack the experience of those who have been entrepreneurs for years. A seasoned entrepreneur’s experiences can help newer entrepreneurs recognize problem areas within their business before they cause any damage. And younger entrepreneurs can even learn helpful problem-solving and communication skills from their mentors.
It can not be overstated how important experience is when it comes to being an entrepreneur. Taking the advice that your mentor offers can lead to a long career.
Mentors Can Help You Build Your Network
If your mentor has built lasting business relationships over the years, he or she can introduce you to people who could lead to more opportunities for you. This could connect you to higher-ups in a diverse range of industries. Once that happens, the sky is the limit for what you can achieve.
Your mentor will be more likely to share resources with you over someone he or she hardly knows. Building a lasting relationship with your mentor could prove beneficial in many ways.
Mentors Can Keep You Encouraged
As an entrepreneur, there will be days when you question whether what you are doing is the right thing. You may come to a point in your career where business seems to have slowed down, and the spark that you once had is no longer there.
But when you have a mentor, you have someone who has also been down that path and can reassure you that with a plan and hard work, you can find a solution to your problems.
Taking on a leadership role is a big deal. Whether you’ve worked up to the position from an entry-level job or become the owner of a new franchise, you’ve likely put in years of hard work to get where you are now.
But with a new title comes new responsibilities.
Luckily, there are ways you can prepare yourself for your new leadership position. Below are three tips to help you adjust to life as a first-time leader.
Focus on Communication
When it comes to being in a leadership role, your ability to communicate with your employees is the most important aspect of your job. You want to create an environment where your employees feel free to ask for help, give feedback or suggest solutions to a problem.
As the leader, you will want to learn how to communicate in a way that motivates your employees and reassures your employees that you are in firm control. The power of communication in your workplace can not be overstated.
Develop Time Management Skills
There never seems to be enough time in the day. This becomes even more apparent when you are in a leadership role. But how do you address this problem as a new leader?
One option is to create a plan to help tackle the tasks that you need to get done. As a leader, you should feel confident delegating different tasks to your employees. This will not only help you, but it will show your employees that you trust them.
Learning to be decisive is also part of developing time management skills. Once you’ve made a decision on something, stick with it and see it out. Flipping back and forth will only cause more problems for you and your employees.
Don’t Fear Making Mistakes
Everyone expects those in leadership positions to be perfect. But leaders are still humans, which means that they are more than capable of making mistakes. But these mistakes do not have to be a moment for you to beat yourself up.
Not only can you learn from them and do better next time, but they can be an opportunity to show your employees what accountability looks like. If they see you owning your mistakes and working to improve, there is a good chance they will do the same thing.
If you’re ready to start your franchising journey, contact me today!
With any business that provides a service, it is important to not only keep customers happy but to keep them coming back. Below is a list of three ways you can make your customers feel appreciated and welcomed, which may result in them becoming loyal customers.
Show Your Appreciation
The role your customers play in the success of your business can not be understated. They are the main reason why you can keep your doors open, and your business in operation. To thank your customers for all that they do, you can show your appreciation for them.
This could be in the form of a customer loyalty program, customer spotlights and customer appreciation days. While these gestures may seem simple, they will go a long way in making your customers feel valued.
Make It Easy for Customers to Contact You
Direct communication with your customers is a great way to show them that you value their input. As a business, pulling back the curtain between yourself and your customers will make them feel like they are more than just a number to you.
While phone lines are not the popular form of communication they used to be, they still play an important role in customers being able to reach you. Email is another great method for communicating with customers, be it to fix problems or for marketing purposes.
When it comes to communicating with customers these days, though, it is hard to beat the power of social media. Platforms like Facebook, Twitter and TikTok allow you to quickly share blogs, videos and other information that your customers will find entertaining and useful.
Personalized Customer Experiences
The experience and relationship that your customers have with your business should always be something you are looking to improve. One way of doing this is by making sure that your customer service plan includes creating personalized customer experiences.
This means treating your customers as individuals rather than as one big group of people. You can do this by creating specialized offers for them, messaging that focuses on products and services they are interested in and using their preferred platform for communication.
When it comes to creating a personalized customer experience, your focus should be on how your business can make your customer’s experience as easy as possible.
Ready to take the leap into franchising? Get in touch today to get started!
As an entrepreneur, being self-confident can be beneficial for you and your employees. Your employees will look up to you as someone they can trust to lead them in the right direction, and this will help them feel confident in their work. A workplace with confident employees is more likely to be successful.
But being self-confident does not come naturally to everyone. For some entrepreneurs, while they may excel in business acumen, building relationships and having knowledge of their business or product, being self-confident may be difficult.
Luckily, there are ways for you to build your confidence as an entrepreneur. Here are some of the methods you can use to make yourself a more confident entrepreneur and leader in your workplace!
Learning to Be Resilient
Encountering difficulties is part of being an entrepreneur. Of course, you will want to be as successful as possible, but as with any profession, you will come across roadblocks that may take you slightly off course.
One way to safely navigate these roadblocks is by learning to be emotionally resilient. What does it mean to be “emotionally resilient”?
This means that even in the face of adversity, you will be able to find a way to control your emotions, pick yourself up and get back to work.
Facing Your Fears
Even the strongest people have fears. But when it comes to dealing with fear as an entrepreneur, letting your fear of failure, challenges and conflict at work get the best of you will only hinder your success.
So, what can you do to overcome your fears? You can confront them!
Take the time to acknowledge that your fears are real and that it is normal to feel the way you do. You can begin to explore the source of your fears and the impact that not dealing with them is having on you at work.
From there, you can take steps to work to overcome those fears. If a challenge or conflict arises at work, try to work through it rather than ignore them.
Being an entrepreneur can be a life-changing experience. But if you are a person who lacks self-confidence, you may find your entrepreneurial career challenging. By practicing these steps, you can help yourself to be a more confident entrepreneur and leader.
If you would like to know more about franchising and how I can help you, get in touch today!