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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.

What Makes a Franchise a Success? | Franchise Strategy Partners, Larry Reed

What Makes a Franchise a Success? | Franchise Strategy Partners, Larry Reed

“Success is where preparation and opportunity meet.”—Bobby Unser

One of the many reasons why people choose franchising when it comes to starting a business is that the business model has already been proven to work. But that doesn’t mean you can open up a franchise and find success immediately.

You still have to put in the work. Fortunately, you don’t have to go it alone. Let me help you get started on the path to success!

The Road to Franchising Success

Now that you have figured out what franchise best suits your passion and have invested in the business, it is time to get to work! Here are a few steps to take on the road to making your franchise a success:

Trust the Process

One of the reasons why I work hard to match you with your ideal franchise is because you need to be able to trust the process.

Rather than wanting to go in and change things, you need to believe that the franchise business model is solid, as you are going to need to preserve the brand as a franchisee.

Lean in to the resources and support provided by your franchisor. Seek assistance and advice from other franchisees and those in positions of leadership.

Recruit the Best Team Possible

Remember, your team is only a strong as your weakest link. You want to make sure you are investing in employees who are as passionate as you are about hard work and customer service.

But your investment in employees shouldn’t end there. While you can hire the best, it doesn’t mean they will be the best for your business if you don’t train them effectively.

Effective onboarding and routine training play an important role in ensuring your business is successful. Make training a regular task, because there is always something new to learn as customer needs and technologies evolve.

Be a Part of Your Community

Business owners sometimes don’t realize how much community involvement can truly play a role in success. In order for your franchise to succeed, you need those within your community to trust your business and turn to you as the experts in your industry.

To build that trust, engage with those within your community. Become involved in activities and fundraisers. Attend events and meetings with the local chamber of commerce and city/county government. The more you invest in your community, the more they’ll invest in you.

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

Is Your Personality a Good Fit for Franchising? | Franchise Strategy Partners, Larry Reed

Is Your Personality a Good Fit for Franchising? | Franchise Strategy Partners, Larry Reed

When you read that headline, you might first think about personal characteristics, such as whether you’re an extrovert or introvert. Or whether you are generally an agreeable person.

And while those personal traits play an important role in your career, the “personality” I’m referencing is your entrepreneurial personality.

What is an entrepreneurial personality, and how can I help you define yours? Read on to get the details.

Helping You Define Your Entrepreneurial Personality

If you’ve decided to step into franchising to make your dreams of business ownership come true, all the options out there can feel a bit overwhelming. That’s where I can step in to help! I’m ready and waiting to help you parse through hundreds of opportunities with leading franchisors—and determine which of those options will be your perfect match.

How do I do that? One of the first steps is to get to know you and who you are on a professional level. To match you with opportunities that align with your needs and wants, I’ll put together an in-depth business ownership profile that highlights your skills. Those skills are your “entrepreneurial personality.”

To gather this information, I’ll ask you to take an assessment that asks a series of questions to determine your individual traits—in other words, the qualities that make you unique. This goes beyond your average personality test, helping to define a range of talents and your ability in multiple areas important to franchising.

From there, I can help you chart your future by determining which of the hundreds of franchising opportunities out there might be your best fit as a franchisee. This process is designed to take some of the stress out of your search, allowing you to first determine whether franchising is right for you and then nail down your dream franchisor.

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