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Tips for Potential Franchise Owners | Franchise Strategy Partners

Tips for Potential Franchise Owners | Franchise Strategy Partners

Franchising opportunities today are endless. Sure, the opportunities to franchise in more vanilla, “recession-resistant” businesses will always be there, but you can practically name any sort of category you’d like to go into business with, and it likely exists!

While all these business options can be great for many, they can be overwhelming for many, too. Lots of flavors can make it difficult to choose, so if you need help knowing which business venture to invest in, I’m here!

Read on as I share some helpful tips that should guide you in the right direction.

1. Know What You Want

The upfront franchising costs are usually quite high, which makes franchising a more long-term investment. Since you’ll be putting in quite a bit of money on the front end, it’s important that you’re confident in the field you’re pursuing.

Will this potential business withstand the test of time? Will your investment help you to realize the goals you have set for yourself? Do you even like what you’re planning to invest in?

These are questions worth asking that will help you know what you want to do and whether or not investing in your prospective business is worth your money.

2. Do Your Homework

Unlike being a standalone small business owner, as a franchisee, you ultimately have to answer to leadership of your franchise. Because of this, it’s crucial that you agree with the vision, mission and values of the company you intend to join.

Being passionate about the business idea is a huge component of becoming a new franchisee, but choosing a company that routinely makes decisions that you agree with might be the most important component to consider. Get to know the company, what they stand for and how they’re run before going all in.

3. Don’t Be Afraid to Ask Questions

Do you have questions other than the ones we’ve listed previously? If so, do not let them go unasked.

Carefully review the Franchise Disclosure Agreement (FDD). In the FDD, you can find a list of current franchise owners and ask them questions you couldn’t find the answers to during your initial research!

Doing your own research is never a waste of time, but talking to actual franchise owners in the business you’re looking into is, perhaps, the most valuable information you can have when trying to make a decision.

Do you still have other questions? I can help! Don’t hesitate to contact me today.

Building a Franchise Where People Want to Work | Franchise Strategy Partners

Building a Franchise Where People Want to Work | Franchise Strategy Partners

Although more people are returning to work, “The Great Resignation” is still going relatively strong. Many are still out of work or are considering quitting, and the economy has yet to make a full recovery.

One silver lining in the midst of all of this, though, is the fact that the businesses and franchises that have spent their early years forming and building a good culture have been less affected than businesses that haven’t done that.

In fact, according to studies, a large percentage of people who have quit over the last 15 months have quit because of a poor company culture, where leaders are focused only on production and end goals rather than the employees making those goals happen.

This shows that building a successful, longstanding franchise is vital, and it takes time and care—not only on the financial side of things, but for those who are employed. Read on as I share some helpful tips that will lead you to build a franchise that people seek out, rather than a franchise that desperately seeks out future employees.

Ways to Build a Positive Work Culture

  • Cherish your employees, and make it known that you cherish them. This is hugely important, and it’s very easy! Celebrating birthdays, congratulating births, asking for their opinions…all of these things can go a long way in making your employees feel valued and cherished.
  • Hire the right people and don’t make compromises as to who you hire or keep. Hiring the right people on the front end will save yourself a lot of trouble on the back end. Plus, low turnover is a great money-saver and morale-booster.
  • Prioritize your employees’ mental health. Burnout is real, and it’s especially real in the work world. Do your best to protect your employees from feeling this way by implementing a work life that is productive but not all-consuming. Recognize that working in many franchises, especially in a retail environment, can be stressful.
  • Instead of looking for ways your employees screw up, look for ways that they succeed. In the workplace, positive reinforcement has consistently shown to be more valuable than negative reinforcement.
  • Consistently share your vision and sense of purpose. When employees feel keyed in on what all their hard work is for, it will give them a sense of passion and purpose.

Are you ready to enter the franchising world? If so, I can help you pair up with the franchise that ticks all the right boxes! Don’t hesitate to contact me today.

Gifts for the Franchisee in Your Life (or Yourself) | Franchise Strategy Partners

Gifts for the Franchisee in Your Life (or Yourself) | Franchise Strategy Partners

If you’ve taken the leap into the franchising world, you’ve already given yourself the best possible gift. If we’ve learned anything in the past two years, it’s that even when times get tough, franchises are set up for success.

But since Christmas is only days away, let’s get into the holiday spirit. Whether you need to add a few items to a wish list for someone else to buy or need to buy a gift for a franchise owner you know, these ideas can point you in the right direction!

Have a Holly, Jolly Desk Chair

Many franchisees are up and on their feet often, spending time in store and hands-on. But there’s still a good amount of desk time—time in a chair spent strategizing, implementing and outreaching.

All that time in a chair can wreak havoc on your back, especially if your posture isn’t the best. An ergonomic back cushion might be the perfect solution.

Make Your List…and Check It Twice

At some point or another, every franchisee needs to take notes. And when you need to jot something down, it often seems like clean paper is nowhere to be found!

Good notebooks can be hard to come by, so they make the perfect addition to a wish list. Keep a variety on hand, from bigger versions designed to keep at your desk to pocket-size ones you can tuck in a pocket, briefcase or purse.

Marshmallows for Toasting…

OK, we’re not really talking about marshmallows here. But since it’s the most wonderful time of the year, we had to sneak the lyrics in there!

While we aren’t talking about s’mores, we are talking about food. How often have you been on the road and forgotten to make time to eat? Or simply been so busy you didn’t prioritize it?

There are a few food-related gifts that can be a good fit here. A mini or desk fridge can let a franchisee stow away some healthy food options, while gift cards to area restaurants or a grocery store can make taking a pit stop to grab food a little easier.

Ready to get into the franchising game? The right franchise is out there for you, and I’m ready to help you find it! Don’t hesitate to reach out today to see what options are available!

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!