by Larry Reed | Oct 15, 2021 | Uncategorized
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.
by Larry Reed | Oct 1, 2021 | Uncategorized
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.
by Larry Reed | Sep 16, 2021 | Uncategorized
“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.
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.
by Larry Reed | Sep 1, 2021 | Uncategorized
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.
by Larry Reed | May 27, 2015 | Franchising, News
Many new entrepreneurs don’t come from sales backgrounds and don’t have sales teams to rely on. The thought of selling is daunting. In fact, one of the most asked questions of me by those considering the franchise business model is, “I don’t have to sell, do I?” Of course we’re talking about capitalism here, so somebody’s got to sell something to somebody to make the world turn, so to speak. And if you think about it, in any job you’ve gained or held, you had to sell your manager that you were the right person for the job. Most of us conduct sales related actions each day to influence or motivate behavior and/or actions; and we don’t even recognize that it is happening.
How do you define selling?
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