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.
As a franchise owner, the pressure is on to recruit the best talent for your business. The right candidates can be found in a variety of ways, and with modern technology, there are a variety of recruiting methods to choose from.
An efficient recruitment strategy will help you source applicants, streamline interviews and get the onboarding process started in no time!
1. Enhance Your Job Ads
A thorough, descriptive job advertisement is a great way to capture the attention of job seekers. There are many ways to enhance a job ad, such as including a “requirements” sections, adding in a realistic salary range and incorporating screening questions.
If you aren’t receiving enough qualified candidates, it may be because your job advertisement is vague or less than impressive. It may be the window into your company for candidates and you want them to get a good impression from the post.
2. Utilize Social Media
Social media is the perfect avenue for creating a positive company brand and letting others know that you are hiring. Potential candidates will be able to look back through previous posts on social media platforms and determine whether or not they believe they’d fit in with your company culture.
3. Make a Good First Impression
Just as your social media profiles and job advertisements provide a first impression to potential employees, you want to make sure you make a good impression in your interviews and during any contact with the candidate.
Be sure to respond to email and calls in a timely manner and maintain a professional demeanor during meetings.
When candidates interview for a position, be sure to mention all of the ways that employees are recognized, appreciated and valued within the workplace. Creating a favorable environment for employees is a great way to entice qualified candidates to apply and current employees to stick around.
5. Consider Current Employees
When a new position opens up, do you consider your current employees for the role, or immediately post on a job board? Companies that promote from within may experience better employee retention and spend less money on recruiting new candidates.
The next time a job opens up on your team, think about your current employees and who could potentially fit seamlessly into the role!
When you’re ready to launch your own business, we can help you with the purchase of your first franchise. Contact me today to learn how we provide support and guidance for entrepreneurs!
We have all had times when we’ve wanted to increase our focus. For some, ignoring distractions is easy. For others, simple distractions can kick them out of the zone.
Whether you are working on a challenging work task or a home project, it is always a good time to be hyper-focused and productive.
As an entrepreneur it’s easy to go, go, go and forget about your health. As it turns out, if you take care of yourself, it can actually improve your focus!
Fortunately, there are many ways to boost your concentration. Here are my favorite ways to help you improve your focus to maximize your success with your franchise!
1. Improving Your Sleep
Getting more sleep is usually easier said than done. Unfortunately, entrepreneurs know this too well.
But improving your sleep can provide drastic changes to your focus. There is a strong correlation between sleep and cognitive function. Experts agree that sleep influences memory, attention and thinking.
If you’ve been feeling like focus has been hard to come by recently, try changing up your sleep routine. It may be hard to stop working late into the night, but it will greatly improve your overall health—including concentration.
2. Try Focus Exercises
Focus exercises are meant to improve your focus and overall cognitive function. A lot of focus exercises are activities that you probably enjoy doing, you just don’t have a lot of time for. These exercises include reading, sudoku puzzles and meditation.
If your focus needs a boost, try scheduling in time to read a book before bed or doing a sudoku puzzle during lunch.
3. Fit in Exercise
Yes, your schedule is busy. Where could you possibly fit in exercise?
Studies show a correlation between exercise and cognitive function. Being in nature can also improve both your physical and mental well-being, so why take an after-dinner walk to help boost your focus and improve your attention?
An easy way to do this is to keep a large water bottle with you at all times. You’re busy and always running around, so a water bottle with a handle or strap makes it easy to carry along at all times.
5. Take a Break
Really—take a break! Sometimes stepping away from your tasks and giving your brain a break can help you come back to work even more focused and productive.
If you need to, schedule in regular breaks throughout the day, and take short breaks when you’re feeling unfocused.
Being an entrepreneur is an exciting time, but it is also common to experience a lack of focus, concentration. With these five tips, you can improve your focus and, in turn, maximize your productivity and success within your business!
For all of your franchising needs, contact us today!
If you aren’t actively trying to keep your employees engaged already, you should be. Studies show that upwards of 85% of employees are actively disengaged in their current workplace. But what does this mean for a small business owner?
Employees who are not being engaged tend to be less productive in the workplace. There also tends to be higher turnover, a lower retention rate and poor employee morale in these types of workplaces.
In short, not encouraging engagement with employees can hinder your business, hurt your brand’s reputation and cost you a lot of money.
Fortunately, there are many ways you can strive to keep your employees more engaged and happier in the workplace!
1. Create the Right Environment
As a franchisee, you may not always have a say in the setup or layout of your business, but you can work to create a welcoming, positive environment for your employees.
Easy ways to do this include demonstrating a positive attitude, recognizing accomplishments and having the necessary equipment available at all times. Helping employees have a better work-life balance is another way to create an environment that individuals would like to spend their workdays in.
2. Professional Growth Opportunities
When it is time to fill a position, do you post a job online or hire from within? Making it known that employees have the room for professional growth within your business encourages them to work harder within the company.
If the opportunity for a new, higher up position becomes available, there should be an adequate opportunity for current employees to put in an application. Let the candidates have a fair shot at the position. It is never a good feeling to be passed up for a job you believe you’re qualified for!
3. Employees Are People, Too
It’s easy to get caught up in the business side of, well, your business. There are so many meetings to attend, goals to reach and tasks to complete. But it’s important to remember what (or rather, who) is making your franchise function and succeed on a day-to-day basis.
Your staff members are, first and foremost, people. Yes, they are the strategists, managers and other important personnel that drive your company, but they are human.
They require understanding, compassion and encouragement that every person desires in the workplace. Empowering your employees can improve motivation and productivity, which benefits your business in the long run.
Keeping your employees engaged is something you should always strive to do! It’ll help reduce onboarding costs and improve overall employee morale within the workplace.
Get in touch today to get the support you need to build your business!
The social media trending topic, “quiet quitting,” has been getting quite a bit of buzz recently. But what exactly is this phenomenon, and how does it influence the workplace?
In essence, quiet quitting is not even quitting at all—it’s the concept of doing your job, setting boundaries and leaving work at work. When companies expect their employees to work overtime and go above and beyond, this concept seems almost foreign in the modern workplace.
Today, workers are rethinking the work/life balance. As a franchise owner, how can you appeal to your employees and retain them, while still building a productive, lucrative business?
As an entrepreneur, it is likely that the traditional 9–5 does not appeal to you. But as an employee of a company, that may be exactly what your staff signed up for.
Whether your employees are able to work a flexible hybrid schedule or have a more rigid daily schedule, being able to tune out when not working is important.
By encouraging your employees to switch off when they aren’t working, you are championing a better work/life balance. Creating healthy boundaries has been shown to increase employee satisfaction, reduce the chance of work-related burnout and improve productivity.
Prioritize Mental Wellness
What does mental health have to do with your employees? For one, it can influence attitude and positivity.
A person who has poor mental health may lack a can-do attitude and not feel positively about their job.
By prioritizing your employees’ mental health, you are creating a culture that cares for the health and well-being of employees and their families. Actions such as encouraging vacations, as opposed to encouraging PTO payouts, help employees de-stress, reset and come back to work refreshed.
Keep Morale High
Working to boost morale in the workplace can keep employees engaged and motivated. Simple things like expressing your appreciation for your valued employees, recognizing their achievements and encouraging professional development can go a long way in any workplace.
Retaining valuable employees takes effort and dedication on leadership’s part. As a franchisee, you are responsible for ensuring employees feel valued, appreciated and encouraged under your wings.