One of the many roadblocks that can keep a prospective franchisee from owning a franchise is the amount of money it costs. Without proper funding, a franchisee won’t be able to pay the fees and costs of owning a franchise or purchase the necessary materials and equipment to get started.
Luckily, there are ways for franchisees to gain funding to help afford the franchise that they are interested in. One of those options is receiving financing from your franchisor. It’s important to know that not every franchise will offer this option, but some do.
This blog will explore why franchisor financing is a win-win for franchisees and franchisors, financing amounts and the requirements needed to qualify for financing.
A Win-Win Situation
Receiving funding from your franchisor is a win-win for everyone involved. You as the franchisee will receive the funding necessary to start your business, and the franchisor and franchise will be able to continue to grow with new locations.
A major benefit of going to your franchisor for financing is that they are already familiar with the franchise. They know how much things cost and can help make your job easier as they know the ins and outs of the franchise. Not only that, but there is the chance that this will help the relationship between franchisee and franchisor grow stronger because of their shared goals.
Requirements
When it comes to the requirements for receiving funding from a franchisor, those requirements are often left up to the franchisor to decide. While some franchisors may look for one type of criteria, another franchisor’s requirements could be completely different. There are a few general requirements.
Your credit will be assessed, and you will be asked for a personal investment of some sort and a developed idea for what you plan to do with the money. Franchisors take a lot of risk by providing you with funding. They want to make sure that it is in good hands.
Potential Financing Amounts
Much like the requirements to receive financing from your franchisor, the amount you receive comes down to the franchisor. The amount you are given is determined by the size of the franchise, your financial background and your desired amount.
Ready to start your franchising adventure? Get in touch today to learn how I can help you!
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!
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!
Entrepreneurship is a journey that many begin, but not everyone continues. From starting a business from the ground up or purchasing a franchise, being your own boss comes with pros and cons.
Depending on your professional goals, franchising may have the perks that you desire for your entrepreneurial journey. So, is owning a franchise right for you?
Perks of Owning a Franchise
While there is a long list of benefits of joining a franchise, here are a few key perks that can help you decide if franchising is the right decision for you:
Brand Awareness
When you purchase a franchise, chances are you are joining a known company that has experienced some proven success. By becoming a franchisee, you are joining a business that has built-in brand awareness. Instead of starting a brand from the ground floor and hustling to create awareness, that step has been done for you.
Don’t think this means that running a franchise is easy—there are still many hats that a franchisee has to wear to keep the business running successfully.
A Support System
Purchasing a franchise means you’ll likely receive initial training and ongoing support for your business. When a company decides to franchise, it is important to maintain consistency throughout the different locations. This, in turn, increases brand awareness and creates a desirable, consistent experience for customers.
The level of support received from your franchisor varies and depends on many aspects of the business. Ongoing corporate support is one of the biggest reasons that entrepreneurs choose franchising over starting their own business.
Lower Startup Costs
More often than not, purchasing a franchise is less expensive than starting a company from scratch. Franchises also tend to bring in revenue more quickly than new businesses, due to ongoing corporate support and brand awareness.
For an entrepreneur, running a business can be an exciting endeavor. When deciding how to begin the journey of business ownership, consider the perks of purchasing a franchise.
Ready to start your franchising journey? Contact me today to assist you with your entrepreneurial goals!
Achieving a better work-life balance is often cited as one of the main drivers behind a person’s decision to invest in the franchise business ownership model. Just what is meant by work-life balance though? Is it working seventy percent of the time while having thirty percent to do as you wish with family, leisure, travel, physical fitness, etc.? Or is it the flip of that formula, or a different balance altogether? (more…)
