Do you have what it takes to succeed in business
Question: I’m thinking about applying for a franchise business but I’m not really sure what it takes to succeed. What are some of the key characteristics and skills I will need to maximize my potential for success?
Answer: This is a terrific question and one of the most important things you should be focused on as you contemplate a possible move into franchising.
There are five key characteristics that will determine your success as a franchisee.
Although some people think being in business as a franchisee is a big gamble, nothing could be further from the truth. Gambling belongs in a Casino.
Successful franchisees are typically risk averse. Sure, they understand and accept there is some risk inherent to running a business. But they want that risk to be as calculated and minimal as possible.
Every new business start-up involves some element of risk. A strong franchise with proven systems and a track record of success with a strong business model, good training and on-going support will minimize that risk.
Successful franchisees do their homework with in-depth research and analysis before committing monetarily or emotionally to a deal. They understand what they are getting into.
Maybe you think success as a franchisee requires you to be a true entrepreneur. Nothing could be further from the truth.
True entrepreneurs have an almost insatiable desire to reinvent the wheel based on an unbridled confidence they can figure out how things should be done to maximize results.
Successful franchisees prefer proven systems. They don’t want to constantly try to figure out the best way to do something. Successful franchisees want a proven, easy to follow system, with training and support, that shows them the best way to operating the business. They are willing to listen and learn from others to avoid making the most common mistakes, so they can travel a quicker, easier path to profitability.
The overarching motto of franchising is, “In business for yourself, not by yourself.” Most successful franchisees adopt the philosophy of “when in doubt, ask.”
Successful people actively embrace opportunities to learn from others within their franchise system. The best opportunity to maximize success is to constantly ask for the advice of the franchisor support staff and other successful franchisees.
Be comfortable and confident in asking for help when needed.
Affinity For Hard Work
Successful people have a willingness to do whatever it takes to get the job done. They are not watching the clock. Their actions make this abundantly clear. Success in your own business means putting in the hours to get the work done.
Regardless of the franchise concept, it will take lots of hard work to be successful. The most successful franchisees understand and accept this.
Strong People Skills
Effective interaction with employees and customers is driven by strong interpersonal skills.
Strong people skills will build enduring loyalty, value and trust. Customers, suppliers and staff enjoy working with people they like. This may be the most important attribute of all!
Some successful franchisees find there are many days when life is a little lonely at the top. You will need to be self-assured enough to embrace this challenge. Those around you cannot be expected to constantly pat you on the back and tell you how great you are.
As you go through the early research and analysis, you will need to be honest with yourself. Do you truly have the characteristics necessary for success as a franchise owner.
If the answer is no, or there is some doubt, then you need to ask yourself if you can focus on applying yourself so that you can effectively show these characteristics through your actions?
If you can honestly answer yes to these questions, then you are well on your way to becoming a successful franchisee.
As always, take the time to thoroughly research and analyze franchise opportunities. Be sure to focus on the concept that matches your experience, skills, lifestyle and financial strength. Then you will be set for success.
My team will help you find the fit that best matches your skills, experience, passion, lifestyle and financial strength. We help you find the best concept for you, whatever the industry.
We work with 100s of franchisors in a variety of industries. Let’s discuss your goals.
From the beginning, my team is committed to developing a unique and thorough system of candidate qualification and franchise selection. We help you find the best franchise for you.
Top 5 Characteristcs Of A Successful Franchisee
Many people seem to believe that being in business as a franchisee is a big risk.
Nothing could be further from the truth. If you want to gamble, go to a Casino.
Successful franchisees are typically risk averse. Sure, they understand and accept there is some risk, but they want that risk to be as minimal and controlled as possible.
Every new business start-up involves some element of risk.
A strong franchise with proven systems and a track record of success will minimize that risk for you.
Successful franchisees do their homework so they understand what they are getting into.
We offer in depth franchise research, analysis and due diligence, all at no cost to you.
Coachability is an important key to success in many pursuits from athletes to musicians to business owners
The overarching motto of franchising is: “In business for yourself, not by yourself.”
We have all heard this mantra many times
Most successful franchisees also adopt the philosophy of “when in doubt, ask.”
There may be an abundance of support at your fingertips but nobody knows you are struggling unless you ask for help
Reach out before you are in too deep! Take an active role in peer support groups.
Successful franchisees actively embrace opportunities to learn from others within their franchise system.
The best path to maximize success is to consistently seek the advice of the franchisor support staff and your peer group of other franchisees.
Just like a successful athlete asks his / her coach for advice on a consistent basis, so should a business owner.
Be comfortable and confident in seeking advice; it is a sign of strength, not weakness.
Years ago, when I started my 1st job as a Finance and Operations Controller for a small manufacturer in Ontario, I was told not to waste my time looking into in-bound and out-bound logistics across Canada and the US
It was made very clear that my predecessor had just negotiated a great new deal
So where did I go 1st. That’s right, I went right to the forbidden cookie jar.
I reviewed the new freight deals and researched our freight activity and costs over the last few years
In the end it was clear there were a lot of concerns.
Over the next few months I researched and analyzed the life out of each distribution hub by volume, frequency, cost, damage claims, late deliveries, lost shipments and many other issues
In the end, my analysis reduced the freight costs for the company by almost 20%
I analyzed and negotiated better deals for our 26 distribution channels by understanding the key success factors for us and our end users.
The best deals are a win for everybody at the table
The choice to be confident and curious is all yours
If you don’t look, you won’t find and you can’t get a yes to the questions you don’t ask
Many of the risk factors and start-up problems associated with a stand alone businesses are reduced or virtually eliminated with franchise ownership.
This is due primarily to the following factors:
Marketing for franchises is frequently supported by brand name advertising and back office support such as call centres and mentors
Franchises use tested and proven systems that create stability, reliability, duplicatable training, and the opportunity for wealth creation
The community of other franchisees and the on-going support from the franchisor ensures you never “go it alone”
These are only a few of the factors why over 8 million people are employed by franchises and franchises are a favored investment by many seasoned business people.
Here are some interesting facts about franchises:
There are over 757,055 franchised establishments which is roughly 2% of the total businesses in North America.
That 2% generates a staggering $802 billion in output every year.
Franchised establishments employ over 8.2 million people each year creating, on average, 11 jobs per franchise establishment.
Franchises are businesses that are already proven to be successful.
Savvy franchise owners often view their franchise as an asset. Depending on how you staff and run your franchise, you can be the manager, or you could be semi-passive, hire a manager and let the franchise make money for you without the day-day responsibilities.
There are many reasons people get into franchising, but if the franchise didn’t make money, they wouldn’t stay very long. As the figures show, franchises are a very important part of our economy.
Franchising is not for everyone.
If you think you can follow a proven system, you enjoy building a successful team and you would like more freedom and choice in your life then franchising may be for you. Let’s talk.
Contact me for a FREE, NO OBLIGATION CONSULTATION
My Franchise Partners – About Us
Survival is based on the ability to adapt to a changing environment and evolving circumstances
Change can come in the form of slow, incremental evolution or in the form of a rapid revolution. Revolution does not inherently imply violence. It can also be rapid change in a collective thought process.
In today’s environment businesses are succeeding because they rapidly evolved
Is your business evolving quickly enough.
Food franchises grow their take out and delivery models
Junk removal franchises offer curbside pick-up
Franchisors grow with 100% virtual development and training
Home Improvement franchises work outdoors without personal contact
Cleaning franchises expand biohazard services
Sign franchises adapt machinery to produce face shields
Tax and accounting franchises go fully on-line
Beauty Salons offer online product sales and sell gift cards
Beauty salons offer do-it-yourself on-line videos
C-store franchises offer delivery service
Window cleaning franchises continue to do well
Power wash franchises cover decks, cars, trucks, driveways
Let’s map out your business survival strategy
Adaption Means Survival
Today’s FRANCHISE FOR SALE
Boutique Fitness Centre – 94% Member Retention
Pre-market memberships 3 – 4 mths in advance of opening
Each workout is a fast-paced, athletic based, training session that burns up to 1,000 calories in 50 minutes
This is a perfect time to make a career transition into a passive income stream in the $32 Billion fitness industry
Locations historically show a 33% Gross Margin
Proprietary systems and strategies keep members engaged, attending and getting results
A suite of technology and highly innovative techniques to increases member usage, increases word of mouth, brand loyalty, satisfaction and actual physical results.
-strong financial performance & unit economics
-low staff overhead & turnover
-in-house digital marketing & content creation
-proprietary pre-sales training and process; 3 – 4 mths
-low maintenance equipment package
-site selection & lease negotiation
-industry high retention rates; 90% – 94.5%
-innovative technology and operating system
Initial Investment: $225K average
Fitness Centres / Personal Trainers
Today’s FRANCHISE FOR SALE
Tutoring – Learning and home study challenges are all over the news and even more now
Parents are concerned their children will fall behind. The demand for additional resources is high during COVID19. The demand will not decrease post COVID19. In fact, the demand will skyrocket as distance learning becomes more commonplace.
Student tutoring programs are designed to enhance their own curriculum and partner with their teacher
Schedules fit each family’s unique schedule
Private tutoring is available at all grade levels including college, university, exec education and seniors curriculum
Earn a great income while making a difference with a white-collar, home-based business managing a network of tutors.
Avoid the high overhead associated with a traditional bricks and mortar business
Prime protected territories are available in most areas Learning shouldn’t be a chore-make it fun and rewarding!
Student to teacher one-to-one ratio
Exploding market demand
Low start-up costs and overhead
Great potential for growth and recurring revenue
Set your own hours
No inventory, trucks, rent or machinery
Fast start-up, you can be ready to go in as little as 30 days
$450K British Columbia
Smart Citizenship engages people in processes that respect and develop local knowledge. Well grounded processes re-prioritize our needs and interests as knowledge is gathered and developed.
Smart Citizenship is intended to improve a person’s quality of life. The primary focuses of this discussion is on business and specifically, entrepreneurship.
The narrative of cause and effect that many believe drives business and finance also drives our economic status.
As your own best salesperson, your focus will be on your own cause and effect journey, management and transformation.
An inherent component of this focus will be toward professional and social opportunities that offer a platform for networking experiences, the exchange of ideas and spawning international business deals.
International business deals may be driven by a desire to develop a local market or the desire to physically move and adapt to a new market.
The possibility of a successful outcome will be advanced by gauging the market and determining the best fit businesses for the target market as well as the best fit for the Smart Citizen. Research, analysis and due diligence of business opportunities and oneself are critical to success throughout this process.
Smart Citizenship leads to personal consumption choices and the individual autonomy to make those choices. Choice and autonomy come with costs, responsibilities and the need for self awareness and market awareness. Business offerings need to recognize pre-determined targets and how to fulfill pre-set deliverables.
The most informed decisions leverage research, analysis and due diligence about the target destination and opportunities therein as well as taking an unbiased introspective analysis. The Smart Citizen needs to understand the deliverables, the outputs and how to successfully attain both.
Applying research, analysis and due diligence to the Smart Citizen demands an in depth look at five key elements: Skills, Experience, Passions, Desired Lifestyle and Finances.
As a franchise consultant, it is my pleasure to embrace the qualities of Smart Citizenship into well informed business decisions as it pertains to applying for, and investing in, a franchise opportunity.
The ultimate objective is not the consummation of a cursory search for the most affordable opportunity or the latest trend. The goal is to translate the assets of a Smart Citizen into a viable, satisfying opportunity.
Smart Citizens can succeed in business, with the right opportunity. Our combined effort is focused on finding the right opportunity for you.
Migrating to a new environment demands patience and focus. Partnering with an immigration consultant with strategic partnerships can set you up for long term success with business opportunities. Some of these opportunities may be unknown to you at the start of your journey.
A Smart Citizen understands the need for a strategic partner on the ground in their new environment; someone who understands the local market and has the capacity and will to help them find the best fit with a commitment to effective research, analysis and due diligence.
If your migration process includes considering business ownership options, then I suggest the training, operating systems, on-going support and marketing of franchises. Looking beyond the horizon of the most common brands will reveal many opportunities with a history of strong performance.
As you are aware, the issue of ageism is gaining more awareness of late. The best way to combat the risks of ageism in the workplace, is to own the workplace. Franchises afford you the opportunity to help people develop and grow on a daily basis. As a business owner, you enjoy the opportunity to impact people’s lives everyday.
At My Franchise Partners, we apply the fundamentals of Smart Citizenship to help ensure your success. For example, you are not asked to pay franchise fees until your immigration status is approved or does the location make sense for you and your family.
You will be benefit from our connections to local legal, accounting, marketing and real estate professionals. We develop strategic partnerships with like minded companies locally and abroad; such as immigration consultants.
Through the important research and analysis of your personal attributes and goals we will discuss various options that could be a good fit for you. You will be pushed to transcend your comfort zone, to understand and explore the transfer of your skills and experience to new endeavours.
Early in the process, you will be asked to complete a Business Owner Profile. This profile will help us understand your tendencies, attributes and potential as a business owner and manager.
The Business Owner Profile will help identify if you are more oriented toward established schedules and plans, if you are better suited to the freedom of a more flexible schedule or something in between.
We will discuss your ability to delegate and lead a team just as we will also delve into your need for managing a personal schedule with children or dependent adults. As a single parent for 18 years, I fully understand the magnitude of managing multiple schedules and expectations.
A franchisor’s management team will be considered for their strengths and weaknesses as well as their proclivity to working with certain types of candidates and of course the nuances of the local market that you are considering.
Item 7 of the FDD details the expected costs for the initial 90 days of your franchise. Unless you are buying a successful re-sale franchise, it is improbable that you will generate positive cash flow right away. Together, we will work through an in-depth analysis of Item 7.
We will walk hand in hand through the research, analysis, due diligence, application and FDD review, Discovery Day, training, grand opening and beyond.
As a Smart Citizen, you can succeed in business with the right opportunity. Together, we will find the right fit for you.
Leading Opportunities. In-Depth Research and Analysis. No Fees.
Smart Decisions for Smart Citizens.
Barber Shops and Salons can sell inventory on-line, offer educational videos with tips for personal care
Check this out:
Everyone’s buzzing about virtual haircuts
Last month, Greg Isenberg was a tech entrepreneur who sold a messaging app to WeWork. Then, on April 5, he launched You Probably Need a Haircut – within a day, he was the new master stylist of the virtual haircut economy.
For the people kicking themselves for not scheduling a hair appointment in early March, the day of reckoning has come: It’s finally time to stop avoiding it.
You have to cut your hair.
Popular haircut scissors are selling out, hair-dye panic-buying has begun, and companies are racing to crimp and curl a virtual haircut industry that basically did not exist 3 weeks ago.
Sorry, toilet paper: corona-economics has entered its hair-care phase
You Probably Need a Haircut has a simple pitch: For a starting rate of $18, you can pick from around 2 dozen freelance barbers who will walk you through the ins and outs of the self-cut on video chat.
Rest asheared, YPNAH isn’t the only option.
For a modest fee, regular salons are tangling with Zoom and Skype appointments, too.