A recent story in the Financial Post reported on a growing trend of women embracing franchising as a way to build wealth and nurture their entrepreneurial spirits. A TD Economics report shows that the proportion of women owners who plan to expand their business operations is higher than men, and continues to increase.
Many female franchise owners are Baby Boomers who still feel they have at least a decade left to work before they retire and want to build their own wealth over those next 10 years. The TD Economics Report showed that the number of female franchisees tends to be higher than the general population of female entrepreneurs, which has been at 16 percent for the past few years.
Female franchisees in general are more attracted to franchises in the healthcare and social assistance services. Lucie Shaw quit her corporate job to open her home healthcare franchise in 2009 when she became frustrated with trying to find at-home care for her in-laws. Shaw says that women have an advantage in this sector: “We’re the multitaskers, the ones that take care of most of the care-giving issues in a family — be it kids or parents — it is something that resonates easily with us.”
TD Economics researchers noted, “We likely haven’t seen the peak in women’s desire to become an entrepreneur. Prospects are looking brighter for women entrepreneurs.”
Investing in a franchise also appeals to women who may want to minimize risk by investing in an established business model and who may be more adept than men at following guidelines for success in the franchise world.
If you are interested in exploring opportunities in franchising, attend our free April 26 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.
Not everyone has the opportunity for a second chance, either at life or a career. Garrett Ebling had both.
According to an article in the St. Augustine News, Ebling was one of the victims of the August 2007 bridge collapse in Minneapolis. One minute he was driving to work, and the next he found himself inside his car in the Mississippi River. Seriously injured in the 110-foot fall, Ebling was put into a medically induced coma for almost two weeks. It was almost a year before he could return to his job as a communications director at a Minneapolis corporation.
Once he returned to work after his life-changing accident, he realized that the corporate dream was not his dream. He began researching opportunities in the franchise world, taking his time to understand where his own strengths lay and comparing opportunities for a match. He finally found one in 2009 when he walked into a Boulder, Colorado sandwich shop called Which Wich.
Ebling recalls: “I didn’t know what it was, but it looked cool and interesting. We had a remarkable experience. The food was awesome. The manager walked us through the ordering system. He brought our sandwich out and talked to us. I could see there was more going on there than just trying to make a buck. There was an investment in the customer.” And, as Ebling’s research had shown him, franchises that truly care about customers have amazing success in the business world.
Ebling brought the first Which Wich franchise to Minneapolis in 2011, and says that investing in a franchise is a “second opportunity to do life.”
If you are looking for the opportunity for a career “do-over,” attend our free April 26 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.
In an interview with Entrepreneur Magazine, Lore notes that one of the stumbling blocks to attaining a career that you love is, surprisingly, your brain:
We listen to the little voice in our brain that is always trying to minimize risk. It is just biology at work trying to keep us safe. The brain doesn't like risk and does its best to talk you out of anything risky. It wants to instantly return you to your comfort zone.
Lore says that most people spend more time researching what kind of car to buy than answering what he calls “the big wonderful question” of what kind of work they should be doing. He advises those seeking a new career path to find clues in their lives about what excites them, what matters to them, what they care about – even what kind of music they listen to and the TV programs they watch. This, he says, will provide insight into your true passion – but perhaps not in the way you think.
For example, Lore says that his own passion is sailing, but that he would never want to be a charter boat skipper. Instead, he examined what he likes so much about sailing and discovered that sailing requires making hundreds of little decisions while you are doing it. This awakened Lore to the fact of how much he likes constant problem solving -- which led to his now 30-year job as a career coach.
If you want to learn more about the right career path for your personality, attend our free April 26 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register, which you can do online by clicking on the linked seminar title.
A new economic index that tracks the economic health of the franchise sector rose again in February for the sixth consecutive month, a signal that the franchise industry continues to strengthen as the U.S. economy recovers.
The Franchise Business Index (FBI) was developed by IHS Global Insight, an international business analytics and information firm, in partnership with the International Franchise Association. The Index combines growth indicators in industries where franchising is prevalent to determine a general economic picture of the franchise sector and its contributions to the U.S. economy. It measures trends in the following areas:
Employment in Franchise-intensive Industries* (BLS)
Number of Self Employed* (BLS)
Unemployment Rate* (BLS)
Consumer Demand in Franchise-Intensive Services* (BEA)
Small Business Optimism Index* (NFIB)
Small Business Credit Conditions Index* (NFIB)
"The franchise industry is a unique business sector and a vitally important contributor to the U.S. economy spanning some 300 lines of business, supporting nearly 18 million jobs, 825,000 establishments and providing for over $2.1 trillion in economic output," said IFA President & CEO Steve Caldeira. "Measuring the strength of the franchise industry through the Franchise Business Index provides another indicator of the health of the economy as a whole. While the index shows we are moving in the right direction, more certainty in the tax and regulatory environments would help franchise businesses grow faster, creating more jobs and economic output at the local, state and national levels."
Entrepreneur Magazine has released their Top 10 New Franchises for 2012, which are the top companies from Entrepreneur’s Franchise 500 that began franchising in the past five years:
The Senior’s Choice (Assisted living/healthcare staffing service)
CPR-Cell Phone Repair
Get in Shape for Women (Small group personal training)
Signal 88 Security (Private security guard and patrol services)
Menchie’s (Frozen yogurt)
Smashburger (Hamburgers)
While this list does not come with any kind of endorsement, it is meant to inform potential franchisees that are researching opportunities in the franchise marketplace. Before investing in any franchise, Entrepreneur recommends you seek professional assistance in fully vetting any franchise opportunity.
While there are clear merits in pursuing a more mature franchise with strong brand equity and household name recognition, frankly, I have always believed in the superior attractiveness and strong upside potential of ground floor opportunities – those concepts that are younger (at least in terms of franchising their business) and have more geographic ‘white space’ (i.e., open territory). Still, too many people shy away from these emerging brands.
If you are comfortable bringing a ‘young’ franchise to your market, you are advised to conduct thorough due diligence. You must make sure the franchisor can demonstrate it’s fully prepared to enter your market and truly understands all the local nuances. In the absence of a local track record, and no local brand recognition to speak of, you will need to make an objective assessment of whether the concept will succeed where the franchisor has no ‘batting average’.
To learn more about franchising as a good career opportunity, attend our free March 22 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register. To register online, click here.
While the job market is showing signs of steady growth once again, many of those who became disillusioned with life in Corporate America are turning to franchising as an alternative – and low-cost (less than $20,000 start-up cost) franchises are on the radar for lots of upcoming entrepreneurs, according to a recent article from TheStreet.
Concepts that are generally considered low cost include home-based businesses as well as some popular retail options. Home-based businesses can be attractive to those who want a low cost of entry, good margins and a business that provides the potential for a good work-life balance.
Home-based businesses are a great choice for those wanting to be a “solopreneur” – someone who may want to work at home, with no other employees. Whether you want to use your own skills to start a home-based business, or spend a little to invest in a home-based franchise business with a proven business model and a “template” to follow for success, all you need is the right technology – and the right attitude – to succeed.
For any business to be successful, there is a formula to follow, and that includes being your own boss. A franchise broker can help you align your skills with the right opportunity and help you every step of the way toward launching your own business.
To learn more about franchising as a good career opportunity, attend our free March 22 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register. To register online, click here.
For the last four years, small business resource website AllBusiness.com has produced an annual ranking of what it calls franchise “AllStars” based on the following factors:
Franchise unit growth rate – important because "the more growth a system experiences, the more opportunity it offers."
Financial strength -- especially important given how many businesses failed in the past recession.
System size -- larger systems have greater brand awareness and more franchisees share marketing costs and expertise.
Years in business -- companies survive because they do things right, treat their franchisees properly and tend to be safer investments.
Years franchising -- the longer a company has been franchising, the more likely it will have worked out the bugs that bug franchisees.
Brand – a measure of brand awareness.
According to an article in the Orange County Register last weekend, franchising is one of the most popular ways to buy a business, even in slow economic times. The key is to evaluate each franchise opportunity based on a lot of the same criteria used by AllBusiness.com, as well as matching your particular skills to the franchise business.
To see the top 25 franchise list of the Best of the AllBusiness AllStars for 2012, click here.
To learn more about franchising as a good career opportunity, attend our March 22 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register. To register online, click here.
IHS Global Insight, a financial analysis firm, forecasts that new franchises will contribute a least a five percent bump in economic output to the already recovering U.S. economy, and could be a leading indicator of where the economy is headed: modest but steady gains.
The IHS Global Insight 2012 Franchise Business Economic Outlook forecasts:
1.9 percent growth in establishments » 13,928 new sites
2.1 percent growth in employment » 168,000 new jobs
5 percent growth in economic output » $37 billion increase
A Salt Lake City Tribune article yesterday reported on this trend, quoting Utah director for the Small Business Administration Stan Nakano as saying:
"Franchising is a good alternative for somebody who might have limited resources...You have guidance in the startup phase, and there’s a business model that has already proved to be successful."
The article profiled Alpine resident Alan Green, who purchased a Molly Maid franchise one year ago after the franchise broker he was working with alerted him to an opportunity where an existing franchise operator needed to exit the business.
Green says the Molly Maid franchise met two important goals for him: it is one that cannot be quickly outdated by technology, and it allowed him to build the business up and then “not have to be there every day.” After one year, Green’s cleaning franchise has 320 customers and 20 employees.
To learn more about franchising as a good career opportunity, attend our free March 22 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register. To register online, click here.
If you’ve decided that 2012 is the year you will get on the fast track to being your own boss by investing in a franchise business, here are five steps to take that will get you well on your way:
1. Set your objective. Are you looking into a franchise opportunity purely as an investment opportunity, or do you want a business you are passionate about that you want to spend every waking minute building? Answering this will determine how where you start looking for your franchise – filtering for those that are suited for investors or choosing a product or service you are interested in and pursuing franchises that offer business opportunities for those.
2. Research demographics and demand. If you are interested in investing in a smaller franchise or home-based franchise business, you will need to investigate your territory to ensure its demographics and demand are a good fit for you and the business. If you are looking at larger franchise businesses, this research is usually already done for you.
3. Look for a USP (Unique Selling Proposition). A USP is what sets you apart from competitors, and gives people a reason to choose you instead of them. Does the franchise opportunity have a good USP or provide the opportunity for you to develop one? The USP for your business needs to be both unique and sustainable.
4. Align with your skills and values. When it comes to finding a franchise business, look for something that aligns well with your existing skill set as well as your values.
5. Get expert advice. The International Franchise Association (www.franchise.org) has a wealth of online resources to help novice business owners search for franchise opportunities nationwide. An experienced franchise advisor/broker can also help guide you through the process of analyzing and choosing the right franchise as well as help you build a team of the financial and legal advisors you’ll need to complete the process.
If you’re ready to be your own boss in 2012, attend our March 22 webinar, Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register. To register online, click here.
In a blog post on the Houston Chronicle website, career columnist Kim Thompson poses the question: Can a franchise be a career option?
Thompson notes that one of the common misconceptions that keep people from considering investing in a franchise is that franchising is only for entrepreneurs. But, Thompson says, this is a mistake since franchising means operating within a defined system, so those who are truly entrepreneurial may become frustrated or disappointed in following a proven business model.
She also notes that those who have spent their careers in Corporate America often feel drawn to a franchise because of the training and support franchisors offer, as well as the national marketing campaigns that support new franchisees. They are also attracted because franchises offer a lower risk proposition than pure start-ups.
Thompson says the key to determining if a franchise is a good career strategy is to conduct extensive research, starting by identifying the services or products that interest you, or would be a good fit for your current skill set. She also advises potential franchisees to consult with a franchise consultant who can provide guidance on what kinds of franchise opportunities would be a good fit for you and the associated costs.
While franchising provides a good structure and less risk, you need to assess if you have the motivation and skills it takes to be a successful franchisee. A franchise consultant can help you determine this as well. At The Entrepreneur Authority, we encourage anyone interested in becoming a franchise owner to take our proprietary eQuiz™, which helps assess if you have the right mix of skills to succeed as a franchise entrepreneur....or what we call the “franchipreneur”.
To learn more about franchising as a good career move, attend our free March 22 webinar,Franchise Ownership as a More Stable Career Path. The webinar is free, but you need to pre-register. To register online, click here.
A recent story in the Financial Post reported on a growing trend of women embracing franchising as a way to build wealth and nurture their entrepreneurial spirits. A TD Economics report shows that the proportion of women owners who plan to expand their business operations is higher than men, and continues to increase.
Not everyone has the opportunity for a second chance, either at life or a career. Garrett Ebling had both.
How would you like to spend the next 10, 20 or even 30 years of your career feeling like you’ve never worked a day? That is the kind of joy most people long for, and what author Nicholas Lore, who has just updated his 1998 bestseller 
A new economic index that tracks the economic health of the franchise sector rose again in February for the sixth consecutive month, a signal that the franchise industry continues to strengthen as the U.S. economy recovers.
Entrepreneur Magazine has released their 
For the last four years, small business resource website AllBusiness.com has produced an annual ranking of what it calls franchise “AllStars” based on the following factors: 
IHS Global Insight, a financial analysis firm, forecasts that new franchises will contribute a least a five percent bump in economic output to the already recovering U.S. economy, and could be a leading indicator of where the economy is headed: modest but steady gains.
If you’ve decided that 2012 is the year you will get on the fast track to being your own boss by investing in a franchise business, here are five steps to take that will get you well on your way:
In a 
