TEA Chief Executive Featured in Delta Sky Magazine

November’s Delta Airlines Sky Magazine featured a story on the Do’s and Don’ts of Franchising.

In the feature article written by Carol Tice, TEA’s Chief Executive Officer, David Omholt, is widely quoted and gave a number of admonitions to prospective franchise owners:

1. Sell Yourself. Realize the franchise company is assessing you just as much as you are assessing them.  Treat the process much the same as you would a job interview…and realize that there could be fierce competition vying for the same territory with the same franchise that you want.  Your performance (or lack thereof) in the interview process could be the tiebreaker.

2. Keep Emotions in Check. Stay even-keeled while going through the discovery process.  Don’t let you objectivity be encumbered by your emotional side.  While you certainly need to have an emotional connection to the product/service/cause of the business, you always need your rational side to prevail in decisiomaking.

3. Interview the Troops on the Frontlines. Get the unvarnished truth about the week-in-the-life by speaking with actual owners.  They will give you the straight scoop on how things really go down.  It is very important to shadow the owners who are at or towards the top in terms of economic performance.  Find out how they do it and ask yourself “could I replicate their success in my market”.

You can find the entire article by clicking here.

How to Fund a Franchise

On the top of the list for many potential franchisees is financing, and going through the process of obtaining a business loan can be daunting for many people – another reason that consulting with a franchise broker can be helpful.

BoeFly, the company that pairs franchisees with lenders, recently released this infographic on the funding options available to potential franchisees along with an overview of the process and what you need to obtain a franchise loan:

To learn more about funding a franchise, attend our free August 23 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.

You may also register by calling 866-246-2884.

Low-Cost Franchises Gaining in Popularity

According to a new report from Franchise Business Review, low-cost franchises – those that demand an investment of less than $100,000 — have realized significant gains in popularity during the recent economic downturn and are positioned for strong growth as the economic recovery strengthens.

FBR surveyed more than 11,000 franchisees for the report and found that the low-cost franchises with the highest owner satisfaction were in the following sectors:

  • Advertising & Sales
  • Automotive
  • Business Services
  • Child Services
  • Cleaning & Maintenance
  • Finance & Tax
  • Fitness
  • Food
  • Home Services
  • Pet Services
  • Real Estate
  • Senior Care
  • Specialty Retail
  • Sports & Recreation
  • Travel
  • Technology

In addition, the report found that among low-cost franchise owners:

  • 15% are more likely to be female, compared to all franchise sectors
  • 20% are more likely to be veterans, compared to all franchise sectors
  • 71% are currently single-unit or single-territory owners
  • 25% plan to purchase additional units or territories
  • 83% are operating in markets with 100K+ populations

FBR reported that the lower-risk nature of the low-cost franchise space is increasingly popular with all levels of investors, and the number of opportunities and types of businesses within the space increases every day. In the past year, many franchisors have made a concerted effort to reduce franchisee costs even more and to increase their profitability.

You can learn more about a wide variety of franchise options during our free June 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.

You may also register by calling 866-246-2884.

Is Investing in a Franchise a Sure Thing?

The New York Times profiled several franchisees in its Wealth Matters column recently and found that it takes a certain kind of entrepreneur to succeed as a franchisee:  one who is comfortable running a business in a prescribed way.

And for those who have a passion for managing a process, investing in franchises can be very lucrative. 

Lawrence J. Cohen, president and CEO of Cookie Associates, which owns Great American Cookies, TCBY and Pretzelmaker franchise stores, said, “The nice thing about franchises is you have an entrepreneur who has a product or a service and they have proven they can be successful selling it.  They don’t guarantee success. But if you do it their way, your chances of success are far greater than if you do it on your own.”

The franchise investors profiled in the Times article agreed on one critical component of a successful franchise operation:  paying attention to the people part of the business.  Having someone to manage the day-to-day operations is crucial, and people who just want to invest in a franchise need to hire proven operators.

For investors who want to run more than one franchise, the type of franchise they start with matters.  One investor says he chose Kentucky Fried Chicken because he knew it would be easier to get financing for a proven business with a good track record and customer base.

You can learn more about franchise investment opportunities at our free June 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.

You may also register by calling 866-246-2884.

Is a Home-Based Franchise Right for You?

A recent survey by the Small Business Success Index found that there are currently about 6.6 million home businesses in the U.S. that generate at least half their owners’ household income and employ 13 million people.  Suffice it to say, there’s a lot of business going on at home these days.

The franchise industry has been an early facilitator of working from home, and the economy spurred a surge in home-based franchising in the last few years, since investment capital for startups was scarce.  The lack of a large cash outlay at the beginning is one of the most attractive factors about investing in a home-based franchise, and the types of franchises that can be run from home have grown significantly. 

While cleaning services were early entrants into home-based franchising, there are many other options, including fitness, pet services, travel agencies, sports leagues, photography, dry cleaning delivery, tutoring, children’s activities, custom closets, blinds, shelving, window cleaning, moving, painting, business services, lawn care and many more.

Most home-based franchises have a total investment of well under $100,000, which includes the upfront franchise fee, equipment, inventory and working capital.  Some opportunities cost less than $10,000.  Some of the low-cost options may be offered by new home-based franchises, but be careful before you invest and be sure you are comfortable with the risk of being a pioneer.  Most franchisees pay for brand recognition and a track record of success; an experienced franchise broker can guide you through the decision-making process at no cost to you.

While home-based franchising still requires serious commitment and hard work, it also provides the potential for great rewards, since some low-cost home-based franchises have a high rate of return on investment.

If you want to learn more about home-based franchise opportunities, plan to attend our free May 24 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.

You may also register by calling 866-246-2884.

How to Tell if a Franchise is a Good Fit for You

Determining the proper culture fit is just as important for franchisors as it is for those seeking to invest in a franchise.   While “fit” can be hard to measure and difficult to define, it is considered one of the top reasons a business succeeds or fails. 

What many potential franchisees may not realize is that they are being scrutinized just as carefully as they are examining the franchisor.  Successful franchise operations have a formal recruitment process and determining culture fit is one of the markers franchisors use to determine if a potential franchisee would add value to the business and enhance the brand.

In a recent interview with Franchising World magazine, Rob Goggins, senior vice president of Great Clips, Inc. noted, “Culture-fit is not nearly as black and white as other qualifiers such as financial resources or professional skills, but it’s arguably more important.  If there is a good fit upfront and we’ve identified and recruited the right person, then odds are good it will be a harmonious, and profitable, long-term relationship.”

One of the many benefits of working with a knowledgeable franchise broker is the help a potential franchisee receives in getting their own ducks in a row to present a good candidate profile to franchisors.  An expert franchise broker will not only help potential franchisees perform the proper due diligence on franchisors to determine if you are a good fit, they also provide consultation on the franchisor interview and qualification process so you are fully knowledgeable before going in. 

You can learn more about the franchise qualification process at our free May 24 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.

You may also register by calling 866-246-2884.

How to Tell If You Have What It Takes to Be Your Own Boss

Most people dream about being their own boss – but how many take the time to really examine the attributes it takes to successfully run a new business?

Here are some tips you can use to examine your likelihood of succeeding at being your own boss:

Passion – you must have a passion for being in business for yourself, not just a passion for making money.  That being said, I believe that the ‘passion imperative’ has been overused and much abused.  It can cloud one’s judgment and encumber one’s objectivity.  Moreover, it does not necessarily translate to profit and long-term market viability.  I have just seen too many people try a golf business or bait and tackle shop or the like (their ‘passions’) only to burn out quickly and/or find that they got crummy advice to contrive their passion or hobby into their business.  Starting a new business can be rocky, and you need a strong will to persevere.  Are you excited enough by the fact of owning your business to stay in for the long haul?

Financial plan – you need to have a detailed financial plan and enough resources to get you through the first year of a startup.  Realize that you may not receive a paycheck for the first year or so – can you secure the proper financing to do it?

Partnership – do you want to operate a business by yourself or do you work better with a partner?  Franchising offers you a built-in partnership, which helps spread the workload and the risk.

Potential customers – do you have a list of people who you would be able to do business with right away?  Investing in a well-known franchise brand that can translate to built-in customer demand may help.

Marketing – do you like to sell?  All successful business depends on good marketing and sales.  If that’s one of your weaker areas, investing in a franchise may be a better option than going it alone, since franchisors offer proven marketing strategies to franchisees and are vested in their success.

Advice – are you willing to seek and listen to good advice?  Heeding the advice of someone who has “been there and done that” can be a great advantage for entrepreneurs just starting out.

If you are interested in exploring whether or not you could be your own boss, 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.

You may also register by calling 866-246-2884.

How to Find the Right Career Path for Your Personality

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 The Pathfinder: How to Choose or Change Your Career for a Lifetime of Satisfaction and Success, says he has done for the past 30 years.

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.

You may also register by calling 866-246-2884.

Interest in Low-Cost Franchises Remains High in 2012

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.

You may also register by calling 866-246-2884.

Is Investing in a Franchise a Good Career Move?

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.

You may also register by calling 866-246-2884.