TEA Chief Executive Featured in Delta Sky Magazine

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 Find the Best Franchise Opportunity

The reason many people are attracted to franchising is to mitigate their risk in starting their own business.  And when you buy a franchise, you are really purchasing a process, one that has already been tested and proven to work.

So why wouldn’t you use a process to find the best franchise out there for you?

The answer is, of course, you should.  When you work with a franchise consultant, we guide you through a multi-step process that includes:

Clarifying your goals – identifying what your short- and long-term goals are for your career.

Matching your skills – objectively measuring your business and life experience to gauge whether or not self-employment is a good option for you and identify what types of businesses would fit your profile best.

Researching the options – helping you sort through which sectors interest you the most and fit with your skill set, then working with you to narrow those choices to a few for further investigation.

Building a team – in addition to your franchise consultant,  you will need expert advice from a financial planner, a franchise attorney and perhaps even a commercial real estate professional as you examine all your options.

To learn more about finding the best franchise opportunity for you, attend our free January 22 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.

Live Webinar Feb. 23: Report from International Franchise Association Convention

The Entrepreneur Authority team is in Orlando today at the annual International Franchise Association Convention.  We are learning a lot about what is going on right now in the franchise marketplace and want to share it with you as soon as possible – which is why we have scheduled a live webinar for next Thursday, Feb. 23 at 1:30 p.m. CT.

During this one-hour free webinar, you will hear about:

  • The pros and cons of investing in a franchise…and the common pitfalls to avoid;
  • The legal considerations of owning a franchise…and how to protect your interests;
  • The hottest industries and franchise opportunities…as well as the industries that are trending downward;
  • The realities of financing your business in today’s lending climate…and some options that may surprise you;
  • The best process for selecting the RIGHT business…and what NOT to do!

During our live one-hour webinar, you will have the opportunity to ask questions and have them answered by our team of franchise business ownership experts.

The webinar is free, but you need to pre-register.  You can register online at:

http://www.eAuth.com/upcoming-e-learning

You may also register by calling 972-731-6766. 

We look forward to sharing with you these valuable insights into owning your own business!

Look for the Helpers

Remember Mr. Rogers?  He said something that is most appropriate this week as we all struggle with the tragedy at Newtown:

“When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers. You will always find people who are helping’.”

Helping people find a new way of life through business ownership is what we do every day.  In this season of giving that has been visited by such horrific tragedy, we hope you find a way to help.  The smallest gesture is all it takes to make a difference in someone’s life.

If you are looking for help in finding a new career, attend our free December 18 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 Owning Your Own Business the Best Long-Term Play?

Large corporate layoffs like the one that is currently ongoing at American Airlines as part of their Chapter 11 bankruptcy filing have disruptive waves that reach across a broad expanse of the job market.

They also have a far reach when it comes to encouraging entrepreneurship, since many people wonder if they aren’t better off being in charge of their own destinies rather than have their futures depend on the fortunes of a corporation.

Life is risk and reward, and it seems like the greater risk these days may be in staying put.  Here are some thoughts from those who laid a bet on themselves and started their own franchise business:

If you want to learn more, attend a free Entrepreneur Authority seminar.  To see upcoming sessions, click here.

We also conduct regular webinars — click here to register for an upcoming one-hour session.

How to Identify a Great Franchise Opportunity

Finding a franchise opportunity that makes sense for your own goals and passions is important, but of equal importance is to find a franchisor that reflects your own values and has a real passion for the brand.

Here are some things to look for when evaluating a franchisor:

Franchisor has a clear direction and strategy for the brand, including how it fits into the competitive landscape;

Franchisor deals fairly and consistently with all franchisees and lays out clear policies to follow;

Franchisor has respect for franchisee input and listens to franchisee concerns prior to making important decisions;

Franchisor holds its management team to the same high expectations it demands of its franchisees;

Franchisor is forward-thinking, with strategic plans for growing the brand in partnership with franchisees and keeps profitability for all as a key priority.

For more information on how to identify a great franchise opportunity, attend our free October 25 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.

Legit Ways to Work From Home

Work-from-home scams are a dime a dozen on the Internet these days, yet people are still falling for them because their desire to earn their living while working from home is so strong. 

Luckily, home-based franchises fill that void legitimately for thousands of people every year, and are currently one of the fastest growing segments in the franchise industry.  In fact, the popularity of home-based franchises has never been stronger – so no surprise that there are more than 100 home-based franchises from which to choose.

The poor economy and great technology spurred a surge in home-based franchising in the last few years.  Since investment capital for startups was scarce, the lack of a large upfront cost is one of the most attractive factors about investing in a home-based franchise. 

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 require a total investment of under $100,000, which includes the upfront franchise fee, equipment, inventory and working capital.  Some opportunities cost less than $10,000. 

Some of these low-cost options may be offered by new home-based franchises, but be careful before you invest and make 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.

To learn more about all the different types of franchise opportunities, 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.

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.