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 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.

How to Tell if You Have What It Takes to Start a Business

If you are working for someone else, there has probably been a time or two you have wondered if you have what it takes to start your own business.  Not everyone is wired to be an entrepreneur, especially when it comes to taking risks to launch your own venture.

There are pros and cons to being an entrepreneur; some of the pros include:

  • The freedom to be your own boss
  • Job security and control of your work life
  • Unlimited income potential
  • Creative outlet
  • Flexibility

Some of the cons can include:

  • Risk
  • Fear of failure
  • Longer hours and more work
  • Fluctuation in income
  • Pressure and responsibility

In the past decade, we have helped hundreds of people realize their dreams of small business ownership and have found that one of the greatest obstacles for entrepreneurs is the assumption of risk. 

Taking on some risk is the price of achieving returns – if you want to make money, you can’t eliminate all risk.  The goal is to find an appropriate balance, one that generates profit, but still allows you to sleep at night.  This is an advantage that franchising gives an entrepreneur – it’s your business, but the trail has been blazed and you have a roadmap for success to follow.

If you are determined to be your own boss, we can help you discover if you have what it takes to start your own business and guide you through the steps to successful entrepreneurship. 

You can start by attending 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.

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

How to Make the Journey from Dream to Decision

Studies show that the vast majority of us would rather work for ourselves than for anyone else.  So why doesn’t everybody go out and start their own businesses?  It’s usually because of fear.

Larina Kase, author of The Confident Leader, says if you are stuck in limbo and want to get to the point where you can make a decision, you should take these five steps:

Uncover your fears.  In order to move forward, you have to understand exactly what it is you fear.  One of the best ways to do this is to ask yourself what would happen if the fear came true.

Get perspective.  When we imagine our fears being realized, most of us exaggerate the consequences to an unlikely extreme.  Try to keep things in perspective and reduce your anxiety by challenging negative thoughts.

Take baby steps.  One of the best ways to overcome your fears is to test them.  Doing something that makes you anxious gives you confidence to tackle larger fears.

Make a one-hour commitment.  Imagine just for one hour that you have already made the decision you are struggling with and see how that makes you feel.

Go with your gut.  If you are in analysis paralysis – researching the same information over and over – trying trusting your gut.  Your intuition will take into account what you already know and is liable to guide you to the right decision.

To learn more about realizing a dream of business ownership, attend our free monthly 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 Thursday 2/23: Hottest Industries & Top Franchise Trends for 2012

The Entrepreneur Authority team attended the annual International Franchise Association Convention last week and learned a lot about what is going on right now in the franchise marketplace.

We will share it all with you tomorrow – Thursday, Feb. 23 — via a free live webinar at 1:30 p.m. CT.

During this one-hour complimentary 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!

You’ll also have a chance 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 866-246-2884. 

Major Steps Along the Way to Opening a Franchise

Entering into any new business venture is a process; here are some of the major steps along the way:

1. Self-evaluation. Matching franchise opportunities with the skills you have accumulated over your career and your own personal strengths and weaknesses is the first step in finding the right franchise for you.

2. Choose a franchise consultant. While there are lots of online resources for researching franchise opportunities, a knowledgeable franchise consultant can be invaluable in guiding you through what can be a complex process.

3. Research. You need to not only look at businesses that on the surface appeal to you personally, but also those that meet a market demand in your geographical area. Once you have narrowed your choices, you will need to obtain a Franchise Disclosure Document from each potential franchise and examine it thoroughly with the assistance of a franchise attorney.

4. Attend Discovery Day. This is where you will get more in-depth knowledge about the franchises you are researching. You will likely visit the franchisor’s corporate office and have the opportunity to meet the management team. Be ready with a list of comprehensive questions.

5. Talk to other franchisees. Choose a good mix of existing franchisees that are in your region as well as one or two others who are new to the system. Ask them if they are happy with the support they are getting from the home office as well as if their financial and other expectations are being met.

6. Make your choice and find financing. Once you have made your choice, you will have everything you need to secure financing. More franchisors are stepping up to fill the financing vacuum these days, so be sure you explore options before you sign the agreement.

7. Sign on the bottom line. Sometimes there is room for negotiation in franchise agreements. Again, be sure you are working with an experienced franchise attorney, who can help guide you through that process.

8. Permits and insurance. The franchisor is the most likely source of guidance on state, county, or city requirements for permits and insurance needed prior to opening your franchise. You can also get information at SBA.gov.

9. Staffing and training. Franchisors are responsible for providing training to you and your staff (if the franchise you have chosen requires a staff). Depending on the franchise, training could take place at a franchisor’s home office or at field locations, and can range from a few days to a week or more.

10. Open for business. A key component of your training will focus on the grand opening of your franchise. Beyond an operations manual, you should receive intensive training on franchise marketing practices. Some franchisors provide a corporate trainer to be at your location during grand opening.

To learn about what it takes to run a successful franchise, attend our free monthly 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.

Mark Cuban Shares The Key To Recognizing A Profitable Business Opportunity

Dallas Mavericks owner Mark Cuban – who made his reputation (and his billions) as a business maverick as well – is the author of a great blog where he posts his thoughts on business, sports and other life essentials.  You can find it at http://blogmaverick.com.

His new book, How to Win at the Sport of Business, is a steal at $2.50 and includes a lot of the insights he posts regularly on his blog.

One of the questions he is often asked is how to spot a profitable business opportunity, and here is his answer:

Knowing the industry very well. Most people think it’s all about the idea. It’s not. EVERYONE has ideas. The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.

Thousands of people want to start their own business, and many of them turn to franchise ownership as a way to realize that dream.  All too often, however, they fail to do their homework.  Or don’t even know how to begin.

This is where we come in.  The Entrepreneur Authority team helps people all over the country choose the best franchise business opportunity for their personal circumstances, and it all starts with a process we have perfected over the years.  You can learn more about that process by clicking here.

We also encourage you to attend our upcoming live webinar on Thursday, Feb. 23 at 1:30 p.m. CT, where we will share what is going on in the franchise marketplace right now, the pros and cons of investing in a franchise, the best process for selecting the right business and much, much more.

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.