5 Franchising Trends to Look Out for in 2021

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2020 has taught us a lot. And with the new year just around the corner, we realize how important it is to go into this next year with a game plan. Here are 5 franchising trends to look out for in 2021.

1. Pandemic Holdovers

Like many businesses, yours probably had to make some coronavirus-friendly adaptations this year. Several of these, such as curbside pickup and the increasing popularity of home delivery may be here to stay. As 2021 edges closer, the vaccine has begun to roll out and the air is buzzing with hope for a cure. A word of caution: in your eagerness for life to go back to normal, don’t forget or throw out what has been working during the pandemic. It might be worth keeping.

2. Changing Tides

2020 taught us what can and can’t live without. Essential businesses stayed open and those deemed non-essential adapted if they could. Some surprised us all by thriving in the most unlikely of circumstances. Is brick-and-mortar holding you back? What did the competition do to survive? Identifying your business’s vulnerabilities will help you overcome them.

3. Investor Interest

Franchising has proven its worth as a player in the long game. Investors looking for lasting security and steady profits will be looking to franchises more than ever in 2021. As a franchisor or franchisee, consider your strengths – what makes your business worth investing in? If you haven’t already done so, now is an excellent time to prepare an investment pitch.

4. Diversifying

When the CEO of Dippin’ Dots, Scott Fischer, thinks of his company, the word “diversification” comes to mind. As with many businesses, ice-cream-stands are contingent upon activities that were limited during the pandemic. According to an interview with Entrepreneur, Fischer is steering his company into 2021 with diversification at the forefront – utilizing existing patents for future innovations and investments. Diversifying your business allows you to have your hands in several pots while protecting your business from unforeseen circumstances. Proactively diversifying your franchise in 2021 will prepare you to expect the unexpected.

5. Picking Up the Pieces

The pandemic hit some industries harder than others. Many workers in food and beverage lost their jobs as restaurants closed nationwide. As unfortunate as this is, it creates a potential win-win for your business and for folks out of a job. Unemployment claims may no longer be sky-high, but millions of Americans are still out of work. Utilize this talent pool in 2021 to staff your business with hard-working professionals in need of a second chance. You’ll get the talent and skill you need while helping your neighbors get back on their feet.

Final Thoughts

We hope you will keep in mind these 5 franchising trends in 2021. By adapting, isolating vulnerabilities, becoming investor-friendly, diversifying, and diving into the talent pool, you and your business will not only survive but thrive in the new year.

From all of us here at The Entrepreneur Authority, Happy Holidays and Happy New Year!

franchising gives back

3 Ways Giving Back this Holiday Season is Good for Business

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It’s safe to say that in our lifetime, we have never had a year like 2020. Along with its challenges, this year has also brought room and opportunities for growth – professional and personal. With the holidays fast approaching, we are reminded about what really matters. Here are 3 ways giving back this holiday season is good for business.

It is Better to Give than Receive 

At first thought, making money and giving to charity seem as opposite as hot and cold. Yet, some of the most successful franchise companies marry business with giving and have fantastic results. On average, companies that give to charity are more respected by their customers than those that do not. What’s more, employees are more likely to have a better opinion of their company if corporate charitable giving or volunteerism is encouraged or even sponsored. If increased customer satisfaction and boosted employee morale sound like something you want, now’s the time to get into the giving spirit.

In fact, the power of giving is so potent that a new initiative has sprung up to recognize charitable leaders in business. The International Franchise Association (IFA)’s new initiative ‘Franchising Gives Back’ highlights the importance of franchisees as community leaders.

According to a founding sponsor of the initiative, Steve Romaniello (Roark Capital Group),

“The purpose of Franchising Gives Back is not only to recognize these businesses, but to encourage others to ‘give back’. The economic footprint of franchising is very big, providing millions of jobs and billions of dollars to the U.S. GDP, but our social footprint, in our communities, touching the lives of our customers and neighbors in very personal ways is even bigger.”

You can find out more about Franchising Gives Back by going to franchisinggivesback.org.

Make a Difference in Your Community

Actively improving your community through canned food and toy drives, collections of box tops for education, building homes with Habitat for Humanity, etcetera. serves to enhance your business’s presence in the community. Make your business known for more than the services you offer, but also for what you believe in. This can be especially useful if you are a franchisee in a popular franchise. Stand out and be known as that location that does good things. Building up your community as a local business owner sets you apart from the businesses that seem to only care about making a buck during the holidays – although, there’s nothing wrong with that.

As with everything, balance is key. Remember what you set out to do in the first place as a business owner – make an impact in your community. Initially, that might’ve meant owning a place where your friends and neighbors would spend their money. That’s a fine goal to have. But like everything in 2020, you’ve had to grow and adapt, and your business is no different. Evolve your goal. Make your business one that inspires.  Maybe you have always hoped the neighborhood kids or those in your city would look up to you. This holiday season is a great time to make that goal a reality.

Pay it Forward

Inadvertently, customers often have an emotional response to businesses. This is why many folks have favorite grocery stores, restaurants, and even gas stations. Research shows that consumers are more likely to back something they feel a connection to. The most successful businesses know this. Whether you make it a once-a-year holiday tradition or decide to do things throughout the year – don’t stop giving. Your charity is not going unnoticed, so make it count. Customers remember your community impact and how your business makes them feel, perhaps even more than they remember their purchases. By making charitable acts part of your business’s DNA, you are showing your customers that they can feel good about where they are spending their money.

Final Thoughts

2020 has taught us that we are all in this together. Giving back and making an impact in our communities reminds us of that. Use your position as a business owner to spread joy and peace. That’s what this season is all about.

Woman on mountain top raises arms in victory

5 Truths Successful Franchisees Live By

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New or experienced – we’ve all been at the point where we wonder: “Am I cut out for this? Will I be good at this? Do I fit the bill?” We’re here to let you know that if you’ve made it this far, the answer is a resounding ‘yes.’

Here are 5 truths successful franchisees live by:

You Get to Define Your Potential –You may not have a business degree, much experience with franchises, or even a passion for your particular business. None of this should discourage you from making your goals a reality. Historically, many who became the best in their fields never thought they would be doing what we know them best for now – so what they studied, whether or not they studied, did not ultimately matter for what they ended up doing. Do not let standards, what your neighbors or coworkers say, or what television has taught you change your mind or discourage you. If you have the drive, you will find a way to make it work. 

Balance is Key – “I’ll sleep when I’m dead.” How many times have we heard that? Said it ourselves? While hard work is commendable, balance is important. This lack of work-life balance can create stress and tension as well as an unhealthy work environment for you and your employees. Likewise, the alternative is true. If you are happier, the company culture you create will shine out from your employees and into the front of house. Whatever your attitude, your customers will feel it too.

Staying Positive Keeps You At The Top – When we want to improve, it can be tempting to focus on the negative. While it is important to recognize where things are going wrong, it is unproductive and toxic to keep a negative outlook. We want successful franchises, so how else are we supposed to improve? Staying positive doesn’t mean ignoring the negative. It does, however, mean giving ample time to focus on the good as well – what is working, what can you do more of, what the customers react well to. Your franchise can benefit from knowing the good just as much, if not more, than from knowing the bad.

Teamwork Makes The Dream Work – Being the boss does not mean doing it all on your own. In fact, it means the opposite. As the boss, you have the ability and expectation to delegate, so do so. It can be tempting to try and control everything but remember – if you hired a capable team, they should be able to do exactly what you hired them to. Trust your team and let them do their job. They may surprise you and exceed expectations.

Talk Is Cheap (Free Advertising), So Give Them Something to Talk About – What do you want people to think about when they leave your business? What will your customers take away? Give them something to talk about. Create an experience. We live in a world of instant everything – phones in our hands that can bring us the world with 2-day shipping if we want. This is why what you’re selling is only half as important as the environment you are cultivating for your customers and employees.

TEA Chief Executive Featured in Delta Sky Magazine

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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 E. 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 Make the Journey from Dream to Decision

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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.

Major Steps Along the Way to Opening a Franchise

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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.

How to Find the Best Franchise Opportunity

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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.

Look for the Helpers

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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.

How to Identify a Great Franchise Opportunity

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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

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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.