2012 Project to be Another Banner Year for Franchising

By fmopblog | Published: January 20, 2012

 

The positive impact from franchise businesses in 2012 us once again projected to me strong.  The International Franchise Association commissioned a study from HIS Global Insight to understand the state of the franchising and project this new year. 

This study, which is done annually, has proven to be very accurate in the past.  the highlights from this year’s study project nearly 14,000 new franchised locations to open in 2012 with a net job increase of nearly 170,000.  That’s equal to a dozen jobs per franchise.  The economic output from franchises is also expected to grow by 5 percent.  As in 2011, franchises are expected to outperform the economy in general.

The report does highlight the difficulty in new franchisees receiving funds from traditional credit sources.  I personally think that will change in 2012.  I’m basing that opinion on the number of local bankers who have called me in the last few weeks reminding me of their services.

If you are interested in being part of this positive trend, call us at (913) 888-1400 to set up an appointment or stop in to our location at 95th & Quivira and we will start you on your journey to business ownership. 

www.fmop.net

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The Twelve Signs That Are You Ready To Start Your Journey To Business Ownership

By fmopblog | Published: November 7, 2011

If you are experiencing two or more of the following symptoms, experts agree you may be ready to start your journey to business ownership.

1)      You have desire to control your own destiny.

2)      You are frustrated with how business operates.

3)      You want to get out of the “rat race” and accomplish something important.

4)      You are experiencing frustration with how big companies operate.

5)      You want to improve your current financial position.

6)      You want to have a valuable asset you can sell when you are ready to retire.

7)      You want to create opportunity for your family.

8)      You want to create employment opportunity for others.

9)      You want to capitalize on the improving economy.

10)   You want to control your own schedule.

11)   You have a desire to live your own lifestyle.

12)   You want to run your life and business with your own ethical values that your employer doesn’t share.

Return to FranchiseMart Website

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PREPARATION IS KEY

By fmopblog | Published: November 2, 2011

 

One of the franchises we represent sent me an email with the following advice for me to pass along to my clients.

PREPARATION IS KEY

Startup advice for new entrepreneurs and young hopefuls to consider

FOR ASPIRING entre-preneurs, especially new college grads opting to be their own boss rather than report to one, the task of getting ready to launch a business can be overwhelming.  Consider these tips from entrepreneurs who learned how to position a new business, or franchise, for success from the start.

1.  Get Educated.  Prepare to take the entrepreneurial leap by learning about your future business.

2. Get “intrapreneurial.”  Thinking and acting like an entrepreneur while working for someone else, also known as intrapreneurship, can be another stepping stone to business ownership. 

3. Get comfortable with failure.  While you might not want to go out and get fired from your day job to light your entrepreneurial fire, the ability to seek patterns of failure can lead much more quickly to the path of success.

4. Get out there.  “You can’t run a business sitting behind your desk.  Get out into the world and start meeting people.”

5. Get fully committed.  Fear of starting a business can be your worst enemy, but don’t succumb to it.  The fear never totally goes away and you’ll have to get used to it.

There’s never going to be the perfect moment to start a business.  But there are moments you know you are fully committed.

 source Sharkey’s Cuts for Kids

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A Riddle (Inspired by The Civil Wars)

By fmopblog | Published: September 27, 2011

I was listening to the great new CD by The Civil Wars this morning on the way into the Mart.  One of the songs (track 6: “My Father’s Father) reminded me of a family debate my dad and my aunts and uncles often had a family parties.  One of them had been presented a riddle, and my family was never able to come to agreement on the meaning.  I’m sure I have the correct answer? 

First let me present the back story that was always told before the riddle was presented:

                A prison warden summoned a prisoner and pointed at a painting behind his desk and told the prisoner that he would pardon him if he could solve this riddle:

                “Brothers and sisters I have none, but this man’s father is my father’s son.”  Who is in the painting?

Hint: disregard the fact that a warden doesn’t have the power to pardon a prisoner.  Presumably, the prisoner didn’t know this basic fact – and I’m not sure if my family did either.  

Don’t let finding the perfect franchise opportunity become like trying to solve a difficult riddle, which is really pretty straight forward.  Come to FranchiseMart of Overland Park and let us help you choose the right opportunity from over 200 different franchises business.

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The Four Elements of a Franchise

By fmopblog | Published: August 26, 2011

Here’s a question for you, “Are there basic elements necessary of all successful franchises?”

You know the answer must be yes, or else why would I title this blog post “The Four Elements of a Franchise.”  Those four elements are:

1)      Brand

Brand – the name and marketing approach associated with the services delivered.

       2) Operating System

Operating System – a repeatable system that can produce excellent results every time for (hopefully) every franchisee. 

3)      Support System

Support System – helps the franchisee get better and better at delivering the service in a memorable experience and helps a Franchisee improve their performance.  In my 26 years in franchising this is the area I’ve seen the most improvement.  Most of this improvement is because of advances in technology.

4)      Franchisee  

Franchisee – the talents and experience delivered to the franchise.

All four of these elements need to be strong for a franchise investment to successful.  I know it’s a worn out metaphor, but think of each of the four elements as the legs of a table, remove any one of the legs and the table tips over.  You might get it to stand, but you won’t be able to use the whole table without a lot of extra effort. 

It’s just as important that when you pick out your own franchise, you chose one that is a fit for you.  I often have people come into The Mart, who tell me “I don’t care what kind of franchise I get, I just want the one I can make the most money with.”  Element 4, the franchisee, makes such a difference in the ultimate success of a franchise that I say the most important first step is to insure you are considering a business that utilizes your strengths.  As a personal example, food franchises can be very successful, but for me one would be a disaster because, I fear I wouldn’t keep the restaurant up to appearance standards.  I know that’s too much information so I’ll end this post with a request for you to come in to The Mart and let me help you build the perfect business model. 

Brad

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The Franchise Model of Climbing Everest

By fmopblog | Published: July 16, 2011

 

Admittedly, before I started writing this piece I didn’t know much about climbing Everest, and I still don’t.  The analogy of climbing Everest with a guide and without a guide and going into business with a franchise and without a franchise is just too perfect for me to pass up.

It’s estimated that the cost of climbing Everest can range between $70,000 and $100,000.  Over half of that expense is the guide (Sherpa), the rest is gear, permits, flights, food and of course the all important digital camera to take a photo when you get to the top. 

There is no requirement to use a Sherpa.  As recently as 5 years ago, an experienced British climber hired a budget trekking company based in Kathmandu, and paid them a little less than $8,000 for permits, food and a small base camp on the north side of the mountain.  Unfortunately, but not surprisingly, this climber didn’t make it.  Tragically, he died on the Northeast Ridge.  Climbing Everest with a Sherpa is difficult; going it alone is even more difficult. 

I know this is an extreme analogy, but the statistics do back me up.  Four out of five, business people who open a business without the help of a franchise are out of business within five years.  That number is flipped when a franchise is involved; four out of five franchise businesses are stilling in business five years after opening. 

If you’d like the perfect franchise Sherpa for you, give me a call at (913) 888-1400.

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The three most important attributes of a good franchisee

By fmopblog | Published: July 15, 2011

Downsizing, rightsizing and outsourcing have become the norm for many of our employers.  I think I first heard the term “jobless recovery” over two years ago, in some ways it’s a pretty good descriptor of what’s happening now.  As a result many current and former employees are taking control of their future and looking at the benefits of owning their own business.

Franchising is the most popular mode of self employment because it’s a safe and an affordable alternative to the corporate life.  A franchise owner doesn’t worry about downsizing, rightsizing or outsourcing. 

The three most important attributes of a good franchisee are:

  1. The ability to follow a system.  In its simplest terms a franchise can be boiled down to a system of doing business.  The good franchisor has developed a system based on previous successes and failures and will continually adapt their franchise to the changing market.
  2. The ability to work hard.  Owning a business is a lot of hard work, it’s a lot of fun, but it’s hard work.  People who buy a franchise to avoid hard work often fail.  A franchise lays the path of success in front of you, but you still have to climb the mountain.   
  3. The ability to pick the right franchise opportunity.  Every one of the most successful franchises in the world has had franchisees fail.  Some of them have failed because they couldn’t follow a system, some failed because they wouldn’t work hard and some failed because they simply didn’t do their research before opening their business and the went into the wrong opportunity.
If you can follow a system, don’t mind working hard and are willing to do your research (and I’d be happy to help you with that) you will be on the road to business success.  There aren’t many guarantees that can be made in the business world, but I’ll guarantee you this, I love owning my own business and if you have the attributes listed above I’d be pretty sure you will too. 

Call me to set up an appointment and I’ll happy to start you on your journey. 

Brad Johnson

(913) 888-1400

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The Top Ten Reasons to Attend FranchiseMart’s Free “Own Your Own Business Seminar”

By fmopblog | Published: July 15, 2011

1o. Conveniently scheduled for July 26, 2011 at 7:00 PM.

 9.  Conveniently located at 11528 W. 95th Street, Overland Park – across from the Oak Park Mall.

 8.  Meet and interact with industry leading franchisors.

 7.  See over 200 Franchise Opportunities under one roof.

6.  Learn the steps of buying a franchise.

5.  Learn about financing assistance.

 4.  Find a Franchise that’s matched to you.

 3.  There are 3 ways to register, call (913) 888-1400, go on-line to  http://www.franchisemart-overlandpark.com/free-seminar.htm , or stop by FranchiseMart in person.   

 2.  Your host, Brad Johnson has over 25 years of franchising experience.

 1.  A tasty and delicious light supper served.

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DO I NEED A FRANCHISE CONSULTANT’S HELF FOR FINDING A FRANCHISE?

By fmopblog | Published: June 21, 2011

 

 

Franchise consultants make it easier to navigate the thousands of franchised concepts and hundreds of franchise portals available on the market.

Why use a consultant?

While using a franchise consultant is a growing trend in amongst prospective franchisees, many individuals do not take advantage of these services; in fact, most people are simply unaware the service is even available. Among those who do, some may feel they’ve already decided what concept is best suited for them. However, one of the primary advantages of a franchise consultant is his or her ability to direct you to franchises you might never have considered.

Many consultants have franchise industry experience or are former franchisees themselves. They have been down the road before and can offer insightful advice to help you avoid making the same mistakes they may have previously made as a business owner.

A common mistake made by franchise seekers is to focus on the product or service of the franchise instead of the business model and its characteristics. For example, you might think your neighborhood would be well served by a deli serving great panini sandwiches. While that may be true, the demand for these products won’t matter if the start up investment is beyond your reach or you are not comfortable working the long hours often demanded of a food-service franchisee. Simply put your personal shopping preferences and tastes don’t always guide you to the right franchise system to join.

Personal likes and dislikes can also be misleading. For example, just because you like kids, it doesn’t mean a child-care franchise is the right choice for you. A good franchise consultant will look not only for the best or most lucrative opportunity available, but the one that best suits you and your experience.

The first steps

When you first contact a franchise consultant, see if you are able to forge some type of connection with the person and determine if you want to develop a professional relationship with him or her. Do you think you can benefit from their insight and advice? Will you benefit from their strengths and experience in franchising?

Also consider that there is a huge amount of information and franchise options that you’ll need to review. Having a consultant working with you during this stage can save you time, money, and aggravation.

Beginning the franchise search

As you start working with the franchise consultant, the first step is to provide information about your background and experience. This is often done via an online questionnaire. Don’t be surprised by financial questions, which will typically inquire about the value of your house, balance on your mortgage and other confidential data. The franchise consultant needs to have an understanding of your finances to make sure you are only introduced to franchises you can afford.

Next comes the consultation, which is the most important part of the information-gathering phase. An in-depth discussion will allow you and the consultant explore your areas of interest and past work experience. If you have a spouse, encourage them to participate in this meeting, which is best when held face-to-face. This is a chance for them to learn more about your goals, and an opportunity for you to learn more about franchising and whether or not you have realistic expectations.

After the meeting, the franchise consultant will evaluate the information you’ve provided and research franchises opportunities that best fit your goals and skill set. After checking for market availability, the consultant will typically introduce you to franchise concepts that make sense for you to consider. While it may be tempting to zero in on a particular franchise, it is important to investigate more than one. This approach will allow you to perform a compare-contrast analysis to find your best franchise match.

Narrowing your options

Your consultant will then coach you through the due diligence phase of the investigation, which typically takes three to four weeks, if not longer. By introducing you only to quality opportunities that match your lifestyle and goals, a consultant can save you a great deal of time. Investigating franchises takes a lot of effort; many franchise seekers run out of steam when the demands of life start to take priority over the due diligence required to make an informed decision. Using a consultant increases the likelihood you will stay focused and ultimately decide on the best opportunity.

During the due diligence phase, most of your contact will be with the franchisor’s development representatives, whose purpose is to educate you about the details of their franchise opportunity to determine if there is a mutual interest. (Remember, this has to be a good fit for the franchisor, too.) During this period, your consultant will continue to serve as an advisor and coach, making sure you are learning about the concepts and making decisions that will ultimately lead you to the franchise that is the best match for you.

Once you have narrowed your search and completed your investigation it’s decision time. To many first time franchise owners this may be similar to jumping off the high dive for the first time. Your franchise consultant that has been with you through the process will provide encouragement so you can make that life-changing decision.

Tips on Working with Franchise Consultants

Your franchise consultant is your advisor and coach, not your boss. You should never feel pressured by this person.

A relationship with a consultant is a two-way street. Be professional by returning calls and living up to your commitments. You will get the most of out of your experience by making a serious effort.

If you are interested in working with us at FranchiseMart, please call (913) 888-1400 or visit our website to set an appointment.  Thanks, we look forward to helping you on the journey of a lifetime.

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SO, WHAT EXACTLY IS FRANCHISING?

By fmopblog | Published: June 21, 2011

 

  

We all use products or services from franchised businesses every day, from the sub sandwich we eat to the maids that clean our homes. But what is franchising? Simply stated, franchising is an expansion strategy for a business that has a unique product, service or way to do business. The franchisor develops trademarks that are unique to their business so that they can increase their brand awareness. The franchisor recruits qualified individuals to invest, own and operate the franchised business in their area. The franchisee is awarded the right to use the operating methods of the franchise. Training and support is provided so regardless of the market, customers receive a similar product, service or experience. The franchisor receives a royalty from the franchisee and the franchisee keeps the profits of the business. The entire relationship is legally binding by a contract called a “franchise agreement”.

Franchises are everywhere and can be seen in strip malls (food, pack and ships stores, tutoring franchises), office buildings (answering service franchises, business consulting) and even being operated out of franchisees’ homes (service franchises such as floor refinishing, furniture repair, pet services).

Franchising continues to expand as franchisors award franchises to qualified people who want to join their franchise system. Just how does a company become a franchise? Here are the steps most franchisors go through before you even hear of the company.

 

Franchising comes after a start-up business experiences success. They’ve learned what works and what doesn’t, made adjustments, tried a variety of strategies, tested and re-tested. Finally they have documented results and a system in place and want to grow.

 

More adjustments are made as a few franchises are awarded and opened, usually in a small number of test areas.

 

With data coming from a variety of sources, the business can determine what type of marketing works and in what areas. Are customer expectations being met? Word of mouth will make or break any business concept so the franchisor solicits feedback from franchisees customers to ensure quality throughout the system.

 

Once everything is working well, major expansion of the franchise concept begins. A good franchisor will offer continuing support and training to franchisees, putting as much time into keeping the business on track as they do into growing it.Franchisors provide a safety net for their franchisees: a tried and proven concept with operations, marketing, distribution, accounting, technical support, brand, etc. all in place, tested, retested and ready for a sharp, hard working entrepreneur to join the team.

There are other advantages of franchise ownership beyond having all the systems set up for you. Most franchise businesses will allow someone with little experience in a particular arena to learn new skills, and to build a thriving business using the system provided by the franchise company.

 

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