Words of Wisdom and Courage for the Journey and Actions and Change Agents

By fmopblog | Published: May 17, 2012

 

A good business is like a biological organism; growing, changing and adapting to current conditions.  I recently came across a some great advice from Tim Harmon the owner of Harmon Construction  who spoke about re-branding for success. Here are a few of his key points:

 

Words of Wisdom and Courage for the Journey

  • “Continuous effort – not strength or wisdom – will unlock the key to our maximum potential.” (Winston Churchill) In other words, don’t wallow in failures or rely on past victories’.
  • “Plans are just good intentions unless they immediately degenerate into hard work.” (Peter Drucker) You can expect it to be hard, but expect dividends as well.
  • Don’t be afraid to innovate; be different: Following the herd is a sure way to mediocrity. Find a new way of thinking… outside the box. Become a thought leader.

 

Actions and Change Agents

Here are a few examples of what Harmon has done in the past couple of years that has helped us to “win” in the new economy. Maybe there are a few things you could be doing right now to change your business for the better!

  • Paid off debt on equipment and vehicles.
  • Invested in a Marketing Director: Social Media, New Interactive Website, Newsletters, Open Houses and Community Events.
  • Public / Community Service: Encouraged our associates to be more engaged in the community, Chambers, Volunteerism and meeting new people and prospects.
  • Researched new revenue streams: Developed business models and SWOT analysis performed.
  • Re-Formed Advisory Board: Six meetings annually including a budgeting/planning retreat.
  • Prospecting: Became strategic, set goals and expectations, recalibrate frequently.
  • Communication to our team: Get everyone on the same page. Company retreats (2x per year). Share your Mission, Vision and Strategic Plan for the company. Key: When asked, every associate should, without hesitation, have a clear and concise “20 second elevator speech” about their firm.
  • Celebrate your victories: Big, small and even a “no cavities” report from your dentist.
  • Free Pub…. Not happy hour pub, although you’ll be much happier when you firm shows up in a Chamber video, Ingram’s “Best of the Best” feature, or the Top 25 list in your field of expertise.
  • Stick with Business Model/Strategy. Our registered tagline “Building Relationships Before Buildings“ is more than just words. All of our projects are relationship based. At least 80% are repeat customers or referral based. Know what you’re good at and what you’re not.

 

How You Think Is Everything. Always be positive. Think success, not failure. Beware of a negative environment. Be Persistent and Work Hard: Success is a marathon, not a sprint. Never give up.

 

Good luck!

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The extraordinary coincidences and links between Bob Dylan, Cheech & Chong, and FranchiseMart.

By fmopblog | Published: May 1, 2012

 

You might be asking yourself, how can there possibly be a connection between Cheech and Chong, Bob Dylan and FranchiseMart.  Well, it might be a tenuous one but certainly there.  We all know that FranchiseMart is the premier location in Kansas City to build a business model and find the perfect business opportunity.  Bob Dylan is, of course, the iconoclast rock ‘n roll folksinger of a generation.  While Cheech & Chong are well known comedians from the 70s.

 

FranchiseMart of Overland Park is owned by Brad and June Johnson.  Brad’s birthday is May 24, and he shares that birthday with Tommy Chong and Bob Dylan.  June’s birthday is July 13, and she shares that birthday with Cheech Marin.  And FranchiseMart’s birthday, if businesses have such a thing is also July 13th.   

So there you have it, if you want to listen to some great music I suggest Dylan at his very best with Bringing It All Back Home his fifth studio album, great comedy Cheech & Chong second album Big Bambu and of course if you want to control your own future and own your own business I suggest you call FranchiseMart and start your trip to business ownership.

http://www.fmop.net/

(913) 888 – 1400

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The 22 components of the perfect business.

By fmopblog | Published: April 13, 2012

It might seem like a lot to list 22 components when most clients I work with really only want a business they will love and meets their financial requirements.  As you look at my list of 22, I’d venture there really isn’t any business that truly has all 22 in place.  With that in mind, I invite you to review this list and check off the items that are important to you. 

 

  • Low start-up costs
  • High profit margin
  • Recession resistant
  • Passive income (can be run by a manager)
  • Flexibility – you don’t want to be tied to the business, you need to have a life outside of business ownership
  • Low overhead
  • Little or no accounts receivable
  • The business process flows Automatically, Systematically and is Economically Sustainable
  • Recurring revenue
  • Multiple revenue streams
  • Standard business hours
  • Quality training and expert support services
  • Little competition
  • Strong company management
  • Great market potential
  • Non-labor intensive
  • Limited inventory
  • Easy to learn
  • High level of repeat customers.
  • Customers become your advocate
  • Easy to market
  • Easy exit plan

At you convenience, schedule a time to meet with us and let us find that perfect business for you.

 

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Mr. FranchiseMart – Myth Buster!

By fmopblog | Published: April 6, 2012

 

Urban legends and myths possibly have been part of our culture since Adam gave Eve the rib he didn’t need.  We all hear them repeated often, and sometimes they even seem believable.  Franchising has its fair share of urban legends and myths.  The two most common I run into are, 1) Franchises are expensive and 2) The only available franchises are food franchises. 

Of course, “expensive” is in the eye of the beholder.  I do represented franchises that require investments of well over one million dollars, but that’s not the norm.  Most of my clients find their perfect franchise with investments ranging between $50,000 and $200,000. 

Food franchises are very notable for a few good reasons.  They are usually high volume, have good success rates and just about everyone patronizes them often.   However, about 80% of all new franchises are in non-food business.  There is a great selection of retail, business to business, office based and home based franchise opportunities. 

You can go to our website and search franchise opportunities by type of investment level.

 

http://www.fmop.net/index.php/franchises/search

 

You can also come in for a free individual consolation and we will help you find the perfect opportunity based on your individual criteria.  Please call for an appointment (913) 888-1400.

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The 13 Key Traits of an Entrepreneur

By fmopblog | Published: March 16, 2012

 

  • Has a Passion for Their Business: For the great entrepreneur their business is like another child.  It becomes a central part of their life and usually a central part of their family’s life.
  • The Ability to Work Independently: Even with the successful guidelines of a franchise to back them up, the successful entrepreneur has to be a self-starter.
  • The Ability to Work Hard: Success requires hard work, entrepreneurs open their own business to control their own destiny, not work less hours.
  • Strong Self-confidence: Entrepreneurs have to get use to friends saying “You’re doing what?”  Of course after they are successful the same people will say “I always knew you’d be successful.  Self-confidence also comes in handy while dealing with the various issues of risk in the start up phase of opening a business.
  • Discipline: Successful entrepreneurs follow the road map to success.  For entrepreneurs who open a franchise that means following the guidelines established by the franchisor.  For non-franchised business owners it means creating a business with franchise-like precision and following that process.
  • Good Judgment: Do I really need to say why this is important?
  • The Ability to Capture Opportunity: This is more than understanding what is “hot” for today; it’s understanding what opportunity has long term potential and matches their personal business skills.
  • Flexibility: Stuff happens, and it happens a lot.  The successful entrepreneur can adapt. The best entrepreneurs love the ever changing nature of business.
  • The Ability to Handle Stress: There is no one way to handle stress that everyone can use, however, every successful entrepreneur I knows has figured out a way that they can deal with the stress and make it work for them.
  • Success Driven: The best entrepreneurs are more concerned with being successful than they are with making a lot of money. On interesting paradox is that the people who focus on success tend to make more money than the ones who focus primarily on making money.
  • Truly Understand the Importance of Profits: While the best entrepreneurs are driven by success, they channel that drive in the directions of creating a profitable business.
  • Puts the Customer First: The most successful entrepreneurs know that they would be out of business without customers, and they focus their business on the needs of the customer.  They know that their business needs to adapt to the needs of the customer and the customer doesn’t need to adapt to the needs of the business.
  • Also Puts the Employees First:  Without great employees it’s very hard to have a great company.  Great entrepreneurs communicate the importance of their employees by treating them fairly and ensuring they understand all expectations. 

 

 Visit our website at:  http://www.fmop.net/


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Thinking of Buying a Franchise?

By fmopblog | Published: February 29, 2012

Basics to Consider:

If you’re thinking about buying a franchise, there are many things to consider before signing on the dotted line. Becoming a franchisee is not a guarantee of success, but rather a blueprint that can assist you in achieving success. Given the correct market conditions, skills and dedication, opening the right franchise can lead you on your path to success.

Owning a franchise is a serious commitment and works best when fully research your options.

Just because you love the products or services of a specific franchise, doesn’t mean that that franchise is your best franchise choice.  While a great experience as a customer of a franchise does tell you a lot about the franchise operations, it is only part of the decision process.   

In the early 1980’s I helped a client purchase a gas station, two weeks after closing he called me to tell me he needed my help to sell the business.  After he politely let me explain to him that he hadn’t owned it long enough to sell it for more, he explained he found out he was allergic to gasoline.  While you might not be allergic to a franchise product, you do need to fully understand not only the product but the franchise operating system.

Franchises are successful because of the operating systems they have created.  If you can’t follow that system you shouldn’t join that franchise. It’s important to do complete due diligence.

Working with a qualified franchise advisor is an important part of finding the right opportunity.  It doesn’t cost you anything to work with a advisor and often they can save you money as you travel the trail of opening your own business. 

Elsewhere on this blog, I have posted the information you need to understand the steps of opening a franchise business.  While all of the steps are important, the most helpful is talking to existing franchisees. It’s also important to talk to them at the proper time.  I suggest waiting until you really understand the franchise value proposition before making calls to the franchisees because that’s when you will have the best and most questions. 

For me, one of the interesting steps of opening a new business, and one that is usually required by a bank before you option financing is writing a business plan.  One of the very nice parts of a franchise is that they have developed a successful business plan which allows you to “piggyback” your skills and talents into their plan to achieve a higher degree of success.

If you are ready to start you journey towards business ownership, please give us a call at (913) 888-1400 or visit our website at: www.fmop.net

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Is Franchising Right For You?

By fmopblog | Published: February 18, 2012

Going into business for yourself and controlling your own destiny is a “gut-check” for everyone who has ever taken that step.  There is a lot to consider.  High on the list is answering the question, “Is Franchising Right for Me?”  That is an important question and you should consider the following benefits of franchising.

1.    You are not alone in starting, running and growing your new business. The franchisor, the company that you are joining forces with, is contractually bound to help you with these aspects of your new business. The franchisor has already gone through the learning curve of starting this business model, so that you don’t have to. This saves you time, money, and aggravation while avoiding the mistakes that are common when starting a business.

2.    With franchising you have existing franchisees to speak to about their experience before you join. With the proper guidance you can really leverage their overall experience and gain valuable insight before you join their system.

3.    You will also get tested and refined marketing plans, sales materials, and business planning assistance. You’ll be relying on the franchisor’s past mistakes, lessons learned, and their overall successes. Their failures and successes have been studied and processes have been put in place with these experiences in mind.

4.    Name recognition and a loyal customer base may also come with your new franchised business. Larger franchise systems often have millions of customers who already know what your products and services are. In many cases your local customers are already sold on what you have to offer and can’t wait to patronize your business.

5.    Since the franchisor negotiates on behalf of all the franchisees, you should expect to have reduced expenses on the products you offer. Simply put, the franchisor is in a great position to negotiate better terms and receive volume discounts than you could expect as an individual.

The benefits of franchising are numerous and I’m here to help you find the right franchise based on your needs. My services will never add a single expense to your franchise purchase and I often can save clients time, money, and aggravation.

Based on our initial consultation I’ve selected a few franchise opportunities to start our discussion.  Today’s goal, for me, is to present a couple of opportunities to you that get you started on your journey to business ownership.  Hopefully, we will select 2 or 3 franchisors who you are interested in learning more about; I will contact them on your behalf and have them contact you within the next few days. 

I look forward to using my years of experience to assist you in your search to find the right franchise opportunity.

Visit Our Website www.fmop.net

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2012 Project to be Another Banner Year for Franchising

By fmopblog | Published: January 20, 2012

 

The positive impact from franchise businesses in 2012 is once again projected to be strong.  The International Franchise Association commissioned a study from HIS Global Insight to understand the state of 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 by 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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