Posted on Leave a comment

The Best Advice: 5 Ways to Launch the Entrepreneur in You

You can be an entrepreneur. Whether from the place of service you want to make a difference or from an inspiration or out of necessity, you commit follow through with that idea.

It is worth mentioning that there is a belief that if you are a franchisee, you are not an entrepreneur.  Here’s how Webster dictionary defines “Entrepreneur” : “one who organizes, manages, and assumes the risks of a business enterprise.”

The definition fits every person who has taken risks of starting and owning a business, no matter what the format of business.  Albeit there are different business models, levels of risks.  It does not make you less or more of an entrepreneur.

Now that the parameters of the meaning have been revealed, yet again, we will look at the 5 different ways that can launch you into entrepreneurship.

1. YOU, Inc.

Go with what you are good at and kick start the concept on your own.  As a general rule, you will start with something you are good at delivering.  Sometimes, what you are passionate about and what you’re good at, are not necessarily the same things.

More often, than not, you will use the relationships which you have built during your corporate tenure to venture off on your own. In some cases, you are inspired and blessed with an idea or two which can spark your success – think #Scrub Daddy, #Facebook, #Apple, #Bombas, #WickedGoodCupcakes.

You know the service or product you can deliver and together with your game plan, you think of a business name, register the business locally and with the IRS for your EIN number – and you’re ready to go.

Then the real work starts.  Marketing and sales, website, email, branding, getting your brand out there. Your system that was in your head, what you envisioned, jotted down on the napkin or paper will be manifested.

2. NETWORK MARKETING

Not a pyramid scheme. Pyramid schemes can be illegal (since income is based on recruitment and not the sale of a product/service).   Network marketing or multi-level marketing is where you generate income from selling products or service.  SEE DEFINITION

Here’s where you start small and follow the trailblazers whom have already shown success.  Use the system, usually start by promoting to family and friends. There is usually a fee – starting from a few hundred dollars – to get started. You’re then opened to a world of conference calls, team leaders, mentors who are all dedicated to your success.  Just follow the process.

3. LICENSEE

Licensing opportunities may include the granting the right to represent yourself as a deliverer of that brand – product or service. Training and/or License fee varies – sometimes included in the purchase of the right to deliver the product.

Sometimes there is a percentage of royalties on sales and sometimes none.

4. FRANCHISEE

Many people shy away from franchises based on the assumptions they have made as a result of hearsay from friends, family and what they think they know. As a franchisee you have earned the rights to be the local representative of a brand.  You will have access to their tools and support systems– sales, marketing operations and success on how you can replicate the profit model that made the concept successful in the first place.

You are in business for yourself, just not by yourself.  Being able to write the check to purchase the franchise, does not mean you are qualified.

5. BUY A RESALE BUSINESS

Resale businesses may be a great option, if you have the wherewithal to buy an existing business.  In this type of opportunity, you are investing for the operations, ongoing revenue, the client base and future income.  Taking all that into consideration – the financial investment may be higher any of the above types of start-ups.

No matter what format you choose to launch your entrepreneurial career, it is best to explore some or all of the above options.  Not everyone can be a Shark Tank phenomenon.  Not all business ideas are cash cows. Remove any assumptions you have because each approach is different and has its own pros and cons.

Talk to the people who have done it before, failed and succeeded. They know about taking risks.

It’s simple.

You cannot advise others about taking risks, starting a business, if you yourself have never done it.  If you’ve not invested your own hard-earned money into building something successful profitably – you don’t really know about risk taking in business ownership.  Hearing about someone else’s failures in business, is not the same as having experienced it.

Get hold of those who have started, failed and risen up despite of and from it. They are your best advisors.

Posted on

Will You Bet On You to Succeed?

Here a question for you:  Will you bet on YOU to succeed?

We talk to prospects every day.  All of whom are interested in exploring business ownership  as an alternative. We tend to think that going into business means we’re  investing in the business model and the brand.  Well, not so fast.

HERE’S A LITTLE SECRET

Betting on YourselfWhen you start a business, whether on your own or as a franchisee or licensee, you are betting on YOU!  You’re the stock that you’re investing in.  You’ve chosen your business, you know what you’re getting into and you have it all planned out. The question is are you ready to take on the challenge of being successful at it.

What happens if you succeeded, what happens if you didn’t succeed?  You cannot blame your boss anymore. You are it.

REAL INFLUENCERS BET ON THEMSELVES

You are now giving yourself the freedom  and permission to generate the level of affluence you want for you. Just as there are no guarantees with a job, there are no guarantees in business either.  Are you willing to do the work?

Posted on

Franchising: What’s in the Box?

fear of franchising

What’s in THE Box? Before you think outside the box, remember rule number 1 in franchising is: know what’s in the box FIRST.

A franchise business is a proven concept which can be replicated. If you are not one who can follow systems or want to be the originator of a business concept, then a franchise may not be right for you.  If you can immerse yourself in a successful system and follow through,  then the franchising industry is worth considering.

All franchises are associated with costs and fees. What makes sense about franchising is that your total investment, ongoing costs are disclosed upfront.  On the contrary, starting a business on your own may seem like there are no huge costs upfront (of which you are aware).

We assume what we don’t know and fear the unknown. You are not alone.

What’s in the Franchising Box?

  1. SYSTEM:  A franchise model is birthed when at least one unit model has proven profitable. Of course, not all business expansion can be accomplished through franchising.  A franchise business must have a well-documented system for repeating success and all the required bells and whistles. The franchisor has made all the mistakes.  Systematizing only what works through franchising, so you the franchisee, can have access to systems to implement.  You can hit the ground running.franchising box
  2. SUPPORT: Franchising is also about support. You’re not alone.  You are in business for yourself just not by yourself. You’ll have platforms, support teams and peers to bounce off ideas and strategies.
  3. INTER-DEPENDENCE: The zee-zor relationship is about inter-dependence. You want to be successful and profitable. The Franchisor shares the same business goals.  Working together, following the systems, adding strategies as you grow are the key ingredients to a successful recognizable brand.
  4. CONTINUOUS LEARNING: Ongoing education, regional, national or international conference will keep you excited and motivated. Surround yourself with successful zees. Remember to participate, learn, give back, lead and follow.  There is always something new or different to learn – no one, not even you, knows everything.
  5. MULTI-PRONG MARKETING: Successful franchise brands recognize the need for local as well as domestic and global branding. Local exposure is the reason YOU are there. Then there’s national and some cases, international branding, where the franchisor actively promotes the brand.  Local exposure helps you and the brand, national/international exposure helps the brand and you. Therefore, your local marketing will benefit you and help with increasing  national brand recognition.

If you have the chutzpah and wherewithal to start a business on your own, versus considering a proven concept, go for it. That’s how successful brands get started.  If you prefer to hit the ground running, be in business for yourself and NOT by yourself, then take time to consider the franchised  or licensed business route.

One More Thought on Franchising

All franchisees have access to the same systems and yet, some are more successful than others. Remember, it is your business. You get to decide success by focusing on implementing the systems. Make the business work. Use all the resources available. Access to franchisor support and peer-to-peer franchisees collaboration are great ingredients for business successTherein lies your investment.

Still in doubt? Then invest time to speak with a Professional Franchise Recruitment Consultant who can provide you with intelligent and educated information. The right professional can help you determine if you are mentally and financially ready to be your own boss.

Posted on

Fear-Busters: Overcoming Fear of Franchise Ownership

Franchise Fear-Busters

Franchise fear-busters knowledge is aimed at identifying the real strengths and challenges in franchising.  The goal is to  help you achieve your business ownership goals, possibly with a franchise or license type business.

If  you are turned off with the words ‘franchise’ or ‘franchising’ then think again. A franchise is a business. The main difference is a franchised business has proven successful. The business  comes with a replicable system. Depending on the growth stage of brand, you can either be a pioneer or the plug-and-play type franchisee.

Why you want these fear-busters

In this line of work, we have heard your (prospects) non-verbalized responses.  We catch your negative implications, hear the barriers raised and the ‘no-way-not-today-or-ever’ inflections in your voices.  The fear of starting a franchise as a path to business ownership is, more often than not, the result of a lack of understanding.

Being a franchisee means starting a business with an upfront investment plus ongoing fees.  Franchise agreements are also typically one-sided. Then there’s the performance clauses and renewal requirements whether the business remains yours ‘forever’.  You’ve built the local business from the ground up, you’ve established the connections and it’s still not fully technically yours. As a result, the perception of owning a franchise becomes scary and confusing .  In reality a franchise business model is designed for the franchisee to repeat the success.  The franchisor is rooting for you to expand the brand successfully. No one goes into a business to fail.

You will encounter these fear-busters in the next few blogs coming your way.  Our hope is that you will use these #FranchiseFearBusters to overcome your fear of franchise ownership.  Only then can you make educated decisions which can help transform your life.

You owe it to yourself to get proper information, gain real knowledge so you can make a well-informed decision.

About the Author of the Franchise Fear-Busters series:

Jackie Coan is an advocate of the franchise industry.  She is active in franchising for 20+ years. Experienced as franchisee and franchisor, she understands what it takes for each role to be successful. Together with her husband Pat and the team of Professional Franchise Recruitment Consultants, they continue to help executives transition to business ownership. She firmly believes that you can be successful with the right opportunity and participate in building vibrant business communities.  You can reach Jackie at jackie@ireglobal.com

Posted on Leave a comment

Leadership Lessons from Third Graders

Leadership Lessons from Third Graders

Lessons in leadership taught by third grade class.

They helped me realize that these lessons apply even when leading adult learning environments.

Remember, leadership is  not about creating an impression. It is about making a lasting impact.

READ THE BLOG HERE.

Posted on Leave a comment

Being in Business for Yourself…

Being in Business for Yourself

And not be by yourself!

These are the Terrible Three which Strike Fear in the Hearts of Prospective Entrepreneurs:

SALES………Direct Selling……….Franchise

WOW!  We cannot even begin to count the number of candidates we have talked with that their immediate reaction involves at least one of the three.

While all of the three are legitimate concepts, lets focus on on franchising.  Most individuals looking to own a business face the decision of “Do I be part of a Franchise system or do it myself”.  We suggest that our candidates look at both options and decide which is the best option for their individual situation.  Here are some of the benefits that a Franchise offers.  If you can match these on your own, the best to launch your business on your own.

  1. You immediately have a partner in the Franchisor as well as all the Franchisees. Information is free flowing and at your fingertips.
  2. Franchise experts are readily available to train you. Whether it is the Franchisor or one of the many Franchise associations.
  3. You instantly have a Brand that is fully developed and perhaps recognized by many.
  4. Access to technology that is already developed and adapted to your opportunity.
  5. Data has proven that your success is much, much higher than doing tit yourself.
  6. Start up and revenue generation is much sooner than personally developing all the systems, marketing, sales processes, etc.
  7. Business ownership can be a lonely world. You don’t have to go it alone as the Franchisor is only as successful as you are.  They are positioned to help you succeed.

Think about it.  If you are thinking about going into business, you owe it to yourself and your family to check all the options.

Blog from the desk of Pat Coan – Business Leader and Entrepreneur

Posted on Leave a comment

Another Year of Resolutions

Another Year of Resolutions with business

From the desk of Pat Coan                 

Did you do it?

Did you do it for 2017, 2016, 2015? You get the drift. How many times have we all set a New Year resolution, only to have it fall apart?  How many times have we set a goal only to change it when we fall behind?  Admit it, we all have!

Business is the same way.  Most of us have lived in the job world for most of our careers.  Many very happily, many maybe not.  Yet, we choose to endure our traditional jobs as we see them as “security” versus “risk”.  Times have changed.  Many factors have caused the phenomenon that jobs can be very risky.  Layoffs, location changes, lower salaries, deteriorating management, etc. affect the mindset of what a successful career path really looks like.

Marketing Guru, Seth Godin discusses this in his book “Poke The Box”.  In paraphrasing, Godin points out that many executives are aware of the opportunities that are in the marketplace.  The fact is that the world is changing fast and that many executives have no choice but to react to the changes.  There is an option, even though it can be frightening and this easy to overlook or ignore. This option could be having the guts and the heart to enter the entrepreneurial world.

It is easy to dream and to create a vision of being a business owner, however very few actually hit the “GO” button.  The challenge isn’t creating the vision or dreaming, the challenge is getting into the habit of “starting”.

Here’s where our team can help. The team and I will personally guide you in the search for the “Right Business, Right Fit(TM)” for you and your family.  No investment on your part to partake in our process to help you see if business ownership is right for you.

No more procrastination, push the START button today.  Schedule a one-on-one conversation now by clicking here.

Here’s to your 2018!

Posted on Leave a comment

The Ideal Help – the Franchise Consultant

The Ideal Help - the Franchise Consultant

Getting the right help is critical to your search

Did you know that 90% of new franchisees would not have heard of the franchise concept they chose, without the help of an experienced Franchise Consultant?

You ask yourself, if you should I use a Franchise consultant or invest your time  to research the endless web.  We know how that goes. We’ve learned that the best franchise consultants are experienced business owners, who have toiled blood, sweat and tears.

Here’s are 7 characteristics of your ideal help – the Franchise Consultant:

  1. Knowledgeable about franchising is key. Receiving advise from someone who has invested in a business is better than the alternative.
  2. Invests time to learn about your financial and personal background in order to present you with opportunities that would may be the right fit.
  3. Identifies  yours skill sets, from the one-on-one interviews and resume review, which may have been invisible to you yet important in business building.
  4. Introduces you to opportunities that will excite you which you’ll want to further explore in more detail.
  5. Invests time to work with the franchisor  for territory checks, franchisee and brand performance, so as to present you with what’s best for you.
  6. Be your advocate during the Qualification and Discovery process and helps you  with your questions and concerns.
  7. Provides you with FREE service to present you with franchise concepts that may be your best fit.

What’s in it for you

Your ideal Franchise Consultant is focused on your interests. You, the client cannot, at any time, sense that your consultant is concerned about losing the deal. Your franchise consultant must ensure that you gain a clear understanding of the franchise opportunities.

Your success is critical to yourself, the Franchisor and the Franchise Consultant. If you have any doubt or your gut feel says not to trust your Franchise Consultant, it’s time to find new help.

Blog from the desk of Pat Coan – Business Leader and Entrepreneur