Tag: business

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Planning & Management

Plan For Success

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As a solopreneur there is always an endless list of projects that we want to work on or need to complete in order to grow our business. If we don’t plan properly and build in time to work on these projects we can very quickly become overwhelmed, and in the end we don’t complete anything.

This first quarter I’ve launched two products, revamped my website, hosted a teleclass series, and launched a new service, all of which have been achieved without sacrificing client work, and without staying up until the wee small hours of the morning!

So, how do I achieve all of this, and still manage to have some free time?

Quite simply, I plan! And today, I’d like to share with you my top five tips for planning for success!

1. Create a Project Planner. I have my own one-of-a-kind List Building and Marketing Workbook that I use to plan which projects I am going to work on and when. This spreadsheet is at the heart of my business; I keep it handy so that I can refer to it often, and I update it on a regular basis.

It sets the scene for projects that I want and need to complete for the year, although I don’t necessarily plan out the whole year in advance! I plan by quarters. That makes it much easier and more achievable than trying to plan out the whole year, although I may add projects to my planner well in advance!

2. Create a Timeline For Your Projects. Are there some projects that you can’t complete or begin work on until you’ve completed a previous one? For example, one of my projects this year is to set up and run an affiliate program for my products; however there is really little point in me working on the affiliate program until I have some products to sell! So first I need to create and launch the products, then work on the affiliate program. So when planning for this, I know that I can add affiliate program set up for at least six months ahead.

3. Set Aside The Time To Work On Your Business. I have one day a week that I set aside for business development and marketing activities, such as developing info products, writing my newsletter, submitting articles, or some other activity on my List Building and Marketing Workbook. On this day I don’t do any client work (if a client has an urgent project then I may have to rethink) but as a general rule this is the day and time I have set aside to work on my business.

4. Plan The Time For Client Work. Set aside specific days/time each week that you are available to work on your client and income generating activities so that they do not get overlooked. Put this time down in your calendar so that you will stick to it.

5. Do Not Allow Yourself To Get Distracted. The truth is I only have a very limited amount of time during which I can work with my clients and work on my business. The time I do have I protect it closely and really focus on what it is I need to do, whether that’s client work or working on my business. During this time I won’t let myself get distracted by going off and reading emails, becoming involved in discussion groups, or even running personal errands.

By really focusing and making the best possible use of the limited time you have available, you can can achieve A LOT! I know I do!

Categories
Franchise

Choosing a Franchise

busineesman-calling.jpgMore and more, women are discovering that franchising is a great way to become a business owner. Whether your background is banking or baking, marketing or mothering, you’ve probably developed a set of skills that will translate to any number of franchise opportunities. And, because a franchisor will provide you with the systems, operations and training, you can make a complete career change without starting at the bottom and working your way up!
But how do you find the franchise opportunity that is right for you? With several thousand franchised businesses in the U.S., your options are nearly limitless. But don’t despair – here’s a list of steps you can take to narrow the choices to a few that really match your needs, skills, personality and aspirations.
ONE
The first step to finding that perfect franchised business is to take a serious look at what you, the potential franchisee, will be able to offer.
1. What skills, experience and interests do you have?
2. How much money can you invest and how much would you like to make?
3. Are you comfortable managing others or would you prefer to work alone?
4. Where do you want to work? Are you willing to relocate?
5. What hours are you willing to work and what lifestyle expectations do you have after the business is established?
6. How do you feel about selling and the sales process?
7. What do you feel to be your strengths and weaknesses in business?
Make a list of your answers to all of these questions and then use this as a guide as you do your research. This will help you quickly eliminate those businesses that just don’t fit and help you stay focused on what is important to you.
TWO
Now you are ready to begin doing some serious searching. Start with item 1 on your list and think about your talents and interests. Do you love working with children? There are a plethora of wonderful franchises that enhance the lives of children and help their parents – everything from baby aerobics to teen tutoring. Is travel your passion? Why not consider a travel franchise?
Did you slurp a delightful fruit smoothie while on vacation but can’t find the same brand in your neighborhood? Maybe that’s the business you’ve been looking for. And don’t overlook service businesses – they can offer high profits for a low investment.
Another source to get you started is a franchise advertising website, such as Bison.com. These sites often have the franchise companies organized by category to help you narrow your search and usually list the basic financial requirements of the business and the type of franchisee they are looking for.
THREE
At this point you have found a number of franchise companies that look promising and you’ve compared the information available on their web sites against your list. Your next step is to contact these companies and request their UFOC (Uniform Franchise Offering Circular, a document every franchise in the United States is required to provide) and then to review it carefully.
The UFOC will tell you the history of the company, the training and marketing programs, and what costs, royalties and fees you will be required to pay. Some franchisors also provide earnings claims in the UFOC that will help you estimate the potential of the business.
Franchise companies are required to revise and file their UFOC yearly and whenever major changes are made so the information is usually very current. By paying attention to what you discover in a company’s UFOC, you can weed out franchises that just don’t measure up. Some warning signs of a franchise that is facing challenges are extensive litigation with franchisees or a closing rate of units greater than what’s being opened.
FOUR
CALL EXISTING FRANCHISEES! Step four is crucial to your understanding of how the franchisor works with its franchisees. This is not a step you can skip or do haphazardly. Contact information for existing franchisees is available in the UFOC and it’s a good idea to make a list of the questions you will be asking before you make the calls.
Existing franchisees are your best source of information for finding out what really happens in a business on a day-to-day basis. You can ask what they like and dislike about the business and if they are happy with corporate support. They may be able to give you ideas about what they’d do differently if they were starting their business again and even give you a feel for the type of earnings their franchise makes.
Gather a variety of opinions from franchisees in different areas of the country and particularly any franchisees in areas similar to the one you are in. These calls should give you a clear idea of how the franchisor helps a franchisee during the start-up phase, how the franchisee feels about the training and support provided and a better idea of the business culture of the franchisor.
FIVE
Hopefully you’ve now found one or several companies that will meet your needs.
When you’ve made it this far, it’s time to go to Discovery Day (an on-site meeting with a franchisor). At this meeting you will be introduced to the top people in the home office and you may make a visit to a local franchisee, allowing you to ask even more questions and maybe to get some hands-on experience with the business.
Discovery Days are very interesting and exciting. When you leave, you will have a good understanding of the franchise. Don’t forget that this is a two-way street. They’ll be evaluating you as thoroughly as you evaluate their business.
SIX
Your last step is both exciting and terrifying at the same time: you need to make a decision. If you have followed all the steps and have been very honest with your self-evaluation and research, you should have confidence that you are making the right decision. Be aware that fear is a normal reaction to new experiences – just don’t let it stop you from achieving your dreams.
Congratulations – you’re ready to be a franchisee!

KimberlyEllisPhoto.jpgKimberley Ellis is the President of Bison.com, a leading online resource for franchise and business opportunities. She has been quoted as an industry expert in USA Today, Wall Street Journal and a variety of local and regional publications regarding trends in business and franchising. Kim combines her entrepreneurial spirit with a diverse background in marketing and operation to help others succeed in franchising.

Categories
Franchise

Do You Have What it Takes to Be Successful as a Franchise Owner?

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Have you ever wondered if you have the personality and skills to be a successful franchisee? There are over 2500 franchise companies operating in the US, each requiring a plethora of different skill sets in a franchise owner.
I’ve heard some companies say they have many franchisees who came from corporate downsizing, former CEOs and CFOs and such. Others claim they don’t want franchisee candidates with too much structure. Some companies want a marketing and sales background and others prefer someone without preconceived ideas so they can train that person in their system, their way.
Confusing? You bet! But there are a few key characteristics that you should be aware of to determine if franchising could work for you. Are you cut out to be a successful franchise owner? Consider the following:
Making Connections
A successful franchisee needs good interpersonal skills. Seem obvious? Well think about this carefully. In your current and past jobs, did you really enjoy working with people?
A franchisee will need to manage employees and work to retain them. You’ll have to build good-will with your customers and gain their loyalty and trust. In many cases, a franchise owner’s role will be to make community connections by joining civic organizations and networking with various groups.
If you are truly a people person, you have one of the most valuable assets to successful franchise ownership.
Following a System
Many people think being your own boss requires you to be a true entrepreneur, someone who wants to take charge and challenge each step in the process.
That’s simply not true for franchising. If someone has already done the work, tested the procedures and proven that a system works, a clever person will pay attention and follow that system. This person is truly focused on success.
Someone willing to listen and learn from others to avoid making mistakes will avoid many of the pitfalls of business ownership and find success sooner. That is the essence of franchising.
Willing to Ask for Help
In the same vein, a good franchisee candidate is someone who will let the franchisor help and support them. At most franchise companies, there are teams of people who will train you in every aspect of the business. There are people to call for help. There are people who will come to your place of business to show you the way. The motto of franchising is that you are in business for yourself but not by yourself. It is up to you to take the help and follow the advice. When you are successful, the franchisor is successful.
Doing Whatever it Takes
There is just no substitute for hard work, particularly during the first year. A successful franchisee is someone who is willing to do whatever it takes to get the job done. They show their employees by example. They put in whatever hours necessary to get the job done.
If you are someone who understands what it takes to be successful and have the motivation to make your business succeed, you have the cornerstone of a winning franchisee personality.
Avoiding Risks
Starting a business by yourself is taking a big risk. Buying a franchise reduces the risk. In fact, successful franchisees are typically risk averse. They want to minimize their risk as much as possible and so they choose a strong franchise system with a proven track record.
If you love to take big, bold risks, franchising probably isn’t for you. If you are careful and thorough in your franchise research so you know just what you are signing up for, then you have the stuff to triumph as a franchisee.
So, how many of these qualities do you have? Unlike a magazine survey on health concerns, you can’t get some of the answers wrong and still be in good shape. You need all of the above attributes to consider yourself a great candidate for franchise ownership.
This new business you are considering is your business and the money you invest is your money. You’ll want to have every advantage possible to make it successful. So before you begin research on a franchise company, do some soul searching about your own assets and how they fit with a franchise opportunity.
There’s nothing more exciting than embarking on that road to owing your own business. Just make sure you can avoid the speed bumps along the way.

KimberlyEllisPhoto.jpgKimberley Ellis is the President of Bison.com, a leading online resource for franchise and business opportunities. She has been quoted as an industry expert in USA Today, Wall Street Journal and a variety of local and regional publications regarding trends in business and franchising. Kim combines her entrepreneurial spirit with a diverse background in marketing and operation to help others succeed in franchising.

Categories
Business Ideas Entrepreneurs Entrepreneurship Franchise How-To Guides Starting Up

How to Evaluate a Franchisor’s Training Program

Not long ago I took a trip to Tuscany and spent a week in a cooking class. Before the trip I spent time researching my options. I wanted to know who would be teaching the class, what courses and dishes would be covered, how hand-on the class was, if wine-pairings with the dishes would be addressed and if the class included trips to the local farmer’s markets to select fresh produce. Finding just the right cooking school was important to me because I would be spending a significant amount of money traveling to Italy and I wanted my experience to be well worth my time and effort.
For a woman interested in buying a franchise, evaluating the training a franchise business offers should involve even greater research – after all, this is about your future – not a vacation.
As part of your due diligence when researching a franchise opportunity, find out everything about the training a franchise system provides. A good training program should cover not only the product or service but also setting up the business, marketing, employee management, business procedures, reporting, etc.
The best way to find out about the scope of the training program is to ask existing franchisees. Find out what stood out about the training they received and what they feel could have been covered more completely. Ask them how prepared they felt when they opened their business and what ongoing training they have been provided.
Keep in mind that the franchisees you talk with may have been through various versions of the training program. Problems that existed at one time may have been fixed. Or, you may find that a training program that was fine in a company’s early days is now out-of-date. Be sure to include in your research franchisees who have had the same training you will receive to get an accurate assessment of its value.
Ask current franchisee if they received a training manual and if the information is updated periodically. Also ask if the franchisor offers other training resources such as conference calls, webinars or intranet sites. Ongoing training is important for many companies who adjust their business with changes in the marketplace. If this applies to the business you are reviewing, find out what they do to keep each franchisee up to speed.
An addition source of training may come from periodic conferences held by the franchisor. Besides providing additional education about the product or service, conferences offer franchisees an excellent opportunity to connect and network with other franchisees in the system. A network of peers is one of franchising’s invaluable resources so be sure to ask if this is an opportunity the franchisor provides.
Although this is less of a problem today than in the past, some industries may have an “old boy’s club” mentality among franchisees. You will be able to tell by reading the UFOC if there are other woman franchisees. Include some women in your due diligence calls so you can get an idea of the business culture and the prevailing attitude towards woman franchisees.
Many franchisors will have field support personnel who are available to be at your site during your grand opening and at periodic intervals during your first year in business or longer. Having someone right there to answer your questions may help calm your first-day jitters so find out if this a serviced provided by the franchisor.
If, after your franchise investigation process is completed, you don’t feel the offered training will adequately prepare you to run your new business, it’s time to step back and look at other opportunities. As reported in the August 2006 Franchising World magazine, a recent study by FRANdata found nearly 2500 franchise concepts in 18 different industries and almost 900 of these concepts were started over the past three years. You don’t have to compromise – if one company does not have the training you are looking for, there are sure to be many other companies who can meet your needs.
I’m happy to report that the cooking school in Tuscany exceeded my expectations and I left there able to prepare a number of authentic and delicious Italian dishes. Had I not researched the available schools so thoroughly, I might have been very disappointed with my choice.
To get full value for your investment in a franchise business, the training should answer all your questions and set you up as a confident and successful owner.
Franchisee training should include:
• Everything you need to know about the product or service
• Everything about using/protecting the brand
• How to find your business location
• How to negotiate a lease
• How you complete the permits and buildout
• How to find, hire and manage employees
• How to market your product or service
• How to keep books and records for the business
• The reporting requirements and processes
• Where to get the equipment needed for the business
• How or where to buy supplies and inventory
• How to get help when you have a problem
KimberlyEllisPhoto.jpgKimberley Ellis is the President of Bison.com, a leading online resource for franchise and business opportunities. She has been quoted as an industry expert in USA Today, Wall Street Journal and a variety of local and regional publications regarding trends in business and franchising. Kim combines her entrepreneurial spirit with a diverse background in marketing and operation to help others succeed in franchising.

Categories
Franchise

Seven Sure Steps to Choosing a Franchise

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Franchising is a wonderful way to go into business for yourself. So many things have already been established for your benefit: branding, marketing, processes, products, systems, etc. Building a business through franchising has been so successful that franchised businesses generate jobs for more than 18 million Americans and account for 9.5 percent of the private-sector economic output, according to a study released by the International Franchise Association Educational Foundation.
If you are convinced that you want to investigate franchising for your next career move, how do you go about finding just the right one?
This is one subject about which much as been written. Everyone has their own version of what you need to do to find that one, perfect concept for you and for your market. At FranChoice, helping people find their ideal franchise opportunity is what we do. As a result, we have worked with thousands of people looking to find the right franchise and realize their dreams.
Here then is our recommended approach of determining what to look for in a franchise that will meet your needs, expectations and goals:
STEP 1
Before you start looking at franchises, take stock of that most important component of the equation – YOU.
• What skills, experience and interests do you have?
• Consider your past jobs and determine what you liked best and least about them; then make a list of your strengths and weaknesses.
• How much money can you invest and how much would you like to make?
• Are you comfortable managing others or would you prefer to work alone?
• Where do you want to work? Are you willing to relocate?
• What hours are you willing to work while the business ramps up and what lifestyle expectations do you have after the business is established?
• How do you feel about selling and the sales process?
By starting with a list of what you have to offer and what you need from a business, you can create a strategy and model for your research.
STEP 2
Keep an open mind. Whether (at Step 1) you use a resource like FranChoice or do your own franchise research via the Internet, it is best to keep all options open when considering a franchise.
An inexperienced person may approach the process by thinking, “Well, I love donuts. How about a donut franchise?” And after spending days or weeks of research on Krispy Kreme, Dunkin’ Donuts and others, the individual may find he doesn’t have the required capital, the territory he wants is not available, and he’d have to give up weekends if owning a food franchise.
Another ineffective way to begin your franchise research is to lock yourself in to one or two concepts. If you think, “I’ll only look at ice cream and exercise franchises,” you may miss finding that that gem of a concept that would mesh perfectly with your needs.
With thousands of franchise companies available, keeping an open mind is the best strategy you can employ to get on the ground floor of that new, hot concept or to find something that will really take off in your market.
STEP 3
Let’s say you’ve found an assortment of franchises that look promising. What do you do next?
Contact the franchisors and request information about their concepts. You will probably get call from someone in the franchise development department who will gauge your interest and advise you if the territory you seek is available. You will want to thoroughly view the web site information and any brochures and videos they send you.
Keep notes on your impressions. Are their materials professional and up-to-date? Are you treated courteously by a friendly and knowledgeable member of the corporate office? Are your questions and concerns answered to your satisfaction?
What you see from the company at this time may be an indication of the type of support you would receive as a franchisee in their system.
STEP 4
Your next step is to read the company’s UFOC (Uniform Franchise Offering Circular), a document every franchise in the United States is required to provide. From this you will learn the history of the company, the training and marketing programs, and what costs, royalties and fees you will be required to pay.
Some franchisors also provide earnings claims in the UFOC that will help you estimate the potential of the business.
The UFOC is full of information about the franchise and it clearly explains the responsibilities of the franchisee (you) and the franchisor. Your UFOC review and understanding is a very significant part of the research process.
By paying attention to what you discover in a company’s UFOC, you can weed out franchises that just don’t measure up. Some warning signs of a franchise that is facing challenges are extensive litigation with franchisees or a closing rate of units greater than what’s being opened.
STEP 5
We consider this step to be of monumental importance when judging the likelihood of finding happiness in a particular franchise: CALL EXISTING FRANCHISEES!
Existing franchisees are your best source of information for finding out what really happens in a business on a day-to-day basis. You can ask what they like and dislike about the business, if they are happy with corporate support, and even get a feel for the type of earnings a franchise makes.
Gather a variety of opinions and you’ll get a clear picture of not only the franchise itself but of how you’d fit into the organization. That is why this step is so significant to your being able to make a definitive decision.
STEP 6
Your next step is to narrow down your choices. Okay, maybe it’s not all that easy. Let’s review what you’ve done so far:
1. Made a list of your strengths, experiences and needs
2. While keeping an open mind, found some companies that look promising
3. Requested information
4. Reviewed the UFOC
5. Talked with existing franchisees
Hopefully you’ve now found one or more companies that will meet your needs.
When you’ve made it this far, it’s time to go to Discovery Day (an on-site meeting with a franchisor). At this meeting you will be introduced to the top people in the home office and you may make a visit to a local franchisee, allowing you to ask even more questions and maybe to get some hands-on experience with the business.
Discovery Days are very interesting and exciting. When you leave, you will have a good understanding of the franchise. Don’t forget that this is a two-way street. They’ll be evaluating you as thoroughly as you evaluate their business.
STEP 7
The last step, of course, is making the final decision. Like any major decision, you will be filled with anticipation and anxiety, excitement and fear. Those are very normal feelings, experienced by almost everyone.
But if you’ve done your homework and followed the steps as outlined, you should be very comfortable with your decision. Congratulations – you’re ready to be a franchisee!
KimberlyEllisPhoto.jpgKimberley Ellis is the President of Bison.com, a leading online resource for franchise and business opportunities. She has been quoted as an industry expert in USA Today, Wall Street Journal and a variety of local and regional publications regarding trends in business and franchising. Kim combines her entrepreneurial spirit with a diverse background in marketing and operation to help others succeed in franchising.