Hard work certainly does not guarantee success. That is a powerful statement to consider when starting a business. Even when buying a franchise, this statement rings true despite the adage in franchising of being in business for yourself, but not by yourself.

Of course, when buying into a franchise you should be buying into a proven brand, a proven system and one that has a certain level of success across various locations and markets. I do emphasize the word, “should” which is why I’m so adamant about candidates doing their due diligence, and then some.

Assuming that franchisees have done an ample amount of due diligence ahead of signing a franchise agreement, their success will be predicated on their commitment to succeed. They must fully understand that running a business, any business is hard work. Yet, working hard is not a guarantee for success.

Please let that set in – working hard is not a guarantee for success!

Franchise Success: It Takes More Than an Investment & Hard Work!

Too often than not, franchisees are of the mindset that they’ve bought into a franchise system and just need to sit back and wait for the business to flow through their doors. 

Sometimes, it’s ignorance and perception that clouds their thoughts, thinking that the brand name they invested in should be enough for instant business success at their location. But most of the time, it’s just plain old arrogance that gets in the way.

It’s the arrogance of having committed hundreds of thousands of dollars to buy a franchise as being the sole reason for success. It’s the feeling that with this level of financial commitment, the franchisor should be solely responsible for making sure franchisees succeed, almost demanding a guarantee of success!

Well, it is not the franchisor’s sole responsibility, under any circumstances for making sure that franchisees succeed. Sure, the franchisor must provide franchisees with a proven system and field-tested tools, that when utilized diligently and effectively should provide them with the foundation to succeed.

But, it’s just that, a foundation. And the franchisor should have systems in place to monitor franchisees’ progress, provide additional training and guidance, and further the overall development of the brand. 

All are meant to contribute to solidifying that foundation. However, as detailed and comprehensive as all that sounds, it still is not enough for most franchisees to succeed without their own drive and determination. And, not just words, but actual action.

Failure or Success?

Years ago, I was working with a franchise group on a complex marketing project. The project was ultimately a success and achieved most of the goals and objectives that were established prior to launch. 

Most of the franchisees embraced the strategy and were extremely instrumental in executing the plan. However, there were five franchisees that just could not get out of their own way to realize the benefits of the plan, and as such, did not realize positive results as had been achieved by their fellow franchisees.

As with many of my franchise clients, the franchisor requested that I work with these franchisees to ascertain the root of their problems and to develop an aggressive plan of action to move their businesses forward. You see, the franchisor truly wanted to see their franchisees succeed! 

By the way, these franchisees represented the bottom of the franchise group in average unit sales. Definitely, that was not a coincidence.

Well, to make a long story short, the obvious problem in each case pointed back to the franchisees working “in” the business, as opposed to “on” the business. Mix in some procrastination, entitlement attitudes, and of course, total denial, and the recipe for total business failure was complete.

I was able to determine that these franchisees were compensating for their path to failure by being at the business location longer hours, spending more and more time taking care of customers while spending less and less time on anything else. 

All claimed to be working harder than they had ever worked before. Was it because they had to cut payroll and do the job themselves? Ironically, that was not the case as I found employees standing around while the franchisee did their jobs.

Often, I witnessed franchisees literally stepping in front of employees to take care of a customer. When I addressed the same with the franchisees, it was quite apparent all were actually preparing for failure but didn’t want to be considered the actual cause of failure. 

All thought that by being seen at the business long hours every day and working non-stop behind the counter, no one would be able to say they didn’t work hard at making the business a success. Certainly, they wouldn’t be blamed for failure.

Of the five struggling franchisees, all but one was anxious to listen and make firm commitments to improve their situations. The remaining franchisee was thoroughly convinced he would fail and there was nothing he, or anyone else could do to change the situation.

He placed total blame on the franchisor, claiming they didn’t provide support and strongly professed that he, himself did everything humanly possible to succeed.

When I asked what he was referring to, he pointed to the long hours every day. When I asked about marketing efforts, he claimed he shouldn’t have to do anything in that regard and pointed back to the franchisor.

He ranted about how the franchisor should have spent money on his behalf in promoting the business and how he spent over $300K on build-out and equipment and that should have been more than enough to ensure his success. Further, he felt he should be able to open the doors everyday and if the brand name was strong enough, success would occur in a relative matter of time.

As I indicated, four of the franchisees decided to move forward. Agreeing that failure was not an option, we developed and executed an extremely aggressive, yet cost-effective plan of action. The plan was centered around getting outside the business location every day to promote their business wherever and however they could.

They all agreed they should have been doing this all along but always seemed to procrastinate in actually getting the job done. They attributed a big part of their procrastination to a strong sense of entitlement that the franchisor should be doing more because they, the franchisees were the ones that already made an investment to grow the brand. 

As such, they had convinced themselves that any possibility of failure would fall firmly on the franchisor’s shoulders. In turn, they buried themselves “in” the business and were awaiting the inevitable.

After many hours of discussion and debate about vision, passion, drive and determination, all four franchisees decided to take responsibility for their actions and would hold themselves to a high level of accountability, to their business, employees, family, and to themselves.

Each was relentless in their quest to turn their businesses around. They spoke to whoever would listen about their products and services. They were tireless in their efforts to discover new groups and organizations that might listen and learn about what their business had to offer.

They were almost to the point of being ruthless in their desire to ask for referrals and recommendations. They were all thinking outside the box, always asking themselves, “What more can be done?” and never accepting “nothing” as an answer, as an excuse.

Needless to say, their new attitudes became contagious and before they knew it, everyone seemed to be spreading the word. Nowadays, we would refer to that as a “viral” effect.

The Final Tally

One franchisee sold his business to an individual he met when spreading the word about his business. The new franchisee became a multi-unit operator and eventually sold the business for a significant profit.

Two franchisees took on partners they met in their efforts within the community. All are now multi-unit operators within several franchise systems.

One franchisee continues to operate her business and although happy to have survived, never had the desire to open additional locations.

And, the franchisee, who said he would fail… was absolutely right!

Have a great day. Make it happen. Make it count!

As we’re back in full swing after a long holiday weekend, I’ll pick up where we left off last week on revisiting some previously shared information about what should be done when exploring franchise opportunities.

Actually, I’m going to take it a step further and share an article that includes information from two franchise professionals that I respect very much, Joel Libava and Rick Grossmann. In the following article, you’ll find links to some of their great advice. I highly suggest if you’re exploring franchise opportunities, or even have an inkling of interest in franchising, I suggest following both and heeding their very sound advice.

Do Your Homework BEFORE Buying a Franchise!

The dream of owning your own business is alive and well for most Americans. The only problem is that many people don’t know where to start on the journey to becoming self-sufficient. There are a million different options, but first and foremost each potential entrepreneur must decide if he or she wants to become a franchisee or start a business independently.

Each route has its benefits; therefore, it’s critical to take the time to consider both options before making a decision. What it initially comes down to is asking yourself the following questions:

1. Do you understand every aspect of the business, or do you thrive in one area?

When starting a business from scratch, entrepreneurs should be well versed in every single element of the enterprise. They need to create systems and procedures and test whether these work for that particular business. This process of ironing out the details deters some from choosing to own an independent business but excites and challenges others.

Conversely someone who buys a franchise knows that someone else has already done the “dirty work” and found the most effective systems for that particular business. A franchisee must simply thrive at correctly running the system while adding their own personal management touch. 

2. Are you an expert at making a name for yourself or would you like to be associated with an already strong brand?

When purchasing a franchise, you are also inheriting the reputation of that brand. For example, if you open your own Dunkin’ Donuts shop, you will encounter customers who already recognize the pink and orange logo. Many people will know whether they like the brand and will expect speedy service providing them doughnuts and steaming hot coffee.

On the other hand, those starting a business from scratch have a chance to create a unique brand identity. But consumer trust and awareness don’t come easily; they need to be earned through time, consistency and excellence.

3. Are you the kind of person who likes to go it alone or do you appreciate a sense of community?

Owning a business — whether it’s a franchise or not — can be risky. Some people prefer to be self-reliant and want to manage potential problems using past experiences and premonitions as guides. An entrepreneur must solve the issues that arise.

Others prefer enlisting the support and help of others to ensure that their business runs smoothly. A franchisee has many built-in allies, including the franchisor and other franchisees within the system.

The most important factor for success is making sure that problems are identified, and steps are taken in the right direction.

Is Owning a Franchise in Your Future?

For many individuals that explore franchising as the next step in their career, as a way to control their own destiny or as a way to create a family business understanding the process can be quite overwhelming. Below are several articles by franchise experts I shared on my blog in 2018.

Still relevant today, I believe it will help interested parties diligently navigate the process to help create a playing field that is best for them as opposed to seeing themselves aimlessly tiptoe through a minefield consisting of franchising’s good, bad and ugly.

If you’re thinking of becoming a franchisee, how should you prepare yourself?

Buying a franchise can be a great move for a would-be entrepreneur who doesn’t want to create a new business from scratch. In theory, franchisees acquire a model that already works on every level, from branding to pricing to marketing. A ready clientele eagerly spends on Dunkin’ Donuts, McDonald’s and 7-11. The market has tested the best recipes for glazed crullers, Egg McMuffins and the right combo of energy drinks to stock next to the register.

But making a go as a successful franchisee can be a lot more complicated than simply finding an appealing brand and plunking down some cash. For a taste of what can go wrong, see Forbes’ piece about the past problems at sandwich franchise Quiznos, which paid $206 million to settle a suit brought by franchisees who claimed the chain had oversold its markets and excessively marked up supplies. Read more

How to Buy a Franchise

Contrary to popular belief, the process of buying a franchise isn’t really difficult-but it is a process. I’ve found, (through working one-on-one with thousands of potential franchise owners) that it’s really important to tackle a major life decision like the purchase of a franchise business-or any type of business, in a very methodical way. (Even if you’re not a methodical person!)

But you need to realize that buying a franchise is a big deal. It could potentially be life changing. That’s what you want, isn’t it?

After all, you probably wouldn’t be reading this if you wanted to just go out and find a new job -or keep the one you have.

With that in mind, kick off your shoes and grab your favorite beverage. In this article, Joel Libava, The Franchise King shows exactly how to buy a franchise. Read more

Owning a Franchise Business is Good for Your Family

Many entrepreneurs choose to become small-business owners with an exit strategy of turning over the business to their children one day — a strategy that takes on more importance in an era where young people are struggling to find gainful employment.

Children who begin working in the family business at a young age will typically start an ascension into management after college, with an eye on purchasing some or all of the family business as their parents head into retirement. Often, the parents will retain a percentage of the business as a revenue stream in retirement, adding an extra level of responsibility for the child as a steward of their parents’ nest egg.

Even if they don’t stay in the family business, studies show that parental entrepreneurship increases the probability of children’s entrepreneurship by about 60%. Children of entrepreneurial parents have already experienced many of the ebbs and flows of small-business ownership, which helps to mitigate their fears and raise their risk tolerance. Read more

Learning About Franchising

During research for Franchise Bible, 8th Edition, author, Rick Grossman found that the franchise industry had changed in many ways over the years. Technology has had the biggest impact by modifying buying behaviors. Not too many years ago, franchise buyers would find an opportunity in Entrepreneur magazine or by attending a franchise expo in-person. 

They would then go through the franchisor’s respective step-by-step process to qualify, purchase and launch their franchises. But today, buyers can find a plethora of information online about nearly any franchise they want to learn about. This has leveled the playing field for new innovative companies to compete favorably with the “big boys” in the marketplace. Read more

Have a great day. Make it happen. Make it count!

I always think about the thoughts that others may have had in their minds as they’ve paired a particular image and quote and shared it on social media. I know that I most likely take a longer look than most as I attempt to formulate in my own mind the reasons that I would personally share an image with a quote. Or would it be a quote to an image?

In any event, it’s the thought process that I love. Especially how it may relate to my current mindset. Even more so after a recent coaching session with a client, or as I may be thinking about challenges of the times and how our clients may be affected.

Coming across one this morning, it took me down a proverbial rabbit hole — one that really had me associating it with work we’re currently doing with both current and aspiring entrepreneurs. Although, it was not my intent to focus on work this morning. It just seemed to happen. I’ll just chalk it up to my passion for entrepreneurial success at all levels.

So many thoughts come to mind as I view this graphic. Especially as I reflect upon the person who I see as an entrepreneur standing at the edge of a cliff. I see the solace, maybe even loneliness of an entrepreneur with his or her dreams seemingly within reach… yet, just out of reach.

Is the entrepreneur standing on earth in the shadows of his or her dreams, or is the entrepreneur in some distant place looking back at earth, and at reality?

An entrepreneur’s dreams, some brighter than others, are almost like spotlights that enable the entrepreneur to visualize things from different perspectives, spurring ideas and creativity in an entrepreneur’s mind. Or possibly, the various areas, both bright and dark may also represent wishes as well as hopes — rounding out the wishes, hopes & dreams trifecta.

Honestly, I didn’t see the quote until well after I had interpreted the image alongside the quote. When I did, it immediately took me to what I believe was a different path than what the person who had originally shared the graphic had intended. I’m certain of that, but my mind was already focused on entrepreneurship and the challenges being faced by entrepreneurs today.

So, I interpreted the quote along the same lines as I had the image. As such, I saw it as a reference to the acceptance of the entrepreneur’s ideas by others including investors, stakeholders, and even fellow entrepreneurs.

But as I continued to give it thought, I also interpreted it as a message addressing the introverted attitude of many entrepreneurs whose laser-focused approach to their work is seemingly without care of what others say or think about them. It raised the question in my mind about whether acceptance is necessary for an entrepreneur.

Although, especially with all we know about entrepreneurs and their unique personalities and character traits, acceptance may not appear to be considered as necessary. However, it may be a consideration, or better said, a goal when and as relationships develop, mostly as a result of visionary similarities, that common bonds start to form.

Often, such relationships can become quite strong as the passion of two typically equals the same of four or five individually. After all, passion is contagious!

I believe it’s this form of acceptance that actually helps the entrepreneur’s vision to become clearer. It’s almost as if the entrepreneur’s dreams have been validated. Of course, confidence builds.

I further believe it’s this subliminal fact-checking process that leads to self-acceptance. THAT is what keeps the entrepreneur driving forward, not only in the face of challenges, but despite them.

Have a great day. Make it happen. Make it count!

As the Labor Day Weekend is upon us, I’m going to shift my focus from exploring franchise opportunities for the next few days as most of us look to enjoy what has become to be known as the last weekend of summer.

But before taking the next few days to recharge my batteries and prepare for what is setting up to be a very busy few months before year’s end, I’d like to share an article I had written several months ago about entrepreneurs and holiday weekends.

Entrepreneurs and Holiday Weekends

We often hear about entrepreneurs being incessant about working long hours, never taking a day off, missing family functions, and essentially not having lives outside their own minds, and their work. Many have asked me if all of that is true?

Well, for the most part it’s not true. Yet, there is some truth. Sure, some of it is myth as people just love superheroes and the stories about their seemingly superpowers including being able to function on little to no sleep.

Well, let’s dispel right now that entrepreneurs are anything more than human. Let’s dispel the myths that they can function without sleep, without rest, without knowing when to shut down for a day or two. But what we can do is learn from what makes them successful by ensuring sure they have the freedom and flexibility to do what they want to do, when they want to do it. It’s all about being positioned to have choices.

Award-wining author and entrepreneur, Richie Norton says it best, “Entrepreneurs don’t have weekends or birthdays or holidays. Every day is my weekend, my birthday, my holiday. OR every day is my workday. Mostly it’s a choice.”

Strategic Coach is one of the world’s leading organizations focused on entrepreneurial success. Within their resource section of its website is a blog post, Putting the Focus on Freedom. Of all the information about entrepreneurship that I have researched and read over the years, the opening question and statement in this post has become, in my mind the foundation of entrepreneurship to me:

“Why did you decide to become an entrepreneur? For most entrepreneurs, the answer is freedom. They wanted more freedom of time, money, relationship, and purpose when they took the leap to starting their own business.”

Another great organization focused on entrepreneurial success is The Lonely Entrepreneur. What I love about this organization and the writings of its founder, Michael Dermer is the reality of entrepreneurship and the inner workings of an entrepreneur’s mind.

There’s an article on The Lonely Entrepreneur website that always comes to my mind as a holiday weekend is in sight, What is an Entrepreneur? Dealing with the Holidays. This particular statement is embedded in my mind:

“As entrepreneurs, we have enough stress throughout the year trying to win customers, bring on employees, raise money and sign deals with vendors. We may have enjoyed, or even taken advantage of these breaks in our “past lives,” but once you become an entrepreneur, we can’t understand how this ever made sense. Most of us also don’t understand how the world could be so insensitive to our efforts by taking time off when we need to get shit done.” 

I highly value both organizations and certainly, I respect both Michael Dermer and Strategic Coach founder, Dan Sullivan. I know that both strive to help entrepreneurs succeed. Both have approaches that make sense. Both speak and teach from personal experience and long distinguished careers of helping others succeed – thousands upon thousands! Yet, each comes from a different angle, so to speak. But I do appreciate that!

It truly has been a blessing and a privilege to have been exposed to both organizations. I have learned so much, and yet, have so much more to learn so I’m extremely grateful to see both founders’ continued efforts and commitment to entrepreneurial success. For me, it helps me balance perspective in my own work, and balance in my personal life.

Freedom. Choice. Balance.

Freedom is defined as the power or right to act, speak, or think as one wants without hindrance or restraint.

Choice is defined as an act of selecting or making a decision when faced with two or more possibilities.

Balance is defined as a condition in which different elements are equal or in the correct proportions.

Do you see where I’m headed with this? Are you wondering, what does freedom, choice and balance have to do with entrepreneurs and holidays, the basis and title of this article? To some it may mean nothing. To others, as it does to me, it speaks volumes. But what it means to you is the correct answer.

Have a great holiday weekend. Make it happen. Make it count!

Most franchise candidates I work with ask me about due diligence and what it actually means and entails, and especially as it applies to exploring a franchise opportunity.

First, I make certain they actually understand the definition of the term. Defined by Merriam-Webster for business application is the research and analysis of a company or organization done in preparation for a business transaction (such as a corporate merger or purchase of securities).

Of course, entering into a franchise relationship is an example of a business transaction, so it’s easy for a candidate to understand how due diligence applies for them. There never appears to be a doubt in their minds as they nod their heads in affirmation. Yet, sadly, some hardly do any due diligence. That is something that I’ll never understand.

In any event, I also take ample time to discuss what should be done in their due diligence and especially questions they should be asking along the way. In various articles I’ve published, I’ve outlined some of those questions as well as the different things candidates should be doing to fully understand all aspects of the franchise opportunity and what they can expect as a franchisee. After all, everything that glitters is not gold!

Today, let’s look at one of those articles, Exploring a Franchise Opportunity: Do your due diligence… and then some!

Potential franchise buyers must know that before making a final decision, they need to obtain information from other franchisees and also from the franchisor. But what information do they need to secure?

I always recommend using the Franchisor’s Franchise Disclosure Document (FDD) as a guide. I instruct candidates to read through it and ask a potential franchisor very specific questions about each item listed. It’s a can’t miss road map. Plus, it ensures that candidates actually read the document.

What is the history of the franchise concept?

What is the founder’s vision? Who is on the executive and support teams? What experience do these individuals bring to the table? If members of the franchisor team haven’t worked at a location within the franchise system – or any franchise system – how have they learned about daily operations? Have any of them owned a business before? It’s important to understand how these individuals relate to franchisees in the system.

How high could expenses go?

All expenses should be clearly defined. It’s imperative to gain a complete understanding of the range of expenses – and why they are what they are. In today’s post-pandemic era, it’s essential to confirm that costs reflected in the FDD, a document that may have been renewed just six months ago, is frequently checked and updated to reflect real-time costs. Ask about potential increases and delays that may be the result of continuing supply chain and labor issues.

Know what’s happening on the front line.

What is the temperament of the franchise group nationally and within your market or region? Of course, I highly recommend speaking with franchisees, too. Make sure to ask them about costs, problems, profits, and trends. Discuss competition of both the franchisor and franchisees. Ask franchisees their opinions about the culture of the franchise organization and especially when addressing challenges.

Ask about exit strategies.

At some point, you may want to exit the system, or you may have to exit. If you have to exit, is there support if you’re in trouble? Ask about transfer fees and the process of selling your business. Understand the franchisor’s approval process for a potential buyer. What happened to each franchisee listed under terminated or closed franchisees on the FDD? What happened to their locations? Have these locations continued operation under a new franchisee or as corporate location? Is the location still available?

Before making a final decision.

After this process is complete and you’ve reviewed your notes, trust your gut instinct! Take your time and think things through until you’re 100% sure of your decision. Make sure you have all your support mechanisms in place, including friends and family. Do not kid yourself. Do not lie to yourself. And do not justify any negatives. Being honest with yourself will help you make the right decision.

Get your financial house in order.

Franchisors and lenders have certain minimum criteria when it comes to approving franchisee candidates. Some may require a minimum net worth and a certain amount in liquid assets. It would benefit you to set yourself up financially – for example: check your credit score, calculate your debt-to-income ratio, gather your tax returns and other financial documents, and even update your resume. Doing so will also help minimize stress levels!

Don’t underestimate how much funding you will need.

One of the leading causes of small business failure is undercapitalization or insufficient funding. Make sure you have enough of a buffer to help with any unexpected operating costs. What happens if you have underestimated the length of time to positive cash flow and need additional funds? Do you have a plan for that possibility, as well as for unforeseen emergencies?

Talk to a franchise funding professional.

Securing funding can be challenging but is one of the most important steps in starting a business. Knowing your options and ensuring you have a solid funding plan in place is often the key to long-term success and profitability. Get pre-qualified. You do this with a home, why not a business? By getting pre-qualified through a funding provider, you can better identify what you can afford.

One that I highly recommend is Benetrends Financial. They’ve been funding America’s most popular franchise brands for over 35 years. Their innovative, fast and economical suite of funding solutions is designed to help franchisees secure the capital needed to successfully launch a franchise business.

Action Item: Contact Benetrends Financial for a complimentary funding consultation or find out your fundability with their free pre-qualification funding calculator.

Yes, everything that glitters is not gold. If you believe that may not be true, I recommend reading Why You Need To Avoid This Franchise Due Diligence Trap At All Costs by Franchise Ownership Advisor, Joel Libava, The Franchise King. I’m certain it’ll help put an exclamation point on the necessity of performing due diligence… and then some!

If you’re considering business ownership for yourself and your family, and want to learn how the choice of a franchise, startup or acquisition can “jump-start” the process and your earning potential, please review additional information at one of our new resource sites at https://ownabizness.com/.

Have a great day. Make it happen. Make it count!

We’re entering a period from September to December when many individuals and families looking ahead to the new year, will start to explore business ownership. Whether a business acquisition, a franchise purchase, and even a startup, it’s important to be well informed and knowledgeable about the path ahead.

As such, I believe it’s a perfect time to revisit some of my previous articles about exploring entrepreneurship, franchising and business ownership. So, over the next few weeks, I will be sharing these articles (in no particular order along with new ones) with a goal of providing information, sharing resources, and addressing questions.

Today, let’s revisit the article, 3 Steps Ahead of Business Ownership. Planning is an essential component to successful business ownership. To that end, there’s no doubt in my mind that the famous Benjamin Franklin quote, “If You Fail to Plan, You Are Planning to Fail” could not be more spot-on!

Of course, we could also look at failing to plan from a different perspective – that of a member of the Baseball Hall of Fame, Yogi Berra. The term Yogi-isims was created to describe Berra’s malapropisms and unintentional witticism. But they’re not just for laughs. As simple as the below statement is, nothing is more true.

“If you don’t know where you are going, you’ll end up someplace else.”

Many people have a dream of owning a business. It’s an American Dream!

However, whether doing so as an independent business or as a franchise there are important initial steps to take to ensure their dream-turned-reality starts off on the right foot.

Improve Financial Health

Review and analyze personal finances. As a first step, it’s essential to understand income coming in and expenses going out each and every month of the year. Think ahead to bills that come due quarterly or annually.

Plan a firm budget. The goal is to ensure living expenses are met for a minimum of one year after starting a business. If a vacation is planned during this period, it must be included in the budget. Pay off all short-term debt to the extent it’s possible and practical to do so.

If savings or income from investments are not allocated for living expenses, it’ll be necessary for personal income to continue through year one. Lenders will require a solid plan that is not dependent upon first year income from the new business. This may require a spouse or life partner continuing their employment while the business gets on firm footing.

Review credit reports for accuracy. Challenge all errors and keep records of the same. Organize all financial records including bank statements, investment account records and insurance policies – auto, health & life.

Consider working through the above with an independent financial coach who can provide valuable professional insight and perspective. From a confidential, non-judgmental position they can help resolve some issues requiring attention that may have initially appeared to have been barriers to business ownership.

How to Create a Business Plan

Network as Much as Possible

Meet with members of the local business professional services community – bankers, attorneys, financial planners, accountants, realtors. Share plans to start a business within the community. Develop a network of these professionals and keep them apprised of progress.

Attend and actively participate in networking events well in advance of commencing business operations. Networking provides great benefits from a very early stage including introduction of the business to the community, support from fellow business owners and assurance of a busy grand opening.

From visiting with business professional to attending local chamber meetings to participating in community functions, personal involvement starts to establish a long-term commitment to the community. Owning and operating a business is about establishing and building relationships. Do so as early as possible.

How to Start a Business: A Step-by-Step Guide

Be Honest with Yourself

Although working through due diligence is essential it’s important not to over-analyze to the point of procrastination… or even, paralysis. Taking the necessary steps outlined above should set a foundation of being well-informed and yes, a foundation of comfort and confidence, as well.

If you’re considering business ownership for yourself and your family, and want to learn how the choice of a franchise, startup or acquisition can “jump-start” the process and your earning potential, please review additional information at one of our new resource sites at https://ownabizness.com/.

Have a great day. Make it happen. Make it count!

As addressed in yesterday’s article, we believe it’s a perfect time to revisit some of my previous articles about exploring entrepreneurship, franchising and business ownership. We will be sharing these articles (in no particular order along with new ones) over the next few weeks.

We’re confident all will provide great value for understanding ALL options available. Our goal is to help answer questions while providing the information necessary so interested parties can make informed decisions, and the right decisions for them.

Startup or Franchise? Focus on what is best for you, but choose wisely.

Owning and operating a small business was once the exclusive domain of the risk takers of the business world. The true entrepreneur had a distinct flair for creativity, innovation and vision. He, and I emphasize “he”, knew how to operate outside-the-box. He knew how to make things happen.

Many times, this individual had little choice as he knew from an early age, he would be responsible for shaping his future and for making it on his own. Formal education was usually limited and often just a far-fetched dream. Corporate life was not even an option. Besides, he couldn’t be told what to do, how to do it and when to do it. No way. No how.

Well, times certainly have changed in the business world. More recently as many individuals are again faced with economic uncertainty. An advanced degree is no longer the fast track to success.

As such, many individuals especially more women than ever before are deciding enough is enough. Wanting to control their own destiny they’re increasingly choosing small business ownership as opposed to leaving their future in the hands of Corporate America.

Sure, the financial aspects are vitally important. That’s a given. However, today’s new small business owners describe their number one priority as establishing true balance in all areas of their life.

They desire the freedom of furthering their own personal growth but will limit that growth by their abilities and resources, finding it more important to help others improve the quality of their lives and build long-term mutually beneficial relationships; both business and personal. They firmly believe people and relationships to be the foundation of success even more than money itself as they have determined money (profits) will be the end result of their actions.

This is where the road gets tricky as a decision must be made between starting their own venture and assuming total risk or reducing the learning curve and limiting the risk by investing in a franchise where they would be in business for themselves but not by themselves.

The key questions posed by many emerging small business owners are asked very emphatically, “Can I achieve my goals and objectives as part of a franchise system? And do I have what it takes to be a franchisee?”

In addressing these questions (and concerns), it’s relatively easy to analyze the two and realize, beyond the viability of a particular franchise brand as addressed in due diligence of the franchise concept itself, the answers are really contingent and dependent upon each other. The answers actually lie in understanding the mindset required to be a franchisee.

Once understood, a choice must be made regarding the desired path either as an independent small business owner or as one of the hundreds of thousands of franchisees across several thousand franchise concepts worldwide.

The typical franchisee must be willing to follow and adhere to a franchise company’s business system and ultimately, promote the same within their new franchise community at all times. It must be completely understood the system cannot be changed by the franchisee nor can their business be operated differently than the franchise company requires as the system is proven and uniform across the chain.

It’s this uniformity throughout the organization that is paramount to brand awareness leading to company and franchisee success and is the foundation of an interdependent relationship between both parties to the franchise agreement.

A franchise is almost definitely not the right choice for the business maverick or renegade. Certainly, there is an important place in business and in our hearts for these unique innovators. If not, we wouldn’t know Apple or Amazon as they’re known today.

Even McDonalds, as probably the greatest franchise of all time that stormed through the country under the leadership and direction of a true maverick, Ray Kroc, would not have been successful without franchisees being required to strictly follow and adhere to the McDonalds system without fail. No questions asked and no room for negotiation.

Entrepreneurs will be around for centuries to come blazing trails as never before. Some will actually plan to choose franchising as an expansion strategy and build the foundation of future franchise concepts. They will provide a choice for tomorrow’s small business owners on whether to go it alone or invest in a franchise.

And it will be those franchisees of tomorrow that will follow, promote and expand those systems that will prove to be the steel, bricks and glass built upon the foundation of new franchise companies. Thus, continuing the growth of franchising as it increasingly expands throughout the world, giving back by affording people more opportunities and options in determining the path to small business ownership that suits them best.

If you’re considering business ownership for yourself and your family, and want to learn how the choice of a franchise, startup or acquisition can “jump-start” the process and your earning potential, please review additional information at one of our new resource sites at https://ownabizness.com/.

Have a great day. Make it happen. Make it count!

Historically, we’ve seen an increase in individuals exploring franchise and business opportunities from Labor Day through the first week in December. With kids back to school and summer coming to end, we have found it’s a time of year when many start looking at the past year over their shoulders and begin to really focus on their options. We have found that business ownership is always at or near the top of the list.

Typical questions they ask of themselves pertain to resolutions they had set at the beginning of the year, their earnings for the current year against their expectations, and their level of satisfaction in their current job. The ultimate question about starting yet another year in a job as opposed to fulfilling a dream of business ownership is also on their minds.

Considering what has been experienced over the past two and a half years, we’re seeing even more individuals asking about business ownership beyond the typical financial questions. Current conversations are also focusing on freedom and being able to control one’s own destiny. Some are also focusing on business ownership as an income diversification and investment strategy.

So, with all this in mind, I believe it’s a perfect time to revisit some of my previous articles about exploring entrepreneurship, franchising and business ownership. I will share these articles (in no particular order) over the next few weeks.

I believe these articles along with new ones I’ll also be sharing, will provide great value in understanding ALL options available. My goal is to help answer questions while providing the information necessary so interested parties can make informed decisions, and the right decisions for them.

5 Tips for Finding the Perfect Franchise

With the Great Resignation still in full swing, a lot of people are choosing to take control of their personal and professional future by exploring entrepreneurship.

Of those who realize their entrepreneurial potential many choose owning a franchise as the vehicle to take them from employment to entrepreneurship due to the already proven business model and built-in, ongoing support system, among other benefits.

If becoming a franchisee seems like the right path for you, follow the tips below to find the perfect opportunity.

1. Keep an open mind, then focus. No one wakes up and says, “I want to be in the septic tank industry,” but I know someone making a lot of money and meeting his lifestyle goals doing just that. The bottom line is: Don’t rule out a business without learning or seeing what the day-to-day will look like.

It’s important to find a franchise that allows you to reach your desired income, lifestyle, wealth and equity goals. For instance, think about a mom returning to the work force who knows she wants to interact with children on a daily basis. There are hundreds of options that allow her to do just that. Now, she needs to decide if she would like to be hands on as a teacher or if she would rather manage a facility that tutors children in math. Deciding between the two is easy if she considers which day-to-day position she would prefer and how that will impact her other goals.

2. Be proactive with your research. After you’ve determined what role you want in a franchise, it’s important to start scouting different options. Physically visit many different franchise locations to see if there is a void in the marketplace and start thinking strategically about how you could fill it.

Next, browse the web to see what is available in other areas and determine whether or not it will be a fit in your community. For example, if your neighborhood has many well-run restaurants but none dedicated to ethnic food, it may be time to look for Mexican franchise restaurants within your budget.

3. Make sure the franchisor has experience. Before signing on to a franchise, it is essential to ask the franchisor about the executive team and its past industry experience. A potential franchisee should look for a company that has a corporate store — or better yet several — that have seen success that can be replicated. If this isn’t the case, find out if the company leaders have had significant experience at another franchise and are now applying that knowledge to this concept.

4. Reach out to other franchisees. When asking other franchisees about their experience, it’s important to take the good with the bad and to examine a large sample size before making a statement about the franchise in general. I call this the “dilution factor.” If one franchisee says they can’t turn a profit at their store, make sure it isn’t because they refuse to clean the bathrooms and their customer service is lacking. By talking to a wide array of people you can get the best feel for the franchise as a whole.

5. Read the franchise disclosure document carefully. The first thing to look at is how much a franchise would cost to purchase. If the money is there, then check out “item 19,” which lays out the financial performance representation. Make sure you have a financial advisor who can look at that item with you and see the type of profit a franchisee can make on average.

Finally, take a look at the post-termination clause in the agreement. I am a big believer in exit strategies, because sometimes you may later find a franchise is not the right fit and sometimes things just happen. In any case, it’s important to protect yourself should there be a situation where you want to disembark from the franchise.

If you’re considering business ownership for yourself and your family, and want to learn how the choice of a franchise, startup or acquisition can “jump-start” the process and your earning potential, please review the information at one of our new resource sites at https://ownabizness.com/.

Have a great day. Make it happen. Make it count!

As I had previously mentioned, Sundays at Acceler8Success Cafe are now focused on providing motivation and inspiration for the week ahead. My goal is to provide a positive foundation for the week that will complement the weekday activities at Acceler8Success Cafe, My intent is to do so as an extension of my commitment to helping current and aspiring entrepreneurs achieve and accelerate their success.

Sunday Night Motivation & Inspiration

Here’s a situation that I had personally witnessed six or seven years ago…

While at the grocery store, I had noticed a very young girl shopping with her father. I believe she was 3-4 years old. She was pushing the small kids’ shopping cart while walking behind him. Well, the father turns around and notices that his daughter is making a very scrunched up face. It appeared she was trying her hardest at changing her expression from bad to worse.

After a few seconds of chuckling, he asked her why she was making such mean and angry looking faces? Appearing to be unphased by the question and while still attempting various expressions of disdain, she politely replied that she was just trying to look like everyone else in the store!

Yep, I guess we, as a society do need to smile more because the generations coming up behind us do take notice. We do need to create the best impressions and set the best examples possible because we are being watched and copied!

I believe the same is true of the next generations coming up behind us in the workplace. It’s up to us as leaders within an organization to set the right example, not only with the expressions on our faces, but with our attitudes, our respect for others, and our interactions with all whom we’re in contact with on a daily basis. We must lead by example.

Doing so goes a long way toward ensuring similar efforts will be extended to all whom come in contact with our businesses. It will also establish a cornerstone of developing the right culture within our organizations.

The results will be a ripple effect of minimizing challenges and problems other organizations are experiencing including high employee turnover and dissatisfied customers. Both are key contributing factors to decreasing revenues and profitability. Ones that are extremely difficult to recover from unless there’s a firm commitment and plan to change. By the way, the time to do so is right now!

How will you set a positive example within your organization this week?

Have a great week. Make it happen. Make it count!

Welcome!

We fully understand the importance and necessity for today’s entrepreneur to be educated and well-informed. We also acknowledge that an entrepreneur’s time is limited, and quite valuable.

As such, and as part of our commitment to entrepreneurial success at all levels, we will do the heavy lifting and review podcasts & videos we know will help entrepreneurs achieve their goals. Then, each weekend we will share what we believe to be of interest to our growing list of current and aspiring entrepreneurs, and as a complement to daily editions of Acceler8Success Cafe.

“Here’s to your entrepreneurial success. Make it happen. Make it count!”

Paul Segreto, Acceler8Success Group Founder

NOTE: Please pause video before moving from one to another. Thank you!

Articles from August 22nd through August 26nd

Misperceptions About Entrepreneurship: A Personal Reflection

George Carlin: The Ultimate Influencer

AMEX Small Business Saturday: Franchising (and other business models) – Where do we go from here?

Pursuing & Achieving the American Dream

Marketing to Drive Sales for Service & Product-Service Businesses

Have a great weekend. Make it happen. Make it count!