A popular contributor to Acceler8Success Cafe, Franchise Attorney, Wayne Bunch, Jr. helps our subscribers and readers by providing timely and easy-to-read franchise advice, reminders and tips that will help our readers fortify and expand their knowledge of franchising.
Representing franchisor companies as partner in the Franchise Practice Group of FisherBroyles, LLP, Wayne has extensive experience in assisting franchise brands expand through franchising both domestically and internationally.
Just as Wayne’s previous article at Acceler8Success Cafe was popular with both legacy and emerging franchise brands, I firmly believe today’s information should be of significant interest to ALL franchisors. However, I suggest emerging brand franchisors give this extra attention. As well, this information should be of significant interest to entrepreneurs exploring or already moving toward franchising their business.
Updating Your Franchise Disclosure Document (FDD)
With the new year well underway, it is time to start focusing on the annual update to your Franchise Disclosure Document (“FDD”). Your annual update must be finalized on or before April 30, 2023, or 120 days after your fiscal year ends. The following are things you can begin working on to streamline the updating process:
Begin working with your CPA to obtain your audited financial statements. This can take longer than expected, and it helps to begin the conversation earlier rather than later.
If you have brought on additional principal officers or individuals that have management responsibility related to the sale or operation of franchises, be prepared to provide biographical information on these individuals to your attorney for updates to Item 2.
If there has been any recent litigation, be prepared to share this information with your attorney for updates to Item 3.
If you wish to alter your royalty or advertising fee structure, this will result in updates not only to your FDD, but also to your Franchise Agreement. Be prepared to discuss this in detail with your attorney.
Make sure to review your start-up costs in Item 7 and provide your attorney with any changes.
Be prepared to provide your attorney with very specific information regarding all revenue derived from supplier rebates or from sales directly to franchisees.
Be prepared to provide your attorney with any changes to your computer system/point of sale system specifications and costs.
If your FDD contains a Financial Performance Representation or you wish to include one, prepare the necessary information for your attorney to update or include in Item 19.
Be prepared to assist your attorney with the completion of the tables in Item 20, and to provide an updated list of current and past franchisees.
This is not an exhaustive list of necessary updates, however, having this information readily available for your attorney will not only expedite the updating process, but also save your attorney time and effort resulting in reduced legal cost.
Lastly, going through the annual updating process is a very good opportunity to re-acquaint yourself and your salespeople with the contents of your FDD.
Remember, your FDD must be accurate and not miss any important information about you, your franchise company, or the franchise opportunity.
Knowing the full content of your FDD is critical because in any franchise sales process, information provided to a prospect must be completely consistent with the information found in your FDD.
To learn more about Wayne P. Bunch, Jr., please check out his LinkedIn profile or if you’d like to speak with Wayne, he may be contacted directly via email to Wayne.Bunch@fisherbroyles.com.
Thank you, Wayne for your contributions to Acceler8Success Cafe.
Seeking Guest Bloggers for Acceler8Success Cafe!
Interested in writing about your brand or an entrepreneurial story? That’s great, provided it’s about a distinct point of differentiation from a typical promotional piece.
Maybe you’d like to provide insight into a skillset that benefits entrepreneurs and small business owners? That’s fine, as well. As is sharing perspective and opinion on issues of the day. Self-help and mental health? About a specific demographic group? Success and failure experiences? Yes! Definitely, yes!
Of course, in all instances, I will approve accordingly. If not approved, it will not be the case without first discussing with the author to possibly see if an edit or two would make the article more appropriate.
If you’re interested in submitting articles, of any length, and graphics, quotes, etc., or would just like to have a chat about my plans for Acceler8Success Cafe, please contact me on LinkedIn or via email to Paul@Acceler8Success.com. I look forward to speaking with you and exploring possibilities.
If you’ve already inquired about Guest Blogger opportunities at Acceler8Success Cafe, I apologize if I’ve not responded to you. If you’re still interested, please nudge me via email or LinkedIn message.
According to a recent story at Axios.com… We often hearthe American Dream is dead. But whatever you think of immigration, every year people come to the U.S. from around the world in pursuit of that dream.
Why it matters: People across borders and oceans still view the U.S. as the place to come to build a better life for their children.
And 70% of U.S. adults — across race, gender, political party and income — say the American Dream is achievable, Gallup polling found.
Three stats to chew on:
Founder frenzy: 44% of Fortune 500 companies have at least one founder who is an immigrant or the child of immigrants, according to stats from New American Economy, founded by Michael Bloomberg.
Upward mobility: Even the children of immigrants who fall in the poorest quarter of the U.S. end up in the middle class, Princeton researchers found.
Self-made wealth: 80% of America’s millionaires — foreign- and U.S.-born — are first-generation.
The bottom line: The U.S. remains the leading destination for immigrants with big dreams. 20% of all the world’s immigrants are in the U.S., according to Pew Research Center.
Historian James Truslow Adams gave an eloquent interpretation of the American Dream in his 1931 book Epic of America:
But there has been also the American dream, that dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.
Resources are Available
Aligned with all aspects of Acceler8Success Group comprehensive services & resources is a select team of highly experienced multi-lingual business development professionals led by Acceler8Success Group president, Erik Premont.
With a focus on Spanish, Portuguese & French speaking clientele, Erik and our team work directly with international entrepreneurs and investment groups interested in exploring development and acquisition opportunities within the United States.
In addition, we provide assistance & guidance in introducing international brands to American franchising, either as a proven brand prepared for growth or as a business model primed for launch as an emerging franchise brand. We also work with American brands interested in exploring international franchise development.
For more information, please reach out directly to Erik Premont at erik@acceler8success.com. To learn more about Acceler8Success Group, please visit our website at Acceler8Success.com.
Quite often, and again several times over the past few weeks I’ve been asked about the Acceler8Success mantra…
Act swiftly. Act decisively. Make it happen. Make it count!
Apparently, there’s some confusion as to what it actually means and how it has anything to do with succeeding.
Always excited to talk about our process, I explain that acting swiftly and decisively does not mean throwing caution to the wind or making a rash or abrupt decision. Being prepared is essential when working toward a goal. So is due diligence, understanding the lay of the land, realizing potential consequences of actions to be taken, and thinking through the what ifs.
Think about the big cats. Whether it be a tiger, lion, jaguar, leopard, snow leopard, cheetah or cougar, their instincts, combined with their skills enable them to succeed. Instinct is something that all are born with, while skills are developed over time. The two together make for a lethal force practiced again and again. Essentially, it’s the big cats’ education, their preparation for survival.
From a human perspective, we all have instincts – some more acute than others. Over time, those instincts are honed by developing skills to complement and enhance instincts. Entrepreneurs are cases in point.
Actually, most anyone considering entrepreneurship must have similar characteristics as others with an entrepreneurial mindset. Of course, all have a unique mix of instinct and skill – some better than others. Thus, some succeed at a higher rate despite starting out with similar traits and abilities.
Just as big cats are educated by their parents, they’re also self-educated by perfecting their skills again and again. Their instincts minimize their failure rates, but still the process is mostly trial and error. However, their motivation remains in tact – they must succeed in order to survive. I’m sure all will agree, survival is a very strong motivation.
And, just like big cats, in order to survive, entrepreneurs must rely on eating what they kill. In fact, in entrepreneurial circles from Silicon Valley to Wall Street, the phrase “Eat what you kill” has taken on a metaphorical meaning:
Don’t rely on an hourly wage for protection. Instead, survive on your business successes alone.
With instincts fine-tuned and skills having been developed and perfected, the big cat goes on the prowl for its next meal, and as such, its next set of challenges. This is when the big cat does its form of due diligence.
It scopes out its prey. Once a potential goal is in sight, it evaluates the lay of the land – What’s between the big cat and its prey? Where can the prey run? Where should the big cat direct the prey toward to make the capture easier?
Consequences are also evaluated. Are there other predators in sight? Are they part of a larger group? If the prey is caught, how will other predators be prevented from taking it?
The big cat is ready. Let the stalking begin…
Is it any different for an entrepreneur as he or she explores possibilities and flushes out opportunities, all for the sake of achieving one’s goals and objectives? The entrepreneur’s due diligence is essential to his or her success. There can never be too much due diligence provided perfection over progression doesn’t set in. Worse still is procrastination.
With preparation and due diligence in place, it’s time to act. And just as the big cat is ready to attack in a split-second, with full confidence it will achieve its goal, the entrepreneur must act swiftly and decisively, and without hesitation or trepidation. He or she must make it happen, AND make it count!
Are you an entrepreneur looking to take things to the next level, or an aspiring entrepreneur considering [finally] taking action to move you toward your goals. If either is the case, I’ll leave you with the following:
Do you have the self confidence to succeed? Do you believe in yourself enough to ignore those who do not have your best interests at heart? Do you have commitment in your decisions that you don’t need approval or praise from others?
The quote by Peter Drucker, “The best way to predict the future is to create it” may have more relevance today than ever before. Yet, there’s more trepidation than ever before to leave what’s presumed to be a safe, secure space.
Whether deciding to start or buy a business, to expand a business, or even to change jobs and/or move to another city, fear of the unknown is an extremely heavy obstacle to move. Combined with procrastination in researching and educating one’s self of possibilities and opportunities, the obstacle appears to get heavier by the minute.
Only with full commitment to achieving a goal can the obstacle be challenged, navigated or moved. It’s not as impossible as it seems, provided commitments extend to preparation and due diligence, and to developing and honing the skills necessary to succeed. Once all are in place, key to success is to act swiftly and decisively, and to make it happen, and to make it count.
Making it count is the ultimate achievement as it addresses the Why that drives the entrepreneur’s mindset just the same as the big cat’s Why of survival for another day.
I’m excited to introduce one of many Guest Bloggers that will be contributing to Acceler8Success Cafe as we start expanding what has become a very popular platform for current and aspiring entrepreneurs alike.
Our Guest Bloggers all have extensive experience related to all aspects of entrepreneurship, franchising, business ownership, and restaurants. With expertise across a multitude of business functions and topics, all will help us achieve our objective to provide information and resources necessary to succeed, and especially in today’s challenging business environment.
Today I’m proud to introduce Wayne P. Bunch, Jr. As a partner in the Franchise Practice Group of FisherBroyles, LLP, Wayne represents franchisor companies in connection with their efforts to expand through franchising both domestically and internationally.
Wayne’s participation at Acceler8Success Cafe will be to provide timely and easy-to-read franchise advice, reminders and tips that will help our readers fortify and expand their knowledge of franchising.
Franchise Sales Methodologies
As the new year is upon us, many franchisors will have set ambitious goals related to the sale of many new franchises. There are many methodologies related to increasing franchise sales; however, I would argue that the best franchise sales tool is the development of a system full of happy and successful franchisees.
So, what makes a happy and successful franchisee?
Clearly, being profitable is important. However, I would answer this question in the following way. Most franchisees want two things:
1) positive brand recognition and awareness, and 2) efficient operating systems, which insure adequate profit margins and a consistently compelling customer experience.
Building a powerful brand image is done through the use of a smart growth strategy, an effective marketing strategy, and by consistently meeting customer expectations.
The development of high quality operating systems is the result of a determined franchisor who is focused on excellence. The operating systems will provide your franchisees with the tools for success, and generally include systems related to site selection, training, customer service, advertising, branding, purchasing, pricing, merchandising, employer/employee relationship, managing, accounting/bookkeeping and quality control, among others.
A franchisor focused on building brand recognition and creating great operating systems will develop a very healthy system of franchisees, each of which will be the best ally during any franchise sales process.
To learn more about Wayne P. Bunch, Jr., please check out his LinkedIn profile or if you’d like to speak with Wayne, he may be contacted directly via email to Wayne.Bunch@fisherbroyles.com.
Thank you, Wayne for your contribution to Acceler8Success Cafe.
I will be introducing additional Guest Bloggers in the coming days. If you’re interested in contributing as a Guest Blogger, please reach out to me on LinkedIn or via email to Paul@Acceler8Success.com. I look forward to hearing from you. If you have already submitted your request, I will be in touch very soon.
Validation and multi-unit ownership are strong indicators that positively memorable experiences exist within your franchise system. Another way to confirm the existence of these experiences is simply to ask your franchisees: Would you do it all over again? However, as a franchisor you must first earn the right to even be taken seriously before asking this question.
As you head down the path of creating positively memorable experiences with each and every franchisee, be sure to consider ALL touch points – even those beyond the obvious interactions of in-person, by phone and via email. Think digitally!
How do you interact with franchisees on social media? How do you come across to your franchisees in LinkedIn discussion groups? Is there common courtesy? Are you proud of each other’s actions within these platforms?
Many will refer to all of this as being great in theory, and not really practical. But just think what could happen if every touch point were seen as another opportunity to create or enhance a positively memorable experience. How would that change the culture of your franchise system? How would that lend towards growing your brand? Think of the [positive] ripple effect.
When interacting with your franchisees, keep the famous Maya Angelou quote in mind…
“People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
Here are six key points to creating positively memorable experiences in a franchise organization – all are essential the right culture within a franchise organization:
Understanding the true meaning AND spirit of interdependent franchise relationships. This must be shared and exemplified at every point of contact with franchisees.
Developing the right culture at all levels. Be careful- culture is also defined as bacteria! This takes time and commitment, and is a reflection of how people, whether franchisees, employees, suppliers or others, are treated at all times.
Creating an environment of truth, trust and transparency based upon open, two-way communications – the cornerstone of creating the right culture. Think of a three-legged stool that could hold a great deal of weight when fully intact, yet would immediately fall under its own weight if one leg was compromised.
Establishing your franchise system as family. Treat them as such but understand that this is not the typical type of family of yesteryear with subservience to the head of the household. Mutual respect is paramount!
Building an environment of bottom-up profitability and growth with ALL parties to the franchise agreement and other related agreements focused on mutual goals and objectives. All must sing out of the same hymnal, and not just for dress rehearsal – so be sure to give them the hymn book.
Positively Memorable Experiences – Live it and breathe it every day for optimum results!
The most effective way to start the week off on the right foot is to plan before the week starts. It’s definitely one of the things I do every Sunday night when my phone is quiet and my email has slowed to a trickle, mostly of spam.
I also believe it’s effective to do so on Sunday evening as it’s one of the few times that I can look at my calendar with more than a glance. It affords me the opportunity to plan and shuffle calls and meetings, as necessary.
Also, as I review commitments for the week ahead, including completion of deliverables, it enables me schedule blocks of time to focus on time-consuming projects and especially ones that command undivided attention.
Here Are 6 Ways to Start Your Week Off On the Right Foot (credit to Inc.com)
An article at Inc.com in 2019 focused on starting the week on the right foot. I’ve shared the 6 ways outlined in the article below:
1. Do a mind sweep.
The first thing is to think about the bigger picture and trying to plan a mind sweep to clear thoughts. This process walks through a list of prompts in different categories, looking for things to be remembered and commitments that have been made. The goal is to get them all on paper. This minimizes distractions so focus may be directed on the day and week ahead.
2. Review the week to come.
The next step is to review the coming week’s schedule. It’s recommended to use a Defensible Calendar strategy, which improves productivity by organizing a schedule into large chunks of time with tasks grouped by importance and urgency. This will make it easier to organize and manage work.
If the plan is not well organized, request changes to free up continuous time in the calendar to create focused time and to optimize travel and logistics. This is also the time to identify any prep work or reviews required for the week.
3. Look forward to three to five weeks out.
Once the week is under control, look ahead three to five more weeks for anything that requires any kind of action in the next seven days. Look for things like travel arrangements, larger project work, and creative development. Doing this prevents surprises that create fire drills for you and/or your team.
4. Reflect on the last week.
Once there’s a good grasp on the future, look back at the last week or two and see if there are any open items or actions from previous events that may have been missed. Look for opportunities to write quick thank-you notes and to confirm any actions or plans coming out of previous meetings. Also take this time to reflect on what went well and what didn’t, and how to improve your schedule and planning going forward.
5. Check your longer-term goals.
Next, check quarterly objectives and key results. Based on where you may want to be at the end of the quarter, check to see areas where progress needs to be made and set tasks for the coming week. Also reach out to people with whom you’ll need to coordinate or collaborate to schedule time or set up meetings.
6. Sort by urgency and impact.
Once tasks and reminders are written down, begin to sort and organize. Make notes on complexity and size and then sort them by two major criteria. First is urgency, which is how critical the task is to this week. Basically, pushing it off to next week will it cause problems for you and/or for others. The second criteria is impact, which is how much value this task creates in the short and long term.
If things are correctly, your schedule will be well-structured and you will have a plan for how the week will unfold. You will have several time blocks for focused work, grouping similar tasks so that you can stay in the same mindset and minimize task-switching.
Of course, life happens, and on Monday morning something unexpected could come up and you’ll need to replan everything. And that’s fine. Just don’t procrastinate making the necessary changes.
“Just because something isn’t happening for you right now doesn’t mean that it will never happen.”
The quote above is one that I have come across quite often on various social media sites. It’s what originally spurred my thinking about how many individuals put off taking a step into entrepreneurship, maybe waiting for the perfect time, and the perfect opportunity. Or, if already a business owner, putting off the necessary next steps to grow their business.
I thought, is it procrastination? Or, is it that they’re just ill-informed or do not know where to turn to for resources and support?
Many times it takes being able to find useful information and resources that will help a person along, whether to inspire and motivate them and/or to provide them with insight and perspective so that they may make an informed decision – one in which they are confident. Often, it’s just something that becomes an eye-opener to possibilities or potential solutions.
So, I had decided to help, and continue to do so today. Mostly, it’s a passion but of course, as an entrepreneur, I also want to grow a business – a business helping others succeed!
My mission is clear – to help individuals, families, and partners from all walks of life understand various aspects of entrepreneurship, whether expanding upon current business ownership or exploring opportunities. Since 2014, I had developed and deployed a plan to do just that and created Acceler8Success.
From a philosophy to a methodology to a business model, Acceler8Success, and subsequently, Acceler8Success Group was developed and has evolved to assist todays and tomorrow’s entrepreneurs succeed. Along the way, Acceler8Success Cafe was developed as a resource and platform from which to share information.
Acceler8Success Group
My objective remains steadfast to provide information, insight, perspective, services and resources about entrepreneurship – whether to explore possibilities, expand upon ideas or build upon current business ownership. All as may be applicable across various business platforms and distribution models including:
Franchising – growth strategies for current business & franchise models; single, multi-unit, area development & enterprise opportunities; management consulting; investment & capital raise projects; assist individuals explore franchising & business ownership as the next step in career growth.
Small Business & Restaurants – startup or acquisition; improve business operations; develop and execute expansion & growth strategies including franchising; explore exit strategies.
Freelancing – assist in turning creative skills into a business and how to grow that business; explore growth strategies including transition to a bricks & mortar and/or franchise model.
Professional Services – work with sole practitioners in law, health & wellness, insurance or financial services; improve and expand current business practice; explore business expansion.
Comprehensive Consulting & Coaching Services – sales & business development, business management, digital marketing, branding, personal branding, and social media. Coaching entrepreneurs, business owners & partners, and brand executives.
International Consulting Services – Since 2020 with the addition of my partner, Erik Premont, Acceler8Success Group has successfully expanded to serving entrepreneurs and investment groups conducting business within international markets in exploring development opportunities and acquisitions within the U.S.
Erik leads a select team of highly experienced multi-lingual franchise & business development professionals whose primary focus is specific to Spanish, Portuguese & French speaking clientele as well as spearheading efforts with other non-English speaking clientele.
Learn more about Acceler8Success Group by previewing the following websites:
Real estate, insurance and financial services industries all fall into the category of highly regulated and policed industries. In some way, fashion, or form, all involve transactions stemming from individuals’ personal savings and investments.
Licensing, including comprehensive testing, are required for all sales representatives in these industries. Continuing education is also mandatory. Each industry has some type of regulatory board with enforcement powers whose primary focus is to maintain the integrity of the respective industry. Each industry maintains some type of bonding or minimal cash position requirements to ensure economic stability.
If franchising adopted a similar structure, or a portion thereof, what would be the pros and cons? What would the effects be over the next twenty years?
Recent discussions in various franchise groups eluded to the fact that there are too many franchisors and franchise brokers (in some organizations also referred to as coaches and consultants) within franchising today, a result of it being “too easy” to enter franchising. There’s been talk of less than ethical practices by various parties within franchising and poor business practices by others. Of course, most comments focus on franchise sales.
Would tighter controls and stricter requirements strengthen the franchise model and franchising itself? But what about problems caused or driven by franchisors with weak financial positions? Should franchisors be subject to one level of requirements with frontline franchise salespeople subject to another level, yet interdependent much like the relationship between real estate broker and real estate agents?
And are problems occurring because those on the front line with candidates are essentially “invisible” after the fact… meaning, by not being listed in the Franchise Disclosure Document, whether as a broker or franchise salesperson it’s hard to prove who was responsible for illicit financial claims and other misrepresentations that come to light several years into the franchise relationship and with a franchisee failing.
Mind you, before chastising me about all of the above, believing it is my intent to propose more regulation and the requirements that come along with regulation, please understand it is not [yet] my firm position that any of the above be entertained. Instead, I believe issues need to be discussed, problems need to be identified, and solutions need to be implemented to fortify franchising sooner by the industry itself, rather than later when it’s out of our hands.
I look forward to anyone willing to share their perspective on this topic – especially, those on the franchisor side who typically remain quiet while franchisee attorneys speak their minds. To clarify my thoughts, this is a discussion that should be occurring amongst all in franchising, regardless of your position as it relates to the franchise relationship.
Between building a brand and the awareness that goes with it, adding additional revenue streams, and the plethora of other advantages to turning your business into a franchise, it may seem like the obvious next step for business owners that are anxious to further growth and expansion of their business.
However…
While franchising can provide immense success, achieving better business margins and successful growth is not guaranteed.
To determine if your business is ready to be franchised, prompt an honest conversation with yourself, starting with these four questions:
1. Have you realized consistent success?
While there are no rules about the required years of experience, revenue dollars, etc. before you can franchise your business, owners should be able to demonstrate that their concept is successful enough to take on a second and third location.
Think about how you will pitch to potential franchisees when that day comes – you should be able to communicate the true value of the business and the success they can reasonably expect from buying in. You must be able to share your vision and ensure potential franchisees are able to follow through on your vision.
2. Can your success be replicated?
Realizing business success is promising, but the revenue of the company doesn’t multiply just because the number of storefronts does. If your business gets boosts from a local event or based upon customers specific to your current neighborhood, attempting to replicate that might be challenging.
However, if your operations isn’t dependent upon specific local events and you believe a new region will benefit from your business because of X, that’s a good sign that expanding will be a positive move.
Of course, if your business is extremely dependent upon you, a honest evaluation is necessary to determine how the same efforts could possibly be replicated by your franchisees. After all, a business model could be franchised but unless you’re operating within the National Football League, a person cannot be franchised.
3. Are you ready to invest in your franchisees?
In large companies, the responsibility of providing training and resources doesn’t typically fall on the owner’s shoulders. Being a new franchisor means building that support network from scratch. Providing continuous support to franchisees is an investment in not only their success, but the success of the franchise as a whole – therefore it’s a responsibility that should not be taken lightly.
Yes, even if it means you will be spending a significant amount of time with new franchisees in a training capacity. To that point, the franchisor-franchisee relationship is equal parts manager and mentor, and you need to be ready to provide the guidance and support they will seek, and without fail.
You must realize the relationship is one of interdependence much like a marriage. It’s at this juncture that you must realize you’re no longer just in the X business, but now also in the franchise business.
4. Would your own balance sheet qualify you to buy a franchise within your own franchise system?
This is really an eye-opening question that most individuals never even think about when considering to franchise their business. The bottom line is the adequate financial resources necessary to franchise your business AND sustain the ramp up period to being an organization that is able to operate successfully on the royalty stream only.
That’s correct, but maybe a better way of stressing this is to emphasize, your organization cannot rely on franchise fees to survive. Attempting to do so would be a kiss of death for your brand, and your franchisees. It cannot be stressed enough to be adequately capitalized before dipping your toe into the franchising pool.
If you’re considering franchising your business, I’ll leave you with a statement in a local publication about a recently shuttered restaurant – one of a few company-operated locations. The article shared the following from an apparent interview with the brand owner which in my mind definitely raises cause for concern:
“… he wants to begin franchising this year. Perhaps the right franchisee will feel more comfortable with the costs of operating inside the [city] than he does.”
If you’d like to learn more about franchising your business, please visit our website at Acceler8Success.com. For additional information, please reach out to me on LinkedIn or via email to Paul@Acceler8Success.com. I look forward discussing with you what proper franchising can do for your business.
This morning I was reviewing my article from a few days ago, Personal Branding and the Power of YOU! and immediately thought about how personal branding is snubbed by many as a fad, nothing more than a buzz-phrase. I’ve even heard people say it was unnecessary and a waste of time.
Truly, it all annoys me quite a bit. I believe their thoughts are driven by fear – fear of the unknown, no different than originally expressed thoughts about social media or of anything “new” that is introduced into the marketplace. I’m sure there were naysayers when the telephone was introduced into businesses way back when. I wonder how many thought the phone was unnecessary, a waste of time, an annoyance, and eventually something that would become a product along the lines of here today and gone tomorrow.
As many that know me will attest, I’m one to always look back and ask myself if I was on the right track and if I’m staying the course with my perspective.
Yesterday was one of those days as I saw a post that popped up in my Facebook Memories. I smiled as it affirmed that I was spot-on about personal branding and especially as it’s become a recommended foundational component of franchise development per discussions at a recent franchise sales conference. As well, it affirmed I’ve stayed true to my perspective.
My Facebook post was from January 29, 2013: I was asked again today, “What was the basis of developing Personal Branding for Franchise Professionals?” My answer is always, “To assist all who work in franchising to develop personal branding strategies to align individual experience and expertise with brand and business development.”
The following, which I shared in May 2022, explains even more about my perspective about personal branding and a walk down memory lane about how I came to be so passionate about it then, and still today.
Personal Branding: It’s More Than a Buzz Phrase!
Wikipedia defines personal branding as the conscious and intentional effort to create and influence public perception of an individual by positioning them as an authority in their industry, elevating their credibility, and differentiating themselves from the competition, to ultimately advance their career, increase their circle of influence, and have a larger impact.
The process of personal branding involves finding your uniqueness, building a reputation on the things you want to be known for, and then allowing yourself to be known for them. Ultimately, the goal is to create something that conveys a message and that can be monetized.
Whether it was described as we know it today or not, personal branding has been around for many years. Personal branding essentially showcases an individual’s image to the target audiences they’re trying to attract. From kings to world leaders to politicians to movie stars, each developed a personal brand that became the “packaging” of their own persona.
For instance, Babe Ruth. Besides being a world-class baseball player, The Babe, as he was affectionately known was loved as an everyday type of guy, a friend at the local gin mill or a pal at work. He loved to drink and eat, but he was a professional athlete despite being significantly overweight.
He loved kids and was often seen talking with them. He visited with sick children in hospitals, made bold promises, and lived up to them. He was larger than life. Books were written about him. Movies were made and even a candy bar was named after him. The Babe certainly had; most likely unknowingly developed a personal brand.
Of course, not many will see their personal brand identified as a nickname, or of a term of endearment like Babe Ruth or other ballplayers of yesteryear – The Mick (Mickey Mantle), The Splendid Splinter (Ted Williams), Say Hey Kid (Willie Mays), Hammerin’ Hank (Hank Aaron), just a few that immediately come to mind. They were heroes of the day. I can’t even begin to imagine what their personal brands would be like today in the Digital Age!
Okay, I know. Not everyone reading this today knows about these individuals. I’d like to think I’m not that old that many might not even recognize their names. But that’s a story for another day. So, let’s shift gears. Do you recognize the name, Gary Vaynerchuk, or as he is often referred to, Gary Vee?
To me, Gary Vaynerchuk epitomizes personal branding today. From his sometime harsh language to his extremely casual appearance, he is definitely not the picture of what many would perceive to be a businessman and certainly not a successful one. Yet, he’s one of the most successful businesspeople of our time! Why? I’d say to a large extent, it’s due to the way he developed his personal brand.
Of course, he is brilliant. But it’s his personal brand that has taken his brilliance to the level that he is very well known, is in high demand for speaking engagements, and is all over the digital space. From his podcasts and videos to his own blogs to articles written about him, it’s hard not to know, or at least be aware of Gary Vaynerchuk.
It was Gary Vaynerchuk who first introduced me to personal branding when I read his book, Crush It! To me, it’s the primer for everything that should come after it, much the same as our first-grade reader was back in elementary school. So, as we focus on personal branding this week at Acceler8Success Cafe, we’ll start with Gary Vaynerchuk’s great book. It’ll be our foundation as we take a deep dive into personal branding.
I’ve recently re-read for the umpteenth time this fascinating book. He has posted, tweeted, and videoed himself, and his business, to unbelievable success in a very short period of time. The book is a relatively short read, so there should be no excuses for not reading it asap, as it can only help you improve yourself and your business, and your personal brand. The following is directly from one of the tabs from the book’s original website. Upon reading the book, I’m sure you’ll further explore Crush It! just as I do quite often.
Everything has changed. The social media revolution has irreversibly changed the way we live our lives and conduct our business. There are billions of dollars in advertising moving online, waiting to be claimed by whoever can build the best content and communities. Despite this change, most people keep working at jobs that don’t make them happy and businesses continue to ignore the major marketing and public relations benefits that can be found online.
Myth #1
I’m not passionate about something sexy or popular like wine so these lessons don’t apply to me.
The internet has drastically decreased the costs of building communities around niche subjects, allowing for even the most obscure subjects to draw enough eyeballs to command advertising attention. Starting a video blog about tortilla chips may seem farfetched until Doritos gives you a call and offers $40,000 a year to sponsor and advertise on your blog.
Myth #2
My business already has a Twitter account and a Facebook page, we’re set in the social media department.
This is the equivalent of claiming twenty years ago that just because your business bought a TV spot and a few ads in the newspaper, you didn’t need to pay attention to your advertising department. Social media isn’t about joining in, it’s about being involved.
Myth #3
I’m happy at my job so this book is irrelevant to me.
First of all, congratulations on finding work that makes you happy! However, the lessons in this book are valuable to anyone, regardless of their employment status. Crush It will show you how to utilize high level and platform specific social media and marketing strategies that will improve your work. It will also show you how to build a personal brand so that even if you’re forced to leave your job, a situation that’s especially relevant today, you’ll be able to easily find employment elsewhere in a field you’re passionate about.
Myth #4
I need to quit my job to take advantage of this book’s entrepreneurial lessons.
While the entrepreneurial strategies in this book do take time, it’s completely reasonable to start the effort as an after-work project to build up until you’re able to replace your current income with the income from your online presence. While you may have to fall behind on the current season of Lost or let your Madden 2010 game suffer, because you’ll be doing something you love you won’t mind putting in the extra effort.
In Crush It, Gary Vaynerchuk shows how anyone can build a career around what they’re passionate about. He also delivers both high-level and platform specific strategy and analysis, allowing you to take advantage of the current business environment while preparing you to succeed as it changes and evolves.
This book isn’t interested in making unrealistic promises while glossing over the work involved. Making a living by building content around your passion isn’t simple and it doesn’t happen overnight. What it is, however, is fulfilling and in most cases just as profitable, if not more so, than your previous job.
Furthermore, a business can’t just pay lip service to social media and expect it to return results. The transparency and accountability inherent in its structure necessitates a comprehensive and dedicated strategy in order to reap its tremendous benefits.
By combining practical analysis and strategy with the same passion and humor that’s made Gary one of the most in demand keynote speakers in the U.S. as well as network television’s go to wine expert, Crush It is essential reading for anyone who wants to understand and harness the future of business and work.
Learn: Why social media has evened the playing field, destroying the “gate-keepers” who had previously dictated the distribution of content.
Learn: How to beat unemployment and create wealth-building opportunities by building and maintaining a personal brand.
Learn: Why storytelling is the most important business concept in the current marketplace.
Learn: How you can build an online business around your passion without quitting your day job.
Learn: Why Twitter and Facebook are just tools and not a social media strategy.
Learn: How to take advantage of the half-billion dollars in advertising that are moving to the internet
Learn: Why transparency and being true to yourself are now winning marketing formulas
Learn: How to build and maintain an online community around your passion and brand
Learn: Strategies for turning attention into money
Learn: Why the legacy element of the internet era is so underrated
Need some Personal Branding guidance, please reach out to me on LinkedIn or via email to paul@acceler8success.com.
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