Giving Thanks as a Business Owner

As we come upon a holiday about reflection and family, I am thankful for many things: family, friends, good health and more.  As a business owner, I am thankful for the chance to make my own career and invest in myself.    

GIVING THANKS FOR HELPING PEOPLE

As a FranNet franchise owner, I have had the chance to meet with hundreds of people looking to start a business.  Some I have been able to help provide guidance and coaching as they start on their journey to success as a franchise owner, and some I have advised that starting a business is just not the best idea for their particular circumstances. For those who are ready,  I have been able to introduce some to business concepts that meet their key criteria – some concepts that the person didn’t even know existed!  The bottom line is that I’m thankful for the chance to help people.

GIVING THANKS FOR SUPPORT
As a FranNet franchise owner, I have been able to network with fellow franchise owners.  Sharing steps to success and things to avoid, it never feels like I am alone in this business.  I am thankful for support and places to turn.

GIVING THANKS FOR AN ACCOMODATING SCHEDULE
As a FranNet franchise owner, I have been able to create my own work schedule, and accommodate time for family and other activities that would have been impossible in the corporate world. I’m extremely grateful for the freedom and flexibility that my business allows me. 

GIVING THANKS FOR A PROVEN CONCEPT
As a FranNet franchise owner, I have access to tools to help me with my business.  I could have never thought of the exclusive matchmaking system that we use to help match prospective business owners to franchise business concepts based on that person’s goals, passions and lifestyle.  FranNet also puts on webinars that are available to provide educational opportunities to any interested persons that I might not be able to reach on my own.  

LET ME HELP YOU FIND MORE TO BE THANKFUL FOR
Are you ready for something different? As a FranNet consultant, I can help pair you with a franchise that meets your transferable skills, personality and preferences. There might even be an opportunity for semi-absentee ownership that will allow you to keep your day job for now. 

Take a look at the local seminars and webinars listed to the right.  These events, as well as one-on-one consultations with qualified candidates are FREE!  For more information, please contact me at 313-821-5060 or mcory@frannet.com.

5 Good Reasons to NOT Buy a Franchise – From a Franchise Coach

Yes, you read the headline right! I’m going to tell you why, under certain circumstances, you should NOT buy into a franchised business concept. Why am I telling you this? For some people, owning a business (franchise or otherwise) is probably not the right life choice. And on the far extreme, those born to be purebred entrepreneurs, owning a franchise business is probably not the right choice. But for some, franchising can be the perfect choice for a new career, a different investment, or both. Here are some good reasons NOT to buy a franchise (or maybe any business):

• YOU NEED AN IMMEDIATE PAYCHECK
  Rarely does a new business start cash flowing on Day One. You need to be realistic in terms of projecting when you’ll be able to draw a paycheck, and make sure you have adequate reserves, or another source of household income to sustain you and your family for at least 6-12 months.
• YOU ARE CONSIDERING A PARTICULAR CONCEPT THAT WILL PUT EVERY PENNY YOU HAVE AT RISK
  The pressure and sleepless nights will not only be detrimental to your health, but can also lead to poor judgment and decision-making which will detract from your likelihood of being successful. If you don’t have sufficient cash reserves as a safety net, then maybe it’s probably better to pass, or find a concept that requires a lower upfront investment. 
• YOU THRIVE ON 100% CONTROL
  The key to success in franchising is consistency and adherence to a proven system. Your customers know what they are getting before they walk into the door, whether it’s a product or service. It doesn’t matter who owns the McDonald’s, you know what the Big Mac looks and tastes like. You are buying a name brand and an operating model. You cannot change that brand. “Oh, the Big Mac isn’t selling well, but let me call it the Mega Mac – that will change things!” There may be certain vendors, supplies and programs that you have to stick with as part of the franchising agreement. If you think you have invented a superior product and/or business system, then perhaps you should consider starting a business from scratch, as opposed to joining a franchise system. 
• YOU ARE LOOKING FOR A LIQUID INVESTMENT
  You are making a commitment and a significant investment when buying into a franchised business concept. This cannot be liquidated on the spot, should the need arise. Remember, just like most businesses, it may take you time to make back your initial investment or cash out if you decide to sell.
• YOU DON’T HAVE A COMPELLING REASON FOR BEING IN BUSINESS FOR YOURSELF
  It’s not enough that you’d think it’d be fun to “Be the Boss” or you have a passion for a particular product or service. Business ownership is a huge commitment, and should only by attempted by those that have the transferable skills necessary to be successful, and have sound reasoning for taking the risk, such as a resolve to never work for someone else again, or not wanting to have your money subject to the roller coaster stock market.

At FranNet, we believe that business ownership, whether through franchising or otherwise, only makes sense for the select few. That being said, we’ve seen lots of folks that have what it takes, including a compelling reason for being in business, achieve freedom, independence and fulfillment by selecting and managing a franchise that FITS their goals, transferable skills, preferences and lifestyle requirements.

If you’re wondering if you could be one of the “select few," take a look at our upcoming FREE events and webinars listed on the right. You can also contact me at 313-821-5060 or mcory@frannet.com to discuss your unique situation. We’re here to help you decide whether franchising and/or business ownership might be for you, and if so, how to go about finding the RIGHT fit. Don’t forget to also visit michiganfranchiseforum.com.

The First Franchise

Franchises have become a staple of the American economy. Just think of how many franchises you come across on a daily basis. Even if you don’t leave your house for a day, you will see advertisements for dozens of franchises on your television. 

So, where did the first franchise begin? What was it? 

Have you heard of the Singer Sewing Machine? 

Isaac Singer didn’t invent the sewing machine. But he developed a simplistic sewing machine that could be adapted to home use – getting a patent for his invention in 1851. He even sold his machines using an installment payment basis that allowed more people to purchase his machines.

The Singer Sewing Machine sales skyrocketed over 500% during a four-year period. Isaac was able to start mass-producing his product with interchangeable parts. But, how could Singer’s company repair these machines across the United States?

The solution to this problem gave rise to the first franchise system. Singer started by licensing out servicing and repairs to local merchants around the country. Later, those merchants were allowed to become regional salespeople for the machines as well. These rights were all conveyed via contracts. 

Franchises are Proven Business Systems 

Singer’s franchising system was a success because his sewing machine was a quality, differentiated product AND he developed an efficient, effective system for selling and servicing it. This is the biggest benefit of franchising; you are using a business system that has a track record of producing successful results. There are no guarantees in business ownership and entrepreneurship, but with research, due diligence, and working a proven system, you can give yourself a distinct advantage.

Another way to give yourself an advantage? FranNet. Our exclusive franchise matchmaking system and research plan helps to pair you with a business concept that best fits your transferable skills, personality, budget and lifestyle requirements. We offer choices in many different categories, to help you discover options you may not even be aware of, yet may provide a great fit for your unique profile!

Franchising Events and Webinars - ALL FREE!

Join me for one of my upcoming events or webinars, which are all listed to the right.  These presentations are educational and can help teach you more about the world of franchising.  These are events are completely free.

And, as always, all of my services and consultations are FREE!  Please contact me at 313-821-5060 or mcory@frannet.com.