Searching the Web for a Franchise – Is it Helpful or Harmful?

As a potential franchise investor, you may be tempted to scour the internet to try to find something that interests you, and may even find websites that review franchise opportunities and then make recommendations as to which one to buy. While the internet has a lot of great information in this regard, more often than not you’ll be doing yourself a disservice if you rely solely on an internet recommendation. There are a number of reasons why you should be cautious of any review of a franchise opportunity on the internet.

Website Objectivity

The first reason that you should be cautious is that the website owner may not be as objective when evaluating franchises as they lead you to believe. Quite often, franchise companies will pay a website owner an "affiliate commission" for publishing a pre-packaged review of their franchise opportunity on their site. When you click through to the franchise site itself, the website owner may be paid a small commission. This provides an incentive for the franchise review site to rank their listings based on how much commission they are paid, and not what franchise has the best track record of success.  

Only Half a Loaf?

A second reason to be skeptical when evaluating opportunities on franchise review sites is that the data provided is often scant. The purported investment level may only include the initial franchise fee, thus not taking into consideration a myriad of other upfront costs necessary to launch the business, such as equipment, leasehold improvements, initial marketing, working capital, etc. Therefore, a prospective investor could be wasting valuable time looking into a franchise they may think is affordable based on what a website is reporting, only to find that the total investment is much higher once they’ve been provide with the Franchise Disclosure Document. Another important factor that franchise review sites miss is the role that the individual owner must play in driving the success of their franchise unit, which leads us to our next reason for caution…

They’re so Impersonal!

Lastly, but most importantly, a website does nothing to get to know YOU personally. That’s where a FranNet franchise consultant comes in. As your trusted advisor, a FranNet consultant will spend the time to get to know you as a person – your transferable skills, core competencies, lifestyle needs, resources, motives, and your dreams.  We also utilize our proprietary assessment tool (developed by a behavioral psychologist) to profile your franchising "personality" to help determine which franchise concepts are most worthy of your investigation. While internet sources and business periodicals may be able to evaluate franchises using hard data, such as the number of units sold or revenue growth, they miss the mark on enlightening readers as to what it takes to own and manage a successful unit. By contrast, a FranNet consultant will recommend franchises for you to research based on how your personal profile aligns with the profiles of top performers within those systems. It’s one thing to read or hear that there are people making great money with a particular franchise, but quite another to determine if you’re able and willing to do what those folks have done, and without sacrificing a balanced lifestyle.

Internet franchise reviews and other information available online can be good starting points when you first consider the franchising model of business ownership. But, be careful, and take franchise websites with a grain of salt, as there are many quantitative AND qualitative factors to consider. Only an experienced, knowledgeable, and personable franchise consultant - one you like and trust - will help you conduct the due diligence required to render an intelligent, well-informed decision that’s right for YOU.

At FranNet, we offer you sound business ownership guidance and coaching in a safe and professional environment. We work with a wide variety of pre-screened franchise concepts, thus offering choices for our clients to explore based on their own personal profile. Our services are provided at NO COST and with NO OBLIGATION to our clients, so why not let us help YOU? 

Do What You Love – Create Your Career, an Investment, or Both

It’s a season of love, at least as it relates to our interpersonal relationships.  But, what if you could do what you love to earn a living – and make a career, an investment, or potentially both?  And, what if you could be expertly matched up with that opportunity?

I invite you to attend “Franchising as a Career, an Investment, or Both!” on Thursday, Friday 11^th in Troy, MI.  At this FREE seminar, I’ll teach you the basics of franchising, including the array of categories and investment levels available (starting at around $50K), and how to go about defining your own personal vision, matching that up with viable choices, and conducting proper due diligence to make sure you're selecting the RIGHT fit for YOU!

Here is a brief outline of the topics covered in the seminar:

• How franchising can provide a desirable alternative to traditional employment by reducing the risk of ownership to an acceptable level through proven business systems, comprehensive training and ongoing support.
• Basic information on franchising, including the range of industry categories, investment levels and fees.
• The legal regulations governing franchising that protect the buyer.
• A strategic approach to defining your personal business model, quantifying your returns and safely researching and selecting the business opportunity that best fits your unique personality, skills, needs and goals.
• Growth trends and choices in franchising that offer stability and success in weak and strong economies.
• A brief overview of FranNet’s no-fee, no-obligation consulting service.

For more information and to RSVP, please visit michiganfranchiseforum.com, or contact me directly at 313-821-5060.

And, if you cannot make this week’s seminar … there are many more free events coming up, including:

·         “Ask the Experts about Business Ownership” – Webinar, 2/24

·         “Franchising as Career, an Investment, or Both” - Troy, 3/10

·         “Franchising as Career, an Investment, or Both” – Farmington Hills, 3/16

Stay tuned to michiganfranchiseforum.com for more information.  

What Type of Business Owner Would You Be? Peyton Manning or Cam Newton?

In the next few days, you are going to be seeing a lot of football-related articles.  This franchising blog will be no exception.

So, you want to be a business owner.  Are you more of a Peyton Manning or a Cam Newton?

PEYTON MANNING

Let’s look at Peyton Manning.  He actually is a franchise owner, owning several name-brand pizza delivery restaurants in the Denver area.  I’m sure you’ve seen the commercials.

Manning is nearing the end of his professional career.  He took his hard earned money and invested it.  He could have tried stocks, but he wanted a solid investment.  One that has been proven to be successful, one that is not prone to drastic dips caused by the volatility of stocks.

Franchising is an investment. 

CAM NEWTON

Young, energetic, athletically talented.  Just a few years out of college, taking the world by storm - not only as a record breaking football player, but as a motivational speaker and owner of his own clothing line.

But, what if you need that first break out of college.  Franchising can give you that boost right out of college … almost like being a draft pick.  But, if you are able to gain the initial capital to create your own career … you get to pick your team.  You get to choose your first draft pick.

And, no matter your age, you can create your own career.  Maybe you’re an executive looking for an escape from the corporate ladder, or maybe you find yourself looking for employment.  Franchising can be a way to create your own road to success.

UPCOMING FREE EVENTS
Let me tell you about two different events that are coming up – totally free of charge.  These informative sessions can give you more information about the world of franchising, in a no-pressure, no-obligation setting. 

• TROY, MI: Franchising as a Career, an Investment or Both
  Learn franchising basics, including the array of categories and investment levels available (starting at around $50K), and how to go about defining your own personal vision, matching that up with viable choices, and conducting proper due diligence to make sure you're selecting the RIGHT fit for YOU!
  February 11, 2016 at 10am
  MORE INFO | REGISTER NOW

• WEBINAR: Ask the Experts about Business Ownership
  This online session is designed just for you to answer all those initial questions on business and franchising basics.
  February 24, 2016 at 8PM
  MORE INFO | REGISTER NOW

 Have any questions or want to know about franchising?  You can contact me directly at 313-821-5060 or mcory@frannet.com. You can be the quarterback, and consider me your coach.

Growing From Abroad, Growing From Within, Growing With You: The Detroit Regional Chamber's "Year in Review"

From DetroitRegionalChamber.com

The Detroit Regional Chamber is a driving force in improving and growing the business community in Southeast Michigan.  It’s doing so both by telling the story of success around the country, as well as with its local youth, with the end goal of developing Detroit as the business leader it’s meant to be.  

In my last article, I discussed the Chamber's recent "State of the Region."  Today, let’s take a dive into its recently released “Year in Review.”  

ECONOMIC DEVELOPMENT
In partnership with the Michigan Economic Development Corp. (MEDC) and its regional partners, the Chamber attended five trade missions in China, France, Germany, Italy and Japan.  They also attended 11 national and international trade shows and conferences.  Their goal was to share the story of Detroit’s dramatic rebound from just a few years ago.

Their trips were a success!  The Chamber helped contribute to the generation of 430 jobs and $42.7 million in investment for the first three quarters of 2015.  The Chamber plans on publishing their annual economic development report in March when the complete results are available.

The Chamber worked with Gov. Snyder and the MEDC in telling the story to automotive, hospitality and medical companies abroad and at home.  In September, the teamwork helped Daimler North America Corp to decide to move its headquarters to Michigan.

The Chamber also welcomed delegations throughout the world to learn more about the automotive region.  

GROWING DETROITThe Detroit Regional Chamber was a lead partner with Mayor Duggan’s “Grow Detroit’s Young Talent” program that helped create over 5,500 jobs for Detroit’s youth.  The Chamber engaged with its member organizations, who pledged support through hiring students, making a financial donation, or both. 

The Chamber also helped coordinate the regional participation of facilities and students in Manufacturing Day.  Over 5,000 students from the region were able to take part in tours of over 100 manufacturing facilities.  To the chamber’s success, the event attracted over double the amount of students from previous years.  The goal of the event was to change misperceptions about skilled trades and develop interest in manufacturing careers.

The Chamber administers the Detroit Scholarship Fund, which helped over 400 students from 60 high schools enroll in a tuition-free path to an associate's degree this fall.  The DSF compliments the Detroit Compact, which helped 202 new students pursue a four-year degree.

YOU CAN GROW WITH DETROIT
The Chamber is helping to improve the city’s economic environment, from attracting investment to developing new leaders from its local youth.  You can take an active part in the revival of Detroit.

Start a business in a growing area, where the future looks bright.  You can even get a head start by bringing a proven business concept to Southeast Michigan.  You have probably heard of franchising, where you own a company operating under a license with the franchisor.   

Let me introduce you to franchising at a FREE seminar on February 11, 2015 in Troy, MI.  “Franchising as a Career, an Investment, or Both” gives an overview that talks about entrepreneurship, franchising vs. starting a business from scratch, various industry categories, and how FranNet’s no-fee, no-obligation consulting service can match you with a company that fits your lifestyle needs and goals.

For more information, please visit http://michiganfranchiseforum.com/local.html.  You can also contact me directly at 313-821-5060 or mcory@frannet.com.

Don’t Count Out the Underdog: The 2015 Detroit Regional Chamber’s State of the Region

In July of 2013, the City of Detroit filed for Chapter 9 Bankruptcy.   The jokes pile up, with Detroit being made to look like a third-world country.  Even comedians today take their shots at the city.  But, as highlighted by the Detroit Regional Chamber’s 2015 State of the Region, the message is clear:  Don’t Count Out the Underdog.

And if you have ever thought about starting a business in the Detroit region, I invite you to attend my free workshop entitled “Franchising as a Career, an Investment, or Both!” on January 20 in Farmington Hills, MI or January 21 in Troy, MI. Find out more about entrepreneurship, franchising, and how FranNet’s no-cost, no-obligation consulting can help you find a business concept that was meant for you, your lifestyle and your goals. Click here for more information and to register.

In two years, there has been over $3.4 BILLION in investment and development announced for the 18th largest city in the nation.  Some of the highlights from 2015 include:

• Sakthi announces a $31.9 million dollar manufacturing facility that will employ 650
• Amazon announces a corporate office and technology hub
• Nike announces a Nike Store in downtown Detroit
• 125 restaurants and real estate establishments opened during the year
• Construction on the new Detroit Red Wings arena as part of The District Detroit’s revitalization project.

As I pointed out last year, Detroit’s economic indicators were pointing up.  The great thing is that the numbers are only getting better.  

ECONOMIC INDICATORS
Real Gross Domestic Product
The Detroit region’s GRP growth rate from 2009 to 2014 is 18%, up from the 14% growth rate from 2009 to 2014.  This rate is 7.7 percentage points higher than the national average.  Looking at the top 50 MSAs by population, Detroit has the seventh highest growth rate in real GDP.  Comparing peer metropolitan areas, Detroit ranks second (only to Dallas).

Private Sector Job Growth
From 2009-2014, the private sector job growth rate was 12.2%. This includes nearly 36,000 jobs in 2014. The Detroit region’s rate is 4.4% higher than the national average. 

Unemployment Rate
For the Detroit region (which includes Ann Arbor, Flint and Monroe), the unemployment rate in July 2015 hit 6.7%. This is just 1.1 percentage points behind the national average.   To compare, the Detroit region has a 9.4% unemployment rate in July 2014.

On a larger level, the Michigan unemployment rate fell below the national average in September 2015.

Per Capita Income Growth
The Detroit Region leapfrogged over several peer metropolitan areas in the metric of per capita income growth. From 2009-2014, Detroit’s growth rate was 13%. From 2009-2013, Detroit’s rate was 3.8%. This meant that Detroit went from 6th to 2nd. 

 UNDERDOGS SUCCEED TOGETHER

The Detroit region has done a complete 180 degree turn, and the sky is the limit for this underdog. You can read the full State of the Region report here. (LINK)

Now, if I said that you could start your own business in the Detroit region, you might feel like an underdog too. You don’t have to have a million dollar idea, you can leverage someone else’s idea via franchising.

Franchising is your chance to own your own business, licensing an already successful concept. Combine that concept with the upward momentum of Southeast Michigan, and the sky is the limit.

Don't forget to visit MichiganFranchiseForum.com for upcoming events, including the events on January 20th in Farmington Hills, MI and January 21 in Troy, MI that I mentioned earlier.  

The Detroit Regional Chamber’s State of the Region emphasizes an important lesson about business. Location, location, location. Combine their research with FranNet’s consulting, and you’re no longer an underdog. You’re on the road to success!

This Wednesday: Get Entrepreneurially Fit and Learn About a Semi-Absentee Franchise Fitness Opportunity

It’s the time of year where many start their new year’s resolution, heading to the gym to try and lose weight.  This Wednesday at 8 pm, it’s time to learn about how you can become “entrepreneurially fit” by investing in a semi-absentee franchise fitness opportunity.

This executive business model allows you to keep your full-time job and effectively hire someone to manage the business.  This proven business model was founded 8 years ago, and is the first and only concept in the industry offered as a franchise opportunity.  It is also a 100% ecommerce business where the clients pay online.

Simple operation and high margins mean that you can own a business without having to make the leap to full-time entrepreneur.

Want to find out more?  Click on this link.
Want to register?  Click on this link. 

You can also contact me with more questions!  Contact me at mcory@frannet.com or 313-821-5060.  It’s time to get entrepreneurially fit!  And it all starts by sitting in front of a computer.