Ready to Unleash Your Inner Entrepreneur?

k-63-dsc5156355559-paint_1There comes a point in an executive’s career where most, if not all professional milestones have been achieved. It’s a point where I have found many executives start to become restless, looking for the next challenge. If you don’t share the same excitement your colleague’s have about their retirement plans and you are thinking about how you’ve always dreamed of being your own boss, then I’d like to share with you a great opportunity to unleash your entrepreneurial spirit!

As a franchise owner for The Alternative Board (TAB), you not only have the freedom to make you own decisions, have low overhead costs, and determine your own hours, but you will have the backing of an international franchise and be making an impact on small businesses and their owners.

As a TAB franchisee, you will:

  • Build and manage an advisory board of up to 10 non-competing businesses
  • Coach business owners to improve their leadership skills and help their business grow
  • Facilitate group meetings and discussions to propose constructive, powerful solutions to business problems
  • Guide and grow your business with autonomy, and with the backing and support of an international franchise

This opportunity is perfect for:

  • Executives with an entrepreneurial spirit, who have an abundance of experience in the corporate world
  • Business leaders who look to tackle a new challenge for the next 10-15 years
  • Those who would enjoy helping passionate business owners innovate and grow their businesses

Becoming a TAB franchisee allows you to be your own boss, make your own decisions, and help small businesses succeed. It’s the perfect opportunity for someone who wants to make a big difference in the lives of many small business owners and their ventures. If you’d like to learn more about being a TAB franchisee, contact me today!

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Perserverance Is The Key To Success

persevereI have focused the last several blogs on providing some insightful tips to help individuals on their journey when deciding to own a business, whether that be starting your own business, buying an existing business or buying a franchise.

There has been a lot of planning and research done to get you to the point where you make a decision, and launch your business.  It is one of the most fulfilling things you may ever experience when you get the key to your new office, hire your staff, and get your office set up. The first couple of months in a new business is very busy, and can leave you on a bit of a high, but by month three or four when you start receiving bills and revenues are less than you forecasted, it can be very discouraging.

With over 40 years of business experience, and specifically the last 10 as a franchise owner, I can tell you that all businesses experience difficult times. For some it’s hard to find prospects while for others it’s hard to close deals, but no matter how difficult it seems at the time, stick to your plan and processes and you will get through it.

As entrepreneurs we will get stuck from time to time, and it is important to see that as an opportunity to think outside the box, challenge our comfort zones and get on with making our dreams a reality.

 

How About You?
If you are running your own business, what types of exercises do you do when you’re stuck? I look forward to hearing your stories in the comments below.


Steps to Finding the Right Franchise Business

masterAre you ready to dive into the world of franchise ownership, but aren’t sure exactly where to start? You aren’t alone! The franchise industry is large, and one can easily get lost if they are not sure what they’re looking for.  Using my experience from my own TAB franchise ownership, this week I would like to share with you the steps involved in finding the right franchise business for you.

  1. Decide on what industry you’re interested in. I mentioned in my blog last week that there is so much more to the franchise industry than fast food restaurants. Do not limit yourself to looking in just one area. Explore all the industries, from food and retail, to finance and professional services. Do not be afraid of the unknown – look at all options as opportunities to learn something new.  Most importantly, determine what you’re passionate about to guide your search.
  2. Select at least three franchises in your industry of choice. Being able to compare the franchises will prove extremely helpful when deciding which is the best fit for you.
  3. Contact each franchisor and discover who they really are. Inquire about the process involved in purchasing a franchise. Every good franchisor will have a clearly outlined process. Having this conversation with the franchisor is crucial before continuing to narrow down your search.
    Note: Be wary of franchisors that look for money upfront or require you to sign any commitment at this stage. These are red flags that should bring their credibility into question. Their process should allow you to determine how fast or slow you want to proceed.
  4. Review the franchise disclosure document. It should provide a complete picture of the franchisor from legal structure to financials as well as detail franchisee commitments and franchisor responsibilities.  You may want to have an experienced franchise lawyer review this with you.
  5. The fun begins when you are ready to visit head office and meet the people you’ll be working with. You should meet all the key individuals you will be working with and learn about their training program, marketing resources and other support systems they have in place.
  6. Before making your final decision, you should have access to all existing and past franchisees so you can ask them about their experiences with their franchise and their relationship with the franchisor.  Make sure you have all the answers you need before signing any agreements with, or paying any money to the franchisor.
  7. Once you’ve made your decision to move forward with purchasing the franchise, communicate your interest to the franchisor and ask for the franchise contract. Be sure to have the contract reviewed by your lawyer.
  8. Your initial payment usually includes the licensing fee, marketing support, and training. These three components are necessary for the success of your franchise.

Keep in mind that processes for small and large franchises may differ. Size changes a number of variables, so keep that in mind when comparing franchisors.

I always enjoy hearing from you.  Please share your franchise questions or stories in the comments below.


Starting A Business – Think First, Act Second (Part 3)

franchise

If you’re thinking of purchasing a franchise, your process is going to differ greatly from those thinking of starting a business or purchasing an existing one. Franchise ownership brings with it a unique set of challenges, risks, and benefits that some do not completely grasp.

The first and most important question I ask anyone investing in a franchise is “have you done your homework?” The number of franchises available is endless, and what most don’t realize is a franchise is more than just your typical fast food restaurant or retail store. It is important to move past the bricks and mortar concept of a franchise and see the franchise world in its entirety.  For example the professional services franchises industry, which handles white-collar jobs, like career coaching and banking services, is surging ahead of the typical retail franchises.  Spurred by middle-management and upper-management individuals with expertise in a field, they are looking for some type of business opportunity and this type of franchise is an opportunity for individual professionals to be part of a larger brandwith access to many resources.

Choose your industry and do your research! As I said last week, knowledge is power. Every franchisor has different regulations and policies and as such, they cannot all be treated the same. You must dive into the nitty gritty details of each franchisor and decide which businesses truly meet your criteria. Make sure that your goals and values align with those of your franchisor.

Once you have narrowed down your options, determine if they are financially feasible. Franchises require an up front investment, so it is imperative, as is with any business, to ensure you have the capital necessary from the beginning. On the plus side, franchises are a known, fixed investment unlike start-ups or existing businesses where there can be daunting hidden costs.

Once you have purchased a franchise, enjoy the benefits! If you partnered with the right franchisor, you will receive ongoing support from the franchisor in terms of training, resources, marketing, and much more! With an established brand, your selling power is increased, your ramp up period is shorter, and your likelihood of success is greater.

Ultimately, you must find the franchisor that best suits your needs and ensure that your short and long term goals are consistent. If you can find your match, a franchise partnership may be right for you!