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Sorting through the Junk
April 11, 2006 by daniel parrilloLet’s recap what we have discussed the last couple of blog postings. Firstly we looked at the options a person has once they graduate and how a franchise is possible option in life. We then looked at the cost associated with purchasing a franchise and what options are available to you. Earlier this week we discussed how to formalize a table with your skills and how this helps you narrow down your search for a franchise. This week we will discuss how to sort through all the “junk” that exists on the internet and how finding a franchise opportunity is not a hard search it just requires patience.
You know have your list of skills in front of you and a list of franchise industries that you feel will be beneficial to your skill sets, we can now begin our search. Firstly, navigate yourself to a reputable website that offers franchise options I recommend:
www.franchise.com
www.startupjournal.com (powered by the wall street journal)
www.bizbuysell.com
These sites are the best of the best and will provide you with all the relevant information that you need to make your choice.
I will use franchise.com as my example for this article as I am most familiar with this site. Once you are on the site you will notice a lot of options that at first are confusing to the visitor, however, this is all relevant information for you to make an informed decision. Your eyes will be pulled in a lot of directions once you see the site; there are a lot of banners and advertisements for franchises, these advertisements are a good indication of which franchises are successful as it costs a lot of money to place banners. As well these franchises may not be too well known and they want to gain your attention as they truly have a great opportunity to present to yourself.
Now that you have calmed down your senses and started to see how the site operates you will notice that there are many options for you to explore, I suggest firstly starting out in the matchmaker section. This will match up your location and experience with many franchise opportunities. I caution against only picking the ones that display first as most of the time these lists are constructed alphabetically as the site assumes you are going to be doing thorough research and scrolling every possible opportunity. As well just because you don’t recognize the name of a franchise does not mean it is not a successful one, often we are only drawn to the name brand franchises such as Wendy’s, McDonalds and Subway but do not consider the names such as WSI, Curves, and the UPS store. The last three are all faster growing franchises than the three mentioned before them but their brand power isn’t as strong, if you do your homework on these franchises you will see these points.
Another good reference point on franchise websites are the press release sections. These are used by the franchise company to update their performance so potential franchisees can see what strides they are making in their field. It is important to take note of the companies that actively update these sections as they are very update and interested in promoting their achievements. Companies that do not outline their achievements can be seen as a poor choice for a franchise as they do not promote their brand and thus may not take the time to promote their franchisees.
Most websites will have a list of categories in which to find franchises, these will include, home based, computer and technology, consulting, internet etc. Once you click on these tabs a list of companies that correspond to your choice will appear with a short blurb on the company. This is often the best way to o your initial research on a franchise company.
These points will help you to make a short list of potential franchises that you are interested in buying and research further to make a great decision that is a profitable one.
Next week: How to research your potential franchises deeper and efficiently -
Recognizing your skill sets
April 04, 2006 by daniel parrilloLast week we spoke about financing your dream, this week’s topic will focus on finding the right franchise to match your individual skill sets.
Finding out what you are good at is not the easiest task for one to assess. Everyone assumes they are fit to do everything they set their mind to. A good thought, but at the same time when it comes to your franchise it makes sense to find a franchise that is tailored to your strengths. No one who takes Harvard business is going to open a Wendy’s franchise as it is not challenging to their skill sets and does not give them the freedom to implement their innovative ideas, these individuals would be looking for something a lot less restrictive.
One for the first thing you have to ask yourself is “what am I good at?” “Do I have the skills needed to run my chosen franchise?” “Are my skills and the franchise I want to run a realistic combination?”
These are all very real concerns when making your decision. What is crucial for you to do is make a chart of your strengths in comparison to your weaknesses and then tailor that to your franchise choice. One of the most important skills that you will need to identify is your ability to work hard and not be side tracked. Are you an individual who needs strict guidelines or are you an independent worker? Do you feel the need to have people around you or can you make it on your own? What is it that you are looking for from your franchise?
Recognizing these skills is the tip of the iceberg in recognizing the perfect franchise opportunity for you. You also have to see what type of personality that you have, are you people oriented? Do you like to work behind the scenes? Is income the most important factor when making a business decision? Do you need to have people working for you? How well do you take pressure? Are you driven by pressure?
Again, all important questions to ask yourself as there is a lot a person will learn about themselves once they get into a business that they were unaware of in the past. If you don’t recognize your potential shortfalls before you buy a franchise then it will be a very steep learning curve and that could be detrimental to your overall success.
Also ask those that are close to you for their honest opinion of your skill sets, as they will be able to identify skills you possess that you cannot see in yourself. This is extremely useful as it will open your eyes to hidden skill sets that will be able to help you in choosing the right franchise.
The next step it to compile all this information about yourself in an organized chart and start to narrow down your initial search criteria. Knowing what you want and what fits your skills will make your search much more focused and will help you sort through the inappropriate choices that do not match your skill set.
Now that you have a basis for what it is that you are looking for and how to match it to your own set of qualifications, it is time to start combing through the internet. I will next week set up some sites that are beneficial to start your search on. There is a lot of junk on the internet and it is important to know how to sift through it and find the quality that is hidden underneath.
Next Week: Sorting through the junk -
Financing your Dream
March 30, 2006 by daniel parrilloWe have now seen the forks of life and decided that going straight is real a possibility. Blazing your own trail is never easy and there are a lot of questions that arise; the main question being “where am I going to get the money to open my own franchise?” This is a large concern to which there is no definite solution, however, when hearing the word franchise our minds right away think $$$, not all franchises that are successful cost millions. There are many successful franchises to be bought for less than $100,000; tailored to the white collar business professional. Educated individuals tend to not be interested in opening a restaurant franchise, but want to use the skills and knowledge they have learned to become a successful entrepreneur and the $100,000 franchise is the answer.
Once again we come to the ever pressing question “How am I going to franchise my dream?”
The answers are not simple but they are obtainable with a little leg work. If one is not willing to seek out all their options when looking to open a business they are going to be an ideal candidate to run a profitable franchise. The banks have programs set up for the start up business person that is very affordable in regards to interest, as many are willing to negotiate interest charges or even waive them for a period of time while you get on your feet. Banks are very inclined to loan money to individuals who present a coherent business plan that shows were your money is to be spent and how you foresee paying back your loan.
Another option includes finding an investment partner who will go into business with you while providing the financial means to support you. This option is becoming more and more common as it doesn’t take just one person to run a business and a partnership is often how successful people get their starts.
A less popular choice is going back to your loved ones to make a contribution whether it be they co-sign for a loan (be 100% sure) or they loan you the money in order to jump start your career. Once again presenting a thorough business plan will go along way when attempting to borrow money.
Institutions and those close to you are very willing to help individuals out in life provided there is a plan that will ease the payback period. No bank is going to lend you money if you don’t have a plan, no investor will invest without a guarantee that there is going to be a return on their investment.
If you are willing to show a concrete business plan and show that you are organized in your business venture you will find obtaining the money to finance your endeavor will not be that hard and you can then move onto building your business and start profiting.
One thing that is extremely important when looking at a franchise is matching your skills with those required from a franchisor.
Next Week: Matching your skill set and finding the perfect business. -
Seeing the Forks in the Road and Going Straight
March 27, 2006 by daniel parrilloStepping out of the routine of school can be one of the hardest experiences for the eager young professional. Coming to the fork in the road of career can be intimidating for anyone. The decision you make is the most important as it affects your future path in regards to, family, marriage, income, security, housing, etc all of these paths of life are affected by your first major decision of career. The special few come to this fork in the road and go straight heading into business for themselves whether it be owning your own independent business or buying a franchise with a proven record for success. Today’s world does not wait for you to solidify yourself in the workplace, instead you are required to make it on your own using their previous experience, which for most is a string of part-time positions or internships photocopying papers and faxing documents. A franchise system will provide its franchisee with the tools and training necessary to make your business a success. Making the right choice early in your career can make the stress of future decisions a lot easier as building a strong foundation is the key to future growth.
Coming Soon: The money game when buying a franchise.
