{"id":582,"date":"2019-06-28T08:54:28","date_gmt":"2019-06-28T08:54:28","guid":{"rendered":"https:\/\/www.toddweissfranchisepro.com\/?p=582"},"modified":"2019-07-17T10:41:49","modified_gmt":"2019-07-17T10:41:49","slug":"becoming-better-business-owner","status":"publish","type":"post","link":"https:\/\/www.toddweissfranchisepro.com\/becoming-better-business-owner\/","title":{"rendered":"Becoming A Better Business Owner"},"content":{"rendered":"

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Becoming A Better Business Owner<\/strong><\/h2>\n

One of the first questions most people ask me about owning a franchise is, \u201cWill I make money?\u201d<\/em><\/p>\n

While it\u2019s an important question to ask, it\u2019s not the most important, in my opinion.<\/p>\n

Many people think that owning a franchise is just another way to make money. You take a time-tested business model, drop it in a new location, and you get to watch the profits roll in.<\/p>\n

But franchise owners walk away with a lot more than profits. They get hands-on experience learning what it actually takes to make a business work.<\/p>\n

And, there\u2019s a lot involved in being a franchisee.<\/p>\n

As a franchise owner, you are required to follow company processes. You’re responsible for marketing and growing your business. You are responsible for hiring, training and even occasionally firing.<\/p>\n

And, there\u2019s so much more\u2026<\/p>\n

 <\/p>\n

Systems Are Key<\/strong><\/h2>\n

When you buy a franchise, you’re buying into a proven operating system. The advantage of buying a franchise is that you can take the time you’d spend building your systems to focus on developing your team.<\/p>\n

Also, banks like to make loans to businesses with good, proven systems. So, they’ll often give a loan to a franchise rather than a start-up.<\/p>\n

You learn what a successful business model looks like from the inside out.<\/p>\n

You aren’t thrown into the business to fend for yourself as a franchisee. The franchisor is there as a partner and support system.<\/p>\n

They provide you with an action plan so you have a proven step-by-step system to run your business from day one. Franchisors give this model to all their franchisees to provide them with the support they will need to ensure success.<\/p>\n

As you work with these processes, you\u2019ll learn more about what makes a business model great. You discover the kind of support you need and the questions you should be asking. You\u2019ll also find out what your strengths and weaknesses are.<\/p>\n

You will learn first-hand just how much time, planning, effort and money would be required if you want to open your own business from the ground up.<\/p>\n

 <\/p>\n

Cash Flow Management<\/strong><\/h2>\n

There’s an old saying in business that “cash is king.” Cash flow is the blood that keeps the heart of the kingdom pumping.<\/p>\n

Cash flow is one of the most critical components of success for a franchise \u2013 and every other business in the world.<\/p>\n

Without cash, profits are meaningless. Many a profitable business on paper has ended up in bankruptcy because the amount of cash coming in doesn’t compare with the amount of cash going out.<\/p>\n

Franchise owners that don’t exercise good cash management may not be able to make the investments needed to keep their doors open, or they may have to pay more to borrow money to function.<\/p>\n

You need to know all your costs upfront. These include the initial investment, along with the cost of inventory and working capital.<\/p>\n

You learn how to identify and create your break-even point and your profit margin. And, how to manage your losses.<\/p>\n

Positive cash flow is required to generate profits. There has to be enough cash to pay employees and suppliers so that you can provide and produce services and goods.<\/p>\n

The sale of those goods generates a profit. If you don’t have the money to produce the goods and services you are selling, you don’t end up with the profit, and you don\u2019t stay in business for very long.<\/p>\n

 <\/p>\n

Flexibility, Adaptability, and Versatility<\/strong><\/h2>\n

Franchise owners wear many different hats, especially the first 18-24 months in business.<\/p>\n

You’re responsible for daily business operations, and you must also constantly market to build awareness of your brand. You\u2019re responsible for training, ensuring compliance, purchasing, inventory control, production and quality control, scheduling and payroll. \u00a0You become masterful at both employee and customer relations, for hiring and firing. And, there\u2019s so much more\u2026<\/p>\n

Franchise ownership will stretch and grow you in ways you never dreamed of. You’ll get through the ups and downs of the early stages while becoming an experienced, well-rounded business owner.<\/p>\n

 <\/p>\n

Practical Business Management Experience<\/strong><\/h2>\n

It’s tough to take on every aspect of running a business by yourself. You have to hire the right people \u2013 as a franchisee, you will need to work on your business, as well as in it.<\/p>\n

The quality of the people you hire will largely determine the quality of the services and products you provide your customers. Ultimately affecting your profitability. It will also directly impact how well they can support you while you are building your business through the other channels available to you.<\/p>\n

Franchisees often operate with small teams, so they need to have employees who they can depend on and trust. Your employees should help you carry some of the weight of the business. That way not everything is resting solely on your shoulders.<\/p>\n

 <\/p>\n

Good Support Systems Are Critical <\/strong><\/h2>\n

When you become a franchise partner, you gain access to support systems that can make a huge difference to your success as a business owner. That support comes in two forms: the franchisor and your network of fellow franchisees.<\/p>\n

Your franchisor will provide you with the tools and resources you\u2019ll need to get set up. These will include: your business model, training, marketing and advertising tools and resources, ongoing support, and, in some cases, access to their rolodex of business connections and relationships.<\/p>\n

You also have access to a network of fellow franchisees to communicate and collaborate with.<\/p>\n

They can help you solve problems, especially if they’ve solved them before. And, more often than not, they provide a highly specialized mastermind environment for exploring new and creative ideas to help your business grow.<\/p>\n

 <\/p>\n

Some Final Thoughts\u2026<\/strong><\/h2>\n

Becoming a franchise owner gives you a first-hand perspective on business ownership. It\u2019s not until you\u2019re in the thick of it that you learn what it takes to be a successful business owner.<\/p>\n

Whether you’re new to the world of entrepreneurship or not, you\u2019ll gain a ton of knowledge working as a franchise partner. You get the experience of being a business owner without having to tackle everything by yourself.<\/p>\n

Your experiences as a franchisee can’t be learned in a classroom. They can only be learned through the day-to-day hard work and dedication it takes to run a successful business. And, in the end, it’s worth every bit of the effort you put into it. <\/p>\n

I’d love to hear from you…<\/h2>\n

What\u2019s one insight or key takeaway you got from this article?<\/p>\n

Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>\n

Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>\n

Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>\n

If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com<\/a>. I’m more than happy to help if I can.<\/p>\n

And, if you aren’t already a “Franchise Pro Insider,” what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>\n

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Ready To Schedule Your FREE Consult With Todd?<\/h2>\n

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About Anthony<\/h1>\n

Business CoacH<\/h3>\n

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam. Lorem ipsum dolor sit amet, cons<\/p>\n

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Contact Todd Today<\/h2>\n

Phone<\/h4>\n

(866)-934-7176<\/p>\n

Email<\/h4>\n

todd@thefranchiseconsultingcompany.com<\/a><\/u><\/p>\n

Address<\/h4>\n

130 Shore Road, Suite 133, Port Washington, NY 11050-2205<\/p>\n

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Becoming A Better Business Owner One of the first questions most people ask me about owning a franchise is, \u201cWill I make money?\u201d While it\u2019s an important question to ask, it\u2019s not the most important, in my opinion. Many people think that owning a franchise is just another way to make money. You take a […]<\/p>\n","protected":false},"author":1,"featured_media":585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"

Franchising Trends For Q3 2019<\/h2>

Hard to believe that we're heading into the third quarter of 2019 in just a few days. It's been a good year\u00a0 - a very good year - for franchises. And, if you've been considering opening up your own business - without the intense start-up headache phase, it's the perfect time to start exploring what's involved in purchasing a franchise.<\/p>

The franchising model works this way \u2013 you (the franchisee) buy the rights to market and distribute the products and services of another company (the franchisor) and to use its business name.<\/p>

Since you're \"borrowing\" another company's proven business model, brand recognition, and reputation, franchising can be a safer option for starting a new business.<\/p>

So, let's take a look at a few things you need to consider before you invest your hard earned money buying a franchise...<\/p>

  1. Is There Market Demand For Your Products And Services?<\/h2><\/li><\/ol>

    Do you already have an idea of the kinds of products and services you'd like to offer? Awesome!<\/p>

    Do you know if those products and services are in demand where you want to open your business? The only way to answer that question is through market research and hard data. What sells well in other areas of the country may not be well-received locally.<\/p>

    Are you a BIG thinker? Are you thinking about the possibility of branching out to owning multiple outlets in the future? Then, you need to assess the potential for that as well.<\/p>

    1. How Good Is Their Industry Reputation and Track Record?<\/h3><\/li><\/ol>

      Does the company offering the franchise have a proven track record of successfully franchising their business? Just because a company is offering franchising opportunities doesn't mean they are a good franchisor.<\/p>

      It's imperative that you do your due diligence. You should speak to current franchisees to get their perspective on the business - the good, the not-so-good, and the flat out ugly. A good question to ask is, \"If you could do this all over again, would you have picked this company to be your business partner?\" Be sure to listen to the different responses you get. If something negative is repeated often enough, you can be sure that it's a red flag.<\/p>

      1. What Does Your Investment Buy You?<\/h3><\/li><\/ol>

        Franchise fees represent a considerable portion of your investment - that number can range from a few thousand dollars to several million. Those fees typically cover training, equipment, and licensing rights.<\/p>

        You need to understand what the franchisor will be providing you for your investment. You need to carefully evaluate the time it will take for you to earn your upfront costs back to determine if the franchise you are considering is a sound investment.<\/p>

        1. What's The Competition Like?<\/h2><\/li><\/ol>

          Depending on how well-known the franchise is, there may already be lots of franchisees operating in the same area you want to open shop. And, depending on what your product or service is, there could be a lot of other rival companies.<\/p>

          Some competition is a good thing. Too much competition means the market could be over-saturated. That is not good for business.<\/p>

          Product and service offerings are a STRATEGIC business decision that you need to consider carefully. If you have a lot of competition, it will be much harder (and more expensive) for you to establish yourself.<\/p>

          If your products and services are unique, then competition will not be an issue. However, educating the public and creating market demand might be.<\/p>

          1. How Much Training Do You Need?<\/h2><\/li><\/ol>

            I've found that one of the significant advantages of franchising is the training and support offered to franchisees.<\/p>

            If you don\u2019t have a lot of business and operational experience, I highly recommend choosing a franchise that offers substantial training and support to ensure you get things started the right way. Some franchisors even provide on-going support after your franchise is up and running.<\/p>

            Statistics show that having the proper guidance and training from the start dramatically increases the chances of your franchise being successful.<\/p>

            1. Do You Have An Issue With Rules and Regulations?<\/h2><\/li><\/ol>

              \u00a0<\/p>

              It's not uncommon for franchisors to impose specific rules and regulations on how their franchises are to be run.<\/p>

              They usually require franchisees to follow specific guidelines and standards which can encompass things such as product offerings, prices, operational hours, store design, and other things.<\/p>

              While you may be the boss, the franchisor generally has the majority of control. If you\u2019re not comfortable in a situation like this, then running a franchise may not be what you\u2019re looking for.<\/p>

              As I mentioned earlier, 2019 is shaping up to be a VERY good year. The competition for new franchisees has never been greater.<\/p>

              Franchisors are finding new and more innovative ways to craft different offerings to attract new franchisees who normally would not consider investing in a franchise.<\/p>

              It's a franchise buyer's market. And, it's up to you to seek out and invest in a strong brand with solid business fundamentals and high growth potential.<\/p>

              Look for a franchisor who is focused on doing everything they can to help you succeed. It's smart business on their end. Your success will fuel their growth and ultimately their enterprise value.<\/p>

              The marketplace will always reward business owners who can carry a brand forward, build sales, profitability, and create exceptional value based on the strength of their experience.<\/p>

              I'd love to hear from you now.<\/p>

              What\u2019s one insight or key takeaway you got from this article?<\/p>

              Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>

              Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>

              Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>

              If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com. I'm more than happy to help if I can.<\/p>

              And, if you aren't already a \"Franchise Pro Insider,\" what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>","_et_gb_content_width":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[11],"tags":[],"yoast_head":"\nBecoming A Better Business Owner - Todd Weiss Franchise Consulting<\/title>\n<meta name=\"description\" content=\"Franchise ownership gives you perspective on business ownership. 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