Author: Ken Garron

If you thought tech companies were the new frontier for work-life balance, think again!

With the recent news of the personnel horror stories from one of the tech behemoths of the Northwest, discussions on social media about how to achieve optimum work-life balance are off the charts.

The sad fact is, when you throw your lot in with a big corporation, you give up control. Most American companies provide more lip service than actual quality-of-life perks.

Many give far fewer vacation days than their European counterparts, and whether it’s corporate culture or peer pressure, American men and women take far shorter leaves after the birth of a new baby than in corporations in most parts of the globe. And most can forget about seeing their children’s afternoon soccer games or track meets.

The one way to get the balance you need to achieve fulfillment from family as well as work is to own your own business. And one of the quickest, low-risk ways to get started is with a franchise.

That’s because a franchise comes with everything you need to help you achieve success. There’s no guess-work here. All the details — and the kinks — have already been worked out for you. What you get for your money is a complete operating system, as well as ongoing support and training.

Even better, you get a network of franchisees, who can offer you advice based on actual experiences. The most important time to tap into this valuable font of knowledge is before you sign any contracts.

Current and former franchisees will give you the truth of their own experience, how the franchise has worked for them and which skills and experiences help them the most with operating the business. Former franchisees can tell you what didn’t work. Talk to as many as possible.

The other great attribute of franchising is all the great information available to you in the Franchise Disclosure Document, which the Federal Trade Commission requires all franchisors to disclose to potential franchisees.

You can learn all your upfront costs, the history of the franchise and its executives and some franchisors even report franchisee earnings.

What’s so great is that all this available information gives you the ability to select a business that will perfectly suit your individual experiences and interests.

With so many options available in the world of franchising, from business to business services to retail operations, there’s no time like the present to explore your options to find the balance you can now only dream about.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-4589.

© Dan Citrenbaum 2020

First, there is no such thing as the perfect franchise for everyone. Since franchises come in all sizes and shapes, as do potential franchisees, the goal is to make the perfect match — choose the perfect franchise for you. And, frankly, a franchise may not be suitable for everyone.  

So how do you know? You have to do your research. We can help you get started, but it is worth your while to consult as many experts as possible along the way, including a franchise coach, who can help you narrow down your options to those with the best track record. One of the very best things about buying a franchise is you have the ability to know everything you need to know before you sign on any dotted line — unlike a business you start from scratch. With a franchise, you know exactly what it takes to operate profitably, how many employees to hire, how they should be trained, what equipment is necessary, and you get an advertising and marketing campaign, already designed and ready to go. Your upfront research is probably the most important aspect of the process. Not that you don’t have to work hard to get it all going, but if you make a good match, select a franchise that works well for your own skills and interests, the odds of success go way up.

What To Know To Make The Right Selection

What do you want, exactly?

As perhaps the most difficult question of the bunch, you should get a fix on your goals, your constraints and your personal aspirations. You should know how many hours you want to work. Are days or nights preferable? Do you want to work part time? Do you want employees? Do you absolutely hate sales and so know you won’t do it? Do you like working with people? Do you want to work from home or with others? Do you want a one-person operation or do you eventually want a chain of shops? There’s a franchise for all of these preferences. Deciding what you want ahead of time will save you a lot of time down the road.

What is the franchisor’s business history?

Once you narrow down your franchise search to just a few, a search online should uncover any unsavory newspaper coverage, such as franchisees going out of business at an alarming rate. But to get a more accurate picture of the franchise all in one place, you can find what you need in the franchise disclosure document (FDD), which all franchise companies are required by federal law to disclose to potential franchisees. Get your hands on this document and read it thoroughly!

How much does it cost?

All your upfront costs will be listed in the FDD, from the franchise fee, inventory software, build-out costs, initial training and ongoing marketing and advertising. See Items 5-7.

Do I have enough money?

We highly recommend you consult an accountant to go over whether you have enough to cover your costs to operate. You should plan on a full year to get your business to start operating profitably. You may get there sooner, but it’s safer to err on the conservative side. As you likely know, under-capitalization is one of the leading causes of business failure.

Would franchisees buy this franchise again if they had to do it all over again?

The only way to learn the answer to this vital question is to get out there and talk to franchisees. Visit some nearby and call others by phone. Be respectful of their time, and they’re likely to reward you with invaluable details about their own experiences. You can find a full list of current and former franchisees in the FDD. Only by doing your due diligence can you make a good match and find the perfect franchise for you — one that will allow you to advance your career for many years to come.

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-5489. 

If you feel like you’ve spent too long in your job, are bored and losing hope of advancement, don’t despair. Take charge and consider starting a business of your own to fully realize your talents.

A great way to minimize your risk is to consider a franchise — which offers hundreds of ways to start anew as a business owner. You get to be the boss while taking advantage of the experience of other franchisees and an operating system that has been tested over time to help maximize your chance for success. All you have to do is be willing to follow the franchisor’s system. If you are, you can reap the rewards for yourself. Not only do you get to take charge of your day-to-day life — no more clearing days off with six layers of bureaucracy — you have the potential for far greater income than you ever would stagnating as a management executive. As a matter of fact, most millionaires in the United States made their money by operating their own businesses, according to a study by the authors of “The Millionaire Next Door,” Thomas Stanley and William Danko. Franchises offer a way to reduce your learning curve in a business you may have no experience in. With more than 3,000 franchisors in 75 industries to choose from, the hard part is making the right choice, which is why it’s so important to do your research and consult expert advice. Your reward for doing your due diligence is the potential payoff of operating a successful business.

5 Tangible Advantages Of Franchising

With a franchise, you get:

A Proven System

A franchise operation has over time developed a system, complete with specifications on how to set up the operation, hire employees and run an advertising program. In addition, you get advertising material and computer software. All of these elements help you succeed. Of course, some franchises are better than others, and your research should help you weed out the worst and find the right match for your talents and expertise.

Support And Training

The franchisor will teach you how to do it all, and the company offers ongoing support to get you through the learning phase. You will get to meet the support staff and become acquainted with the corporate culture before signing any contracts, so you can ensure a copacetic working environment for the long term.

Lots Of Available Information About The Business

The single most important source of information you have about this new business is the experience of franchisees. You will be encouraged to speak to many of the franchisees – as many as it takes for you to fully understand exactly what the business is like. They can tell you how the system has worked for them, if the numbers add up as promised, if the company has been good to work with and whether they are making the kind of money they expected. Remember to expect regional differences.

Franchise Disclosure Document

By federal law, every franchise must disclose a great deal of pertinent information in its FDD. Once you show yourself a serious potential buyer, they will provide you a document written in standard English, no legalize allowed, that has 23 items. The FDD covers everything from the franchisor’s business experience, litigation or bankruptcy history, a complete accounting of all costs you should expect, from startup fees to royalties, restrictions on the sale of the business and a complete list of current and former franchisees.

Higher Success Rate

Franchises generally have a higher success rate than independent businesses. From my experience, we feel we can confidently say our clients can achieve a 90 percent or better success rate, as a result of the research we walk them through. A recent study shows that 91 percent of franchises were still in business after two years, and 85 percent were still in business after five years. Even with all the above items available to reduce risk, you can still get in over your head if you don’t plan for enough capital to get you through the start-up phase to profitability.

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-5489.  

Remember those carefree college days when you declared your major and thought that what you really wanted was a job that would make you a good living and, if all went well, you would one day earn a million dollars?

A million dollars doesn’t seem like so much money anymore with the number of billionaires proliferating about as fast as the middle class is shrinking. And you’ve realized that tying your future to someone else’s trajectory has its risks.

The fact is you’re far more likely to become a millionaire by owning your own business than any other method. But, as we all learn sooner or later, it’s not really about the money. It’s about finding fulfillment in your work, feeling appreciated for what you do and controlling your own destiny.

About two-thirds of American millionaires are self-employed, according to the authors of “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas Stanley and William Danko. Three quarters of them consider themselves entrepreneurs, and most of the rest are self-employed professionals, such as doctors and accountants.

Many of these millionaires, write Stanley and Danko, got that way by focusing on the “delayed gratification” of building their business, rather than on simply getting a paycheck.

The same can be true of a creating a large, profitable business. Start slow and steady with a good idea, add hard work and realistic goals and build a flourishing business.

One way to make this happen, particularly for those who have no experience in the business they would like to get into, is to buy a franchise — which comes with all the backroom expertise, ready-made marketing and ongoing support and training. And you get to reap all the profits derived from your labor.

To fully explore your options, it’s a good idea to consult a franchise coach who can help connect you to a set of franchises that have a good track record, and you can start investigating.

In addition, you can find a whole lot of good information online, but there’s nothing like the information you can gain by working out some shoe leather. Go talk to franchisees, learn from people who are succeeding and find out what has worked for them or what mistakes they wish they hadn’t made.

In an age of consolidation and buyouts, act now to free yourself from dependence on a boss or a company that could change at any moment. There’s no point sitting on the sidelines a minute longer.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-4589.

© Dan Citrenbaum 2020

If you feel like you’ve spent too long in your job, are bored and losing hope of advancement, don’t despair. Take charge and consider starting a business of your own to fully realize your talents.A great way to minimize your risk is to consider a franchise — which offers hundreds of ways to start anew as a business owner. You get to be the boss while taking advantage of the experience of other franchisees and an operating system that has been tested over time to help maximize your chance for success. All you have to do is be willing to follow the franchisor’s system. If you are, you can reap the rewards for yourself. Not only do you get to take charge of your day-to-day life — no more clearing days off with six layers of bureaucracy — you have the potential for far greater income than you ever would stagnating as a management executive. As a matter of fact, most millionaires in the United States made their money by operating their own businesses, according to a study by the authors of “The Millionaire Next Door,” Thomas Stanley and William Danko. Franchises offer a way to reduce your learning curve in a business you may have no experience in. With more than 3,000 franchisors in 75 industries to choose from, the hard part is making the right choice, which is why it’s so important to do your research and consult expert advice. Your reward for doing your due diligence is the potential payoff of operating a successful business.

5 Tangible Advantages Of Franchising

With a franchise, you get:

A Proven System

A franchise operation has over time developed a system, complete with specifications on how to set up the operation, hire employees and run an advertising program. In addition, you get advertising material and computer software. All of these elements help you succeed. Of course, some franchises are better than others, and your research should help you weed out the worst and find the right match for your talents and expertise.

Support And Training

The franchisor will teach you how to do it all, and the company offers ongoing support to get you through the learning phase. You will get to meet the support staff and become acquainted with the corporate culture before signing any contracts, so you can ensure a copacetic working environment for the long term.

Lots Of Available Information About The Business

The single most important source of information you have about this new business is the experience of franchisees. You will be encouraged to speak to many of the franchisees – as many as it takes for you to fully understand exactly what the business is like. They can tell you how the system has worked for them, if the numbers add up as promised, if the company has been good to work with and whether they are making the kind of money they expected. Remember to expect regional differences.

Franchise Disclosure Document

By federal law, every franchise must disclose a great deal of pertinent information in its FDD. Once you show yourself a serious potential buyer, they will provide you a document written in standard English, no legalize allowed, that has 23 items. The FDD covers everything from the franchisor’s business experience, litigation or bankruptcy history, a complete accounting of all costs you should expect, from startup fees to royalties, restrictions on the sale of the business and a complete list of current and former franchisees.

Higher Success Rate

Franchises generally have a higher success rate than independent businesses. From my experience, we feel we can confidently say our clients can achieve a 90 percent or better success rate, as a result of the research we walk them through. A recent study shows that 91 percent of franchises were still in business after two years, and 85 percent were still in business after five years. Even with all the above items available to reduce risk, you can still get in over your head if you don’t plan for enough capital to get you through the start-up phase to profitability. Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today!

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-5489. 

Any challenging endeavor — like hiking the Pacific Coast Trail, rafting down the Colorado River or starting your own business — offers the thrill of success. And just like you wouldn’t start a 30-day hike without preparation, you shouldn’t start a business without first doing your research.

All you have to do is read Bill Bryson’s “Walk in the Woods,” a laugh-out-loud telling of his adventures on the Appalachian Trail that result from a wretched lack of preparation, to know the importance of planning ahead.

When it comes to your money and your livelihood, little failures along the way are not so funny.

Good preparation can turn the odds in your favor. You should know as much as you can before laying any of your money on the line, and one of the best ways to get the most information about your future business is to try a franchise.

With a franchise, you can break out of the gate with a head start.

All you have to do is take the time to do your research to select a franchise that has a great track record of success. The good news is the trail is well blazed ahead of you. Learn from those who came before you, and you can increase your odds of reaching your destination.

You have three main ways to learn all about your future business.

• The Franchise Disclosure Document, which every franchise company is required by federal law to provide to prospective franchisees. The FDD contains 23 items that everyone interested in this business should read.
• A network of franchisees who can provide a font of information about their experiences with the business.
• The franchisor’s executives and support staff, which every prospective franchisee has an opportunity to meet with and get to know before signing any documents.

Six things you should know before putting a penny down

Your costs

You will find a complete accounting of your upfront costs, as well as ongoing royalty fees in the FDD. See Items 5 through 7. This includes your franchise fee and all the costs associated with starting up your business, including marketing and advertising.

A franchisee’s obligations

Also in the FDD, you will find a description of what the contract will require of you. Obligations and restrictions can be found in Items 9 and 16. If you’re not prepared to live by rules associated with supplier choice or territory restrictions, cross the franchise off your list.

The franchisor’s history

In the FDD, you will find information about the franchisor’s business history, the backgrounds of its executives and whether it has been subject to any litigation or been through bankruptcy. Just as you wouldn’t hire an employee without checking into their background, don’t go into business with a franchisor that has a checkered past.

Exactly how the business should be run

Every franchise comes with a system, which means a particular way the business should be run. You can learn about the system from the franchisor’s representatives, as well as from the FDD. But your best source of information about how the system works in practice is to interview as many franchisees as possible. You should also interview former franchisees for insights into what can go wrong. A complete list of franchisees, current and former, can be found in the FDD.

The responsibility of the owner

Before your due diligence is complete, you should know exactly what the day-to-day life of the franchise owner is about. Is the job all about sales or marketing or managing employees? Is it a job you want?

How well the franchisor’s system works

From your interviews with franchisees, you will learn how well their business is functioning and if they’re making as much money as they expected. Find out how long it took them to get to profitability. Would they buy this franchise again?

You couldn’t hope to glean this level of detail about virtually any other type of business. And certainly if you’re starting a business from scratch and you have to invent your systems as you go, you won’t know how much capital you should have on hand, let alone the best ways of doing things from day one.

Still if you don’t want to follow someone else’s system and would prefer to invent your own, you may not want a franchise. A good way to get started is to contact a franchise coach to help you winnow down your list of potential franchises and check out franchises that are a good match to your interests and expertise.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at [email protected] or at (484) 278-4589.

© Dan Citrenbaum 2020