Author: Ken Garron

If you’re reading this article, chances are you’re sitting at your desk, wondering where your career is going, if you even like your job or if you may be one step away from losing your job to downsizing, outsourcing or offshoring. Perhaps you should start your own business. Maybe you have made lists of the types of jobs you’ve always dreamed of having, but bagged the plan after deciding your resume didn’t match the job description prerequisites. Even if your skills are up to the task, you can’t seem to move out of the doldrums. One of the best ways to see how far your skills can take you is to put them to work for yourself and start your own business. If the fear of striking out on your own presents too high a stumbling block, you might want to consider a franchise, which is the best way to control your risk while getting all the benefits of entrepreneurship. Whether you choose to start your own business from scratch or choose a franchise, which comes with a fully tested operating system, as well as training and ongoing support, with the right planning and preparation, business ownership can put your career trajectory on an upward path once again. Here are the top five reasons to start your own business:

1. Money

Generally speaking you have a far greater upside when it comes to earnings potential than you ever will working for someone else. When you work for corporate America you probably make a lot more money for your employer than you do for yourself. If you own your own business you have a way to keep both portions of the profit.

2. Flexibility

While the ramp-up phase may have you working more hours than you did at your job, all your labor is going to your own bottom line. Once your operation is up and running, you will be able to have all the flexibility you dreamed of. You can set your own vacation schedule and take off the morning if you need to without having to work around your boss’s whims and arbitrary controls.

3. Work-Life Balance

Instead of your family always having to take second place to the demands of your job, you can create a balance. Set your own schedule so you can have it all.

4. Control over Your Career

You get to control your job security. And when you choose the type of business to buy or start, you get to choose the type of work you do. With control, you also get responsibility for the whole show. For some, this is an exciting proposition, but for others this may be a deal breaker.

5. Independence

When you own your own business, you can run it how you like. Freedom from your 9-to-5 can feel like a shot of adrenaline to your career. So if you’re thinking, “yeah, that’s me,” consult a business or franchise coach at once to learn all the ways you can get started, whether that means developing a plan to prepare yourself for a better future or looking around for the right opportunity 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) 278-4589.  

In an increasingly complex economy, you should take heart that no one knows it all. In fact, the trend is for people to specialize in ever more specific niches. But that’s no reason to shy away from starting your own business.

There’s an expert for everything you need to know to succeed.

You should consult them before you sign your name on any contracts. And yes, you will have to pony up for their fees, but count this as insurance against making rookie mistakes that can cost you a whole lot more down the line.

The two people most important to saving you a world of regret later are your accountant and lawyer. But not just any one will do. You need to find one who is an expert in the area about which you need advice.

Consult an Attorney

Just as you wouldn’t hire a civil attorney to defend you in criminal court, if you want assistance on buying a business, consult attorneys who make this their specialty.

If you’re buying a franchise, we highly recommend you consult a franchise attorney who has read hundreds of standard franchise contracts and can help you recognize potential pitfalls and help you figure out ways to protect your investment.

The most important task for the franchise attorney will be to review the Franchise Agreement and the Franchise Disclosure Document. Do not entrust this to an attorney who does not specialize in franchising. These documents can easily total 200 pages or more. You want your advocate to be someone who knows exactly where to focus their review.

An attorney can also help you:

• Check trademark registration – Does your franchise use a name eerily similar to another local business?
• Set up a legal entity – To protect yourself from third-party claims.
• Negotiate a lease – A bad one can lock you into a costly expense for years to come.
• For franchises, ensure you have a protected territory – Some franchisees discover only too late that the contract may allow another franchisee to operate within a block of their location, which fractures their market share.

Just as you would never attempt to read up on the law so you can avoid hiring an attorney, you should not try to fast-track an accounting course to help you make smart financial decisions for your business.

Consult an Accountant

Two main accounting issues exist for the entrepreneur, but, of course, they are the essence of your business. You need to be smart about:

1. How to finance your business and
2. How you manage operations. Good mechanisms for measuring key indices of your business can help you correct errors early and capitalize on strengths.

Accountants bring essential expertise drawn from experience working with hundreds or thousands of other businesses before you.

As you have likely heard, most new businesses fail due to insufficient capitalization.

Managing cash flow may be your most important responsibility even if it has nothing to do with your core ideas, talents or skills. And that’s the point. Hire an accountant. How else are you going to know if you actually have the next big thing if you can’t make it through the start-up phase.

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

Recycle, Reuse and Reduce. Since that iconic environmentalist maxim was coined decades ago, increasing numbers of people have developed an interest in going green and recycling has become big business — which is why so many franchises have popped up to capitalize on this trend.

You can find everything from shops that help people insulate their homes to those that sell alternative energy systems. There are franchises that recycle and refurbish computer equipment as well as those that repair old furniture.

So if you have always wanted to combine your interest in preservation and sustainability with making a good living, start researching green franchises today.

Not only will you get a business that aims to tread lightly on the planet, but you will get a full how-to system for running your business, everything from training to ongoing support.

10 Ways to Go Green with a Franchise

Green Cleaning Services

Everything from maid services to carpet-cleaning services that use only earth-friendly products.

Energy Auditing

These services will check a house’s energy efficiency, whether the walls are well insulated and air is leaking out cracks around windows and doors. You can help homeowners learn how to improve the energy efficiency of their homes.

Alternative Energy and Air Filtration

There are franchises that sell alternative energy options that help people reduce their energy costs as well as their ecological footprint.

Green Restaurants/Organic Food

A growing category, you can find companies that deliver organic food and restaurants that specialize in healthy food and green practices.

Recycle and Refurbish Computer Equipment

There are franchises that help large and small companies recycle their computer equipment. You can also find refurbishing centers that sell used equipment, which keeps perfectly usable computers out of landfills.

Repair Services

Really any repair business that helps us reuse existing products helps us go green. Lots of opportunities exist in this sector.

Restoration

In this era of big weather disasters, such as floods and tornadoes, restoration firms are flourishing to help people salvage their possessions, if not save their homes.

Green Car Washes

Like cleaning services, car washes that use eco-friendly products have been popping up in the franchise sector.

Clothing Resale

Used clothing is big business. There seems no end of people who need to get rid of perfectly good clothes and those that will snap them up just as fast. And franchises have grown to meet this need.

Lawn Services

Lots have been written about the damage done to the environment by pesticides used in lawn care. Find a franchise that specializes in green methods for maintaining a beautiful garden.

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

A franchise can offer a perfect second stage for a stagnating career. If you’re ready to take control over your career destiny, you ought to ask yourself if a franchise might be right for you. Not only do you get to be the boss, but a franchise comes with a lot of information that can help you achieve success. This includes a complete set of guidelines to get the business up and running, training and ongoing support, as well as a full breakdown of your upfront costs. If we’ve piqued your interest and you want to learn more, take our quickie questionnaire, which boils down some of the prerequisites of business ownership into bite size digestible nuggets.

Quickie Questionnaire: Should you buy a franchise?

Thinking of buying a franchise? Take this quickie questionnaire first!

Can you follow someone else’s system?

A franchise comes with an operating system, the time-tested method the franchisor has formulated to help its franchisees achieve success. If you have a yearning to invent your own unique operation, don’t buy a franchise.

Can you tolerate risk?

Sometimes the most obvious questions get overlooked. But starting your own business entails risk. So the question becomes do you believe in yourself. Do you think you have the ability to run a profitable business, like the others in that franchise company? This one has to be a yes.

Do you like managing employees or do you prefer to work alone?

Franchises come in all forms, and you can find one where you primarily work alone or one in which you will have to manage employees.

Would your family support your decision to give up your current salary?

When you begin a new business, you probably won’t be drawing a salary for a period, possibly for six months. If this presents a problem for your family, the timing may not be right.

Can you handle more than one type of responsibility?

While you won’t need to do all these things at the same moment, you will have to juggle multiple aspects of running a business, from hiring and firing and managing employees, working with suppliers, securing and maintaining a clientele, advertising, marketing and so on. If this sounds daunting, the writing may be on the wall. Ideally, this sounds exciting as all heck! And if you’re not sure, interviewing franchisees will give you a better handle on their day-to-day activities. As you consider your options for a second stage, you may end up sitting on the fence for a while. While pondering, we recommend you do more research. Look at intriguing possibilities and talk to as many franchisees as possible.

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.

Starting a franchise business can be an attractive option for people who have always wanted to have their own business, but may not be ready to quit their day jobs just yet. Being able to profit directly from your labor, increase your independence, and gain better control over the future of your career all prove compelling incentives for folks like John Baldino and his wife, Kathleen, of Milford, Delaware. Baldino and his wife, both with corporate backgrounds, spent some time researching franchises, and the one that rose to the top of their list was a beauty salon business. They liked its business model and that it was a “manager-run” business, in which the owner manages the manager, who runs the store. “I was already a customer for probably five years before I actually bought one,” he said. The idea of starting with a small operation that offers future growth has great appeal, especially for folks who may be anxious about venturing out on their own. A franchise system like the one the Baldinos chose can help ease the transition. The way this franchise system is designed, the owner is the people manager and the cheerleader, whose job is to check the numbers and be involved in recruiting, training and marketing, as well as scoping out the next business opportunity. After deciding to purchase a salon, Baldino said they went through a six-month evaluation — a type of mutual vetting period — before they were able to sign the contract. “The process of how to run this business is very well-defined,” Baldino said. “There was a clear understanding of what it takes to be successful.” Baldino particularly liked how the company’s procedures and technology all worked together. For example, this franchisor offers its owners an iPad app, through which franchisees can get real-time data on what’s going on in their salons. Owners can actually sit in their office (at their job) and watch the salon. They can see which stylists are currently cutting hair and which ones may be on a break. Many of this company’s franchisees come from corporate America, and the quality they tend to share is an interest in conservative growth. They want their own businesses but don’t want a lot of risk, so they prefer to start slow. And over time, franchisees are encouraged to purchase additional salons because a multi-unit operation offers economies of scale, as well as greater management flexibility. For example, managers can shift stylists around to different stores to meet demand The Baldinos started with one franchise two years ago, opened their second a year later and are now actively scouting for another location. “I have a great general manager. She runs both salons,” he said. “I just have to mix in the right people.” Baldino estimates he puts in about 10 hours a week, and his wife, who left her job to devote more time to the business, works 25 to 30 hours a week. Their growth mode increases the time commitment, he noted, since opening a new salon requires an extensive ramp-up period and intensive marketing to encourage people to change their habits. Since their managers handle the nitty-gritty of day-to-day operations, he and his wife can think about the bigger picture, such as marketing and growing their business. While Baldino isn’t ready to leave his corporate job, he can imagine the day he will transition completely to small-business owner. By then, it may not be such a small business. As for now, they’re looking at one franchise at a time.

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) 278-4589.

While everyone’s always looking for the next big thing, the smart money is on the long term trend — in franchising as much as any other business.

So rather than cruising your neighborhood in an effort to ascertain the types of businesses most in demand, look to the larger economic trends to guide your search for a new business.

While great opportunities abound in the wide world of franchising, you have to research market trends to winnow down your choices to those that work for you and offer the best long-term growth.

The decision on what type of business to invest your hard-earned savings and labor requires as much of your business acumen as you will have to apply in operating your future business.

Plan on spending up to six months or longer on research, beginning with general reading in business and trade magazines then eventually getting specific materials from various franchise companies. Your job is to peruse these, possibly with the assistance of a good franchise coach, then move on to interviewing franchisees who can show you the way or possibly warn you off.

We like two main categories for today’s economic climate: businesses that succeed even in economic downturns and those that capitalize on our new economy.

Businesses resilient during hard times offer conveniences time-strapped families can’t do without or services that cannot be postponed. These include:

Services Always in Demand

Senior Care

As we all know, the Baby Boomers are swelling the ranks of senior citizens, setting a great growth trajectory for senior care. Franchisors galore operate and thrive in this segment.

Companies that retrofit homes for accessibility and child-proofing

Firms like 101 Mobility capitalize on the trend for more older people to stay in their homes well into their very old age. And with Millennials now having babies, you can find good opportunities with firms that child-proof homes.

Property Damage Repair

No matter the rate of unemployment or growth in GDP, natural disasters will continue to occur, and families whose homes have been damaged by fire, flood and hurricane will require clean-up.

Services that capitalize on economic trends

Temp Staffing

In this age of downsizing, many companies now routinely use contract workers and temp staffing project by project.

IT Support

As an integral aspect of 21st business, most small businesses outsource their IT support, and many franchisees have had success fulfilling this need.

Business Coaching

Along the same trend line, as people now have to reinvent their careers on average every three years, a sizable number require assistance to help them determine their next strategic move. If you have read this far, you know what I mean!

Digital Advertising

As the “Mad Men” age of advertising fades into distant memory and social media is now king, lots of established businesses need help in reorienting their advertising strategy toward the digital sphere.

You can find plenty of opportunity in franchising in all these economic sectors. And a franchise coach can help you navigate the crowded field.

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 2015

This guest post is by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners.  Find Dan at www.EnterpreneurOption.com