Author: Kim Jackson

You’ve made the decision to buy a franchise. The key question then becomes which one of the 3,000 franchises in the marketplace is right for you. The choice will make all the difference on whether your new business limps along or flourishes. Related: Everything You Need To Know To Succeed In Business You can maximize your chance for success by using two critical criteria.

• Determine whether the role of the owner in the business suits your particular strengths and
• Assess the quality of the franchise.

The beginning of your process will consist of exploring franchise types (there are more than you think), assessing your own strengths, and developing a list of possible options to investigate further. One of the key things you need to find out is what exactly are the owner’s job responsibilities for each franchise.

The Role Of The Franchise Owner

What the owner does may be drastically different from what you may think. For example, maybe you’ve been thinking how you might like to open a little bakery or a little cafe because you love to bake and would love to have all your friends drop by for socializing and tea. But once you look more closely at what the owner of such a franchise does, you’ll find the owner is mainly responsible for managing employees and marketing, focusing on building a customer base to grow revenue. Generally, the number one goal of the owner is to build the business, which allows you to earn a good income, have happy, productive employees and an ever-expanding customer base. On the flip side, you may find yourself veering away from types of businesses that at first sound unappealing, such as cleaning services — since you don’t want to spend your days scrubbing and polishing — but the owners of firms like this should not be doing the cleaning work. Your job is to hire good, reliable employees and create a solid customer base for repeat business. Franchise companies will tell you upfront what the role of the owner is in the franchise. And you can further assess this by interviewing franchisees, both successful and unsuccessful ones, to learn about what their day-to-day responsibilities are. Bottom line: Don’t make your choice based on preconceived notions about the business.

Match the role of the owner with your skills and experience.

So now that you know the owner’s job profile, the question becomes, does this suit you? You want to create a realistic appraisal of your skills and experience so you get into a business where you can enjoy your work and apply your talent and skills for long-term success. Do a quick inventory of your skills and take into account your interests, since when you make a choice to build a business of your own, you want to like going to work! Are you proficient in and do you like:

• Selling, which always includes selling yourself, as well as your products or services?
• Managing people? Do you think you could learn how to do it?
• Working with people or do you prefer working on your own?
• Marketing, which might include advertising as well as making presentations?
• Getting into the details or do you prefer to delegate?
• Networking — creating links with people who can help you grow your business?

Once you get a handle on what types of activities you excel in and enjoy, you will have the information you need to make a good match with a franchise. Your research will tell you which franchises require which areas of expertise from the owner. Remember one of the attributes of a good franchise is its training and ongoing support. So even if you’re not sure you know how to do something, if you have a feeling you could learn — and you might want to ask friends for their views — you might still go ahead. And, of course, you won’t be buying a franchise that you haven’t fully vetted for quality. Stay tuned for Part II on making the right choice.

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 dcitrenbaum@gmail.com or at (484) 278-4589.

Everyone wants it, admires it, strives for it, but what exactly defines success depends on who you ask. So when you want to start your own business, first you have to decide what you mean by success.

Not only are there different kinds of success — think Wall Street Banker with a seven-figure income or principal of a highly regarded high school — there are also different levels of success, such as entry into the college of your choice, achieving a happy marriage while having work you enjoy or completing a marathon. Each can be as satisfying and validating as the next.

The definition of success, like beauty, really is in the eye of the beholder.

When it comes to your career, some people care most about maximizing their income and enjoy working long hours in a job they love. Other folks prefer a niche that allows a healthy work-life balance: time for family, hobbies, play and work, in no particular order.

The hardest part of all may be deciding what works for you because if you start down a path but take no satisfaction from your promotions or fattening paycheck and only daydream about hobbies left unexplored, you won’t feel successful.

When you seize an opportunity to start your own business and take charge of your career, you have the ability to carve out the perfect future for yourself.

In the wide world of franchising, with some 1,000 different franchises across 75 industries, you can find a franchise for every lifestyle choice, from those that require only part-time work to others where you might aspire to one day own multiple units and build a mini empire.

So before you get into the nitty gritty of starting your own business, answer for yourself what you mean by success. Then consult a franchise coach who can help you choose a franchise to suit your life.

Consider the various ways people define success then rank them in order of importance for you.

Is success:

• Getting rich?
• Enough money to buy a house?
• Having a job that you love?
• Having a family?
• The ability to send your children to college?
• Having the time to give back to your community, whether that means volunteering at your local food pantry or serving on the PTA?
• Having a spiritual life, full of exploration and learning?
• Combining the goals of your life and your career, which may mean working in health care or education?
• Making a contribution to a goal larger than yourself, such as making the world a better place?
• Feeling self-worth?
• Being happy?

The list represents a continuum, from goals most associated with money to those completely disconnected from income. Which end are you on?

So think about what you want from your life, then I can offer multiple ideas for franchises that allow you to have a career that gives you the life you desire.

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 dcitrenbaum@gmail.com or at (484)278-4589.

© Dan Citrenbaum 2024

From time to time, you may wonder what it might be like to run your own business. You would be in charge of your own time. You could pocket all the profit that results from your labor. You could tap your natural ingenuity and try out your great ideas. Best of all, you would be master of your own destiny. While you get all the upside, you also bear all the responsibility when trouble hits. Knowing this causes potential owners to feel fear and trepidation – so that often they abandom their dream of ownership and continue in their stultifying day job. But what if there was a way to minimize your risk and get all the benefits of owning your own business? The answer is actually within easy reach. With a franchise, before you even invest a dime, you know everything you need to know to succeed. You get a proven system, upfront and continuing training, support for everything from setting up your office to buying equipment and supplies, and you know from the get-go exactly how much your startup costs will be.

10 Questions To Answer Before Purchasing A Franchise

The most important issue becomes your research, how well you make a match with your interest, skills, and expertise to a franchise whose system and support stands up to scrutiny.

First About Yourself

1. How much money do I want to invest?

A good rule of thumb: You will need enough to pay startup costs as well as your living expenses until the business becomes profitable.

2. Do I have the ability to put in long hours during the startup phase?

If you have significant responsibility caring for a sick relative, you might want to review your timing.

3. What types of skills do I bring to my new business?

Perhaps you’re great at sales, managing people or accounting. Whatever your strengths, you want to choose a franchise that capitalizes on them.

4. Do you enjoy working with people or prefer working alone?

You can find a franchise that matches your preference. For example, you could choose a business support service or a retail store.

5. Will your business be your primary source of income or a secondary career?

Called semi-absentee, there is a whole category of franchises for those who wish to work part-time.

About The Franchisor

6. How much are the initial startup costs?

You can find everything you need to know in the Franchise Disclosure Document, which every franchisor is required to disclose to potential franchisees. Look at Items 5-7.

7. How long has the franchisor been in business? Any glaring litigation history?

You’re looking for proof this is a company in good standing. Check Items 1-4 in the FDD. You will also want to learn how many franchisees have gone out of business.

8. Do I have a good rapport with the franchisor’s executives?

Through multiple interviews and meetings, you will need to determine if you want to work closely with these people. Do you trust them? Are they likable?

9. What obligations does the franchisor place on franchisees?

All franchisors will be highly specific on how the business is run. After all, they have a brand to protect. Check for restrictions on territory, resale, and royalties. Decide if any of these are too onerous for you. It’s always a good idea to consult a franchise attorney.

10. Is the support and training everything the franchisor advertises? Would a large number of franchisees buy this franchise again?

As the most important question in the bunch, you should plan to invest a significant amount of time calling and interviewing franchisees — whose phone numbers you can find in the FDD.

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 dcitrenbaum@gmail.com or at (484) 278-4589.

All you have to do is read the growth projections for the franchise sector of the economy to think maybe you ought to start investigating the purchase of a franchise business of your own. Franchising looks very good, indeed, going into 2016, and while opportunities abound in this healthy economic sector, to be successful, you have to follow the program. For most entrants into franchising, that’s the whole attraction. A franchise comes with time-tested systems for everything from marketing to employee relations that help you achieve success. The catch: You have to follow the system for it to work! Still, every year I work with new franchisees who like to flex their creative muscles as entrepreneurs and try to tweak a few things on their own. While I try very hard to discourage this attempt to reinvent the tried-and-true, some persist. Invariably, they soon realize the mistake and, unfortunately, may have to pay the price with a hit to their bottom line. For those of you who are ready to purchase a new business, where the backroom is full of experts who have been operating this business profitably for years, a franchise can be just the ticket. Just look at the numbers. The International Franchise Association projects a 3.1% growth in jobs in the franchise sector for 2016, the sixth consecutive year of growth for franchise businesses, exceeding the economic growth for all businesses economy-wide. Total output for franchise businesses are also projected to increase a rosy 5.8%. The franchise business amounts to approximately 3% of U.S. gross domestic product. The opportunities for a business of your own with a franchise are wide and deep and comprise far more than fast food and retail. In fact, business and residential services can be a great match for many looking to break free of corporate America. The cost of entry tends to be lower and you can earn a good income and take control of your career. So if you like the idea of following a system perfected over time, stop sitting on the sidelines and start researching a new franchise right away.

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 dcitrenbaum@gmail.com or at (484) 278-4589.

Are you one of those folks sitting at your cluttered desk in a room full of cubicles who finds yourself wondering everyday around 3 p.m.: “Is there something better out there for me?” But by the end of the day, you’ve convinced yourself that the steady paycheck makes it all OK. Sorry to burst your bubble, but there are two holes in that line of reasoning. First of all, in this day and age, there’s no such thing as long-term safety of an assured paycheck. Second, while you may not realize it, there’s a whole category of business ownership that enables you to start a new business of your own — and get a whole new lease on life — while continuing to collect the stable paycheck. Even if your job lasts during this era of mergers and acquisitions and the inevitable wave of layoffs that follow, do you really want to sit back on your heels and accept an unhappy state of affairs until the day you retire? Especially when there are good alternatives? Now is as good a time as any to do something to change that scenario. All it takes is a little investigation to find a semi-absentee franchise that works best for you. That’s right, there’s a whole category of franchise referred to as semi-absentee because you can run the business as a part-time job. So keep your day job as you start up a new business and start planning for the future. Semi-absentee franchises tend to be brick and mortar businesses, where customers find you, and where the system relies on a manager to run the shop. Examples include Great Clips, Supercuts and Menchies frozen yogurt. The franchise system is designed to allow the owner to spend maybe only 15 hours per week, while the manager takes care of the details. Typically, the franchisee builds up to maybe four shops, and the owner manages the manager. The owner can keep track of the business remotely while stopping in periodically to keep an eye on how things are going. The most important aspect of this arrangement is hiring a great manager who can manage the business for optimum results. Usually the franchisor will help you find that manager. Of course, you will want to do your research to make sure you find a good match and the franchise company actually performs as advertised. With a franchise, you can learn exactly what your costs will be, as well as earnings potential. Your new business will come with all the training and support you need to help you get your business up and running to profitability. Whenever you start something new, your own learning curve will likely require more hours at first, but when operations are humming, you will find the balance you seek and an exciting new endeavor to start your transition to a new career. So start investigating today.

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

Get your free evaluation today!

Contact Dan at dcitrenbaum@gmail.com or at (484) 278-4589 to help you create the career you’ve always wanted.

The purpose of the Franchise Disclosure Document (FDD) is to provide prospective franchisees with information about the franchisor, the franchise system and the agreements they will need to sign so that they can make an informed decision.

The Items Contained in a Franchise Disclosure Document

• Item 1: The franchisor and any parents, predecessors and affiliates.  This section provides a description of the company and its history.  

• Item 2: Business experience.  This section provides biographical and professional information about the franchisors and its officers, directors, and executives.   

• Item 3: Litigation.  This section provides relevant current and past criminal and civil litigation for the franchisor and its management.    

• Item 4: Bankruptcy. This section provides information about the franchisor and any management who have gone through a bankruptcy.  

• Item 5: Initial fees. This section provides information about the initial fees and the range and factors that determine the amount of the fees.  

• Item 6: Other fees. This item provides a description of all other recurring fees or payments that must be made.   

• Item 7: Initial investment. This item is presented in table format and includes all the expenditures required by the franchisee to make to establish the franchise.  

• Item 8: Restriction on sources of products and services. This section includes the restrictions that franchisor has established regarding the source of products or services.  

• Item 9: Franchisee’s obligations. This item provides a reference table that indicates where in the franchise agreement franchisees can find the obligations they have agreed to.   

• Item 10: Financing. This item describes the terms and conditions of any financing arrangements offered by the franchisor.   

• Item 11: Franchisor’s Assistance, Advertising. Computer Systems and Training. This section describes the services that the franchisor will provide to the franchisee.  

• Item 12: Territory. This section provides the description of any exclusive territory and whether territories will be modified.   

• Item 13: Trademarks. This section provides information about the franchisor’s trademarks, service and trade names.   

• Item 14: Patents, copyrights and proprietary information. This section gives information about how the patents and copyrights can be used by the franchisee.  

• Item 15: Obligation to participate in the actual operation of the franchise business.  This section describes the obligation of the franchisee to participate in the actual operation of the business.  

• Item 16: Restrictions on what the franchisee may sell. This section deals with any restrictions on the goods and services that the franchisee may offer its customers.  

• Item 17: Renewal, termination, transfer, and dispute resolution. This section tells you when and whether your franchise can be renewed or terminated and what your rights and restrictions are when you have disagreements with your franchisor.   

• Item 18: Public Figures. If the franchisor uses public figures (celebrities or public persons), the amount the person is paid is revealed in this section.   

• Item 19: Financial Performance Representations. Here the franchisor is allowed, but not required, to provide information on unit financial performance.   

• Item 20: Outlets and Franchisee Information. This section provides locations and contact information of existing franchises.  

• Item 21: Financial statements. Audited financial statements for the past three years are included in this section.       

• Item 22: Contracts. This item provides of all the agreements that the franchisee will be required to sign.  

• Item 23: Receipts. Prospective franchisees are required to sign a receipt that they received the FDD.