Bob Riesenbach happily left behind corporate America to forge his own path building a business of his own, even if that has meant working as many hours as he did in corporate America.

Is there a catch? Not when you love what you do and know it’s all for you!

Mirroring the desires of many MBA-ers of his generation, Riesenbach always dreamed of starting his own business, and so, after 23 years of working for big corporations, he left his marketing position at a large retail chain of convenience stores and ventured out on his own without a safety net.

“I was tired of bureaucracy and politics,” he said, so he started researching his options. While he started looking at businesses for sale, he didn’t find much in his area beyond pizza joints and bars.

Before long, he decided a franchise made the most sense because “I didn’t want to start from scratch, and I thought I could learn from other people’s experiences,” he said.

After meeting a franchise coach at a Philadelphia area networking meeting, Riesenbach started looking closely at several franchise possibilities, eventually choosing to buy a franchise that took the most advantage of the skills he had spent his career acquiring.

Almost four years down the road, Riesenbach is happily building his new business, CMIT Solutions of Cherry Hill, a provider of information technology services for small and mid-sized businesses, with the support of a strong network of fellow franchisees.

“The strength of the organization comes from our partnership with other owners,” Riesenbach explained. The franchisor sets up formal networking groups, and he talks to fellow owners at least once a week.

Advantages of a franchise include fully vetted resources, such as vendors, marketing services, and annual conventions. Franchisees have the ability to leverage the size of their network to attain for clients discounted prices on services from vendors, such as Dell, that would likely not be available to a small independent business.

Riesenbach’s company continues to grow. He has been honored by his franchisor as Rookie of the Year, and has also received honors from other local business organizations, including the Philadelphia Business Journal.

Riesenbach’s top tips for prospective franchisees:

1. Look for a good match with your skill level and interests.
2. Talk to a lot of existing franchise owners, whose contact information can be found in the Franchise Disclosure Document. Don’t only talk to those the franchisor may recommend.
3. When people say “Why not just do it on your own, so you don’t have to pay royalties,” ignore those people… I feel I’m getting a lot more value than I’m paying for.
4. Have realistic expectations – Know it takes a while to get a new business going.
5. Be prepared to work hard.

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 2023

So, you’re thinking about opening a little shop around the corner where your friends can always find the bauble of their dreams or, perhaps, a charming little bed and breakfast to be your own vacation paradise. Maybe you’ve got the TV ideals in mind, like the bar in “Cheers” — “Where everybody knows your name” — or the little Vermont inn that Bob Newhart called home for years. But running a business is much more than sugar plums and fairies. Your most important consideration: The business of the business. While it’s good to have lots of ideas and a passion for creating a business you enjoy, you don’t want to skip the mundane-but-essential practicalities. The danger: Instead of getting the business of your dreams, you may end up with an efficient mechanism for draining your savings.

5 Basic Questions To Help You Get The Numbers And Sense

So, while you enjoy the romantic ideal, ask yourself the practical questions so you can determine if this ‘dream business’ endeavor is really for you.

Do you mind getting to work at 5:30 a.m.?

Because when it comes to that little B&B or a coffee shop, that’s when business hours begin. Or maybe even earlier. When it comes to the hospitality business, if the customer has a problem, the buck stops with you – day or night.

Will your marketing generate sufficient earnings?

You may think you have the perfect concept to attract folks who didn’t know they needed what you have to offer. And maybe you do. But you’ll need to know how to generate buzz. Then keep them coming for more.

Have you figured out how much sales you need to cover your costs?

While you need to be prepared with sufficient capital to run your business until you can earn a profit, if the romance — high-end design, fancy Italian espresso machine — in your shop costs more than your earnings will ever cover, you will have a problem.

Will the local labor pool support your needs?

Hiring and retaining a good staff is critical. Can you find the workers you need in your area? Are you prepared to manage a staff to promote conscientious reliability?

Are you prepared to work 50-plus hours per week to start?

Many businesses require a lot of heavy lifting at the beginning. New business owners need to take into account a demanding work load, at least to start. These questions can be difficult for those new to business, which is why we suggest you consult an entrepreneurial coach, one who brings years of first-hand experience with multiple categories of companies to help you choose a business in which to invest yourself and your money for maximal success. So, go for the gold — but make sure you’ve done the preparation! 

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. 

If you’re like most Americans, your work time horizon is much longer than it used to be. As a result, there’s less reason than ever to stick it out with a go-nowhere job or to sink into despair after being downsized out of a job as many were during the Great Recession.

Surveys show that most of us don’t have enough retirement savings, and we can’t really retire the way our parents or grandparents did because we’re living longer and require more money to make it. Many don’t plan to ever retire.

More than half of Baby Boomers expect to work at least to the age of 66 or older, and two-thirds expect to work for pay in retirement, according to a recent Gannett Poll for the Wall Street Journal.

Like many, Ed Flanagan, of Huntington Valley, Penn., who started a new business with a franchise in his 50s, said he intends to work “until I die,” though in Ed’s case it is because he enjoys his work, not because of financial need.

Ed had risen to Chief Financial Officer for a real estate developer, but that industry started collapsing with the market crash in 2008. Ed needed to start looking for new opportunities. He hoped to parlay his financial experience into a new career that he could control.

After consulting a franchise coach, he decided that purchasing a franchise had great upsides, from a ready-to-go system already in place to a network of support that would help him get through the start-up phase.

A couple of weeks later, he went to a Franchise Discovery Day at Expense Reduction Analysts of Addison, Texas, and took the leap.

Five years later, he couldn’t be happier with his new business, in which he helps his clients find cost savings, which translate into a fatter bottom line for their businesses. Using a network of analysts, his fellow franchisees, Flanagan is able to obtain an average savings of 20 percent for his client.

In his new career, he’s achieved a higher income with far more freedom to allow him the lifestyle he desires, but, he acknowledges, it wasn’t exactly an easy transition.

Of course, at the time of his purchase, the U.S. economy was still struggling to recover from a crippling recession, and many business owners were loath to think outside of the box, even for a service that Flanagan realized was a no-brainer that could make the difference between profit and loss for many businesses.

“When you’re your own boss, it’s all on you. You have to get up in the morning and do the work. You’ve got to keep plugging away,” he notes. “Nobody manages you, it’s up to you how productive you will be, particularly at the beginning.”

While acknowledging the difficulties he faced, noting that in his mind it “took too long” to achieve profitability, his business is now rolling along quite well, growing by 20 percent each year.

“The best thing is getting referrals,” he said. But that takes time, through making contacts and establishing networks and business relationships. So that after five years, 70 percent of his clients result from referrals.

Best advice Flanagan’s got for those about to embark on a new career as owners of your own business:

“You’ve got to have thick skin… Expect to have at least a year of living expenses set aside at the start. You might not need that much, but you sure don’t want to get caught short. If you’re willing to work hard, you can really have a nice lifestyle and make good money. I never had a job before where I could look out the window and tell myself ‘It’s a beautiful day. I’m going to take the afternoon off to play golf.’”

Of course, not all business types travel the same trajectory, so consult a good franchise coach, and do your research so you are prepared to succeed for the long haul and achieve the career and lifestyle of your dreams.

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 2023

So, you want to start a business, but feel like you’re running into a brick wall at every turn. Don’t despair, a franchise operation may be just the ticket to help you fill a local market niche. Related: Over 50? Midlife Is The PERFECT Time To Start A Franchise While you pay a franchisor a start-up fee — which usually ranges from $35,000 to $60,000 — you get training, proven systems for profitability, expert marketing, plus ongoing support to help you overcome bumps in the road along the way. Most entrepreneurs who buy a franchise have no experience in that industry. But thanks to the support and training they receive from the franchisor, they can build successful businesses that outperform even established independent competitors.

Advantages Of A Franchise

In our current economic environment, little mom and pops often find it tough to compete, and a proven system can offer great benefits. You can start your own business with a franchise and still have lots of the same perks as an independent business owner — plus many advantages they don’t have.

A Proven System

A franchise company has used years of experience to figure out what works and what doesn’t. They know how many employees you need and what type of advertising works best. And a franchise company wants you to succeed — to bolster their own bottom line.

Support And Training

Most franchise companies have employees whose sole task is to support their franchisees in such areas as IT, sales, advertising, accounting and human resources. Independent businesses have to hire individual experts for support, and those costs can add up.

A Strong Record Of Success

A study on profitability by the U.S. Small Business Administration found that the average franchise had five times the first-year revenue as the average independent business. At our firm, new franchisees have a 94% success rate, but the key to success is research, research, research, figuring out which franchise is right for you and which franchises offer the best chance of success.

A Well-Documented Track Record

Since so many others will have walked the path on which you’re setting forth, you have all the information you need to help you succeed. Much of it is provided in the Franchise Disclosure Document. And unlike independent businesses, which have to make educated guesses, you have a network of other franchisees to help guide the way.

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.

Franchises offer entrepreneurs many benefits, including marketing tools and expertise, lots of back room support, and training to help new business owners succeed.

The road to the right franchise, however, may present some rough terrain to cross, which is why preparation is so critical. Every potential new franchisee needs to take the time to read the fine print before signing any contracts.

The good news is that Federal Trade Commission regulations provide a good safety net, which goes a long way toward helping potential new franchisees avoid getting a raw deal. A franchise coach can help you through the nitty-gritty of this process.

You will want to get a copy of the franchise disclosure document, which franchisors are required by law to provide you at least 14 days before you sign a contract or pay any money. You can ask for the document in any format convenient for you.

Before signing any contracts, we recommend you consult a franchise attorney who has the expertise to help you review what can be a long and complex agreement. In the meantime, as you begin your preliminary research, here’s what you should look for:

Franchisor’s Background

You want to know how long the franchisor has been in business. What’s the competition like? Pay close attention to the general business backgrounds of the company executives and how long they’ve been with the company and in the industry.

Litigation history

Has the franchisor been involved in any litigation with their franchisees? Have any of its executives been convicted of fraud or other violations of franchise law? Have franchisees filed law suits against the franchisor? These would all be red flags to further investigate if not disqualify this franchisor from your search.

Initial and Ongoing Costs

This is critical information since you never want to find yourself short on funds or surprised by costs you should have known about. Examples of costs franchisees face are: advertising, business promotions, operating licenses, inventory, royalty payments, cost to purchase equipment, and insurance, among others.

Only by estimating your costs can you realistically evaluate franchise operations to see if you have the capital to succeed in this business.

Restrictions

Franchisors may restrict from whom you order supplies, what you may offer for sale and where you can sell. Each franchisor will have different ways of determining a territory, which is meant to protect current franchisees but may not be satisfactory to you. For example, Dunkin’ Donuts has restrictions limiting some franchisees from also offering 31 Flavors ice cream.

Training

While franchisors offer training, you need to know who is eligible for training and who pays. Are new employees eligible? Are support staff available for ongoing support? Again, make sure you know all the costs.

Advertising

Franchises often are asked to contribute a portion of their earnings for advertising. Get the details on what the franchisor requires. What percentage of the advertising budget is spent in your area? Will local advertising amount to extra out-of-pocket costs?

Current and Former Franchises

Plan on talking to as many current franchisees as possible. Ask them what you will need to do to succeed. Also talk to former franchisees to learn what went wrong for them. Make sure you ask financial questions, such as their total investment, and how long it took them to recover their initial investment. What are their earnings? Franchisees’ income might vary quite a bit, depending on geographic area, the skill and commitment of the owner, and other factors.

Financial History

You want to make sure the franchise company is financially stable since you certainly don’t want the company to go out of business just after you invested your money. You also want to ensure the franchisor has sufficient money to supporting its franchise system. You will have access to the financial statements of the franchise company, so review them – or better still, have an accountant review them for you.

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 2023

Despite all you may have heard about the barely-out-of-high-school techie crowd in Silicon Valley, the folks most likely to start a franchise are in midlife. That’s according to a recent study by the Kauffman Foundation and Legal Zoom, which found that, in 2013, 35% of all new businesses were started by people over the age of 50. In fact, people over 50 started businesses at a higher rate than those between the ages of 20 and 34. That’s not really surprising, considering the wealth of experience these seasoned members of the workforce bring to the table, not to mention access to capital and networks. So if you’re one of those folks stagnating in an unsatisfying job or if you’ve been downgraded or downsized by a company in decline, you might want to consider one of the simplest ways to start a new business, a franchise. Franchises have a multitude of advantages over independent businesses, including a network of support, training, and a proven system intended to help people achieve success even though they may have little experience in the field. Opportunities in franchising abound —75 industries are represented, and a franchise coach can help get you started with your research. The fastest growing sectors franchising are business to business and consumer services. These areas are perfectly suited to the executive and managerial backgrounds of most of today’s new franchisees – much more so than fast food or retail that often come to mind when people think about franchises.

6 Easy Steps To Start Exploring Your Franchising Options:

As you assess where you want to start the next stage of your career, you’ll want to conduct a thorough process of due diligence:

1. Assess Your Skills

No matter your background, you’ve developed an array of expertise, such as solving customer problems, managing employees and systems, selling yourself, and maybe selling a product or service. Figure out how your skills might transfer to a franchise that captures your interest.

2. Read Up On Franchising

Check out the International Franchise Association’s informative website for types of franchises and articles on franchising. Make lists of franchises that best match your skills, experience, and interest.

3. Peruse A Few Franchise Disclosure Documents

Franchisors are required by federal law to disclose a great deal of helpful information in these documents, including the backgrounds of their executives, litigation history, as well as a full list of costs associated with purchasing a franchise. You also receive a full list of franchisees (more on this below). Franchisors must write these documents in common English, not legalese, so they’re quite readable.

4. Interview Franchisees

Franchisees are your best source of information. You can call these owners, because the franchise companies provide their contact information in the Franchise Disclosure Document. They may be busy, but many franchisees are happy to talk to folks who may be walking the same path they recently traveled. So make an appointment and respect their time. Ask about the franchisor’s system —what’s working and what’s not, and find out if, knowing what they know now, they would purchase this franchise again.

5. Talk To Franchisors

As you start to narrow your options, call up some franchisors to learn more about their operation. Get a feel for the corporate culture and how well you might fit in.

6. Contact A Franchise Coach

A coach can help you navigate your way to franchises that are reputable and have great track records. They have worked with dozens of clients over many years and add another layer of experience to help you make the best selection. And their services generally come free of charge. So take heart, your middle years may be your most productive and profitable yet. Start your exploration of franchise ownership 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 dcitrenbaum@gmail.com or at (484) 278-4589.