Latest News

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.

About the author

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 2024

Tired of the 9-to-5 grind?

That has become a quaint expression in today’s economy since most people work far more than 40 hours, and some people are veritably chained to their employers seven days a week via email and text message.

No wonder so many people want to change jobs. More than half of all U.S. workers are not satisfied with their jobs, according to the most recent survey by The Conference Board. Moreover, upwards of 70 percent of them are thinking about changing jobs, according to monster.com.

A better option might be to take complete charge of your career by going into business for yourself.

A great way to lower your risk is to buy a franchise, which offers a multitude of advantages for the new business owner.

Three Key Ways a Franchise Lowers Your Risk

First and Foremost is the Financial Disclosure Document

With no other type of new business do you get as much information upfront as with a franchise, thanks to the federally mandated Financial Disclosure Document. Most new businesses begin with a vision, but their operations must be invented every step of the way. By contrast, a franchise will teach you exactly how to run the business to maximize success. They have done it many times before, and they know what works.

And you can learn just how well all this has been working by reading the FDD, in which franchisors disclose a history of the business, including when it was established and any other names under which it has operated. You can also learn if its executives have faced any litigation or ever failed in a business.

You can ascertain exactly how much money you need for your initial investment, including fees, estimated wages and costs to purchase supplies, inventory, set up an office, as well as for insurance and rent.

And since being fully capitalized is one of the keys to ensuring your business makes it for the long run, this information can make the critical difference between success and failure.

The FDD also has a list of franchisees currently in business, as well as those no longer in operation. This list becomes one of your most important resources. We recommend you call as many franchisees as possible to learn how they’re doing, and whether they are happy with the franchise company.

Second, a franchise comes with a proven system

While not all franchises are created equal, the good franchises have developed an operating system meant to create the conditions necessary for success. They have a group of franchisees continually testing new ideas and improving the system. These folks, as well as support staff, can offer lots of helpful advice along the way.

Third is the training and support to help you learn the system

When you buy a franchise, you have a whole team of support behind you. A good franchisor is invested in your success. The franchise company has a built-in incentive to help you succeed since the more money you make, the more they make, too.

Before you even make a purchase, you will have lots of phone conversations, as well as in-person meetings about the franchisor’s system, their training and support and even what type of profits you might expect.

Still, a franchise is not for everyone. If for some reason you don’t like the franchise system or you don’t plan to follow the system as laid out by the franchisor, don’t buy the franchise. If you prefer to invent your own business model with ideas hatched in your own creative imagination, a franchise is not 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 [email protected] or at (484) 278-4589.

© Dan Citrenbaum 2024

As any successful entrepreneur will tell you the best businesses are ones that anticipate the next great economic trend. Some fields may be on the upswing as other industries may be dying out. Figuring out the future might look difficult, but you can start by identifying ways in which the economy’s recent changes have already created opportunities. The evergreen nuggets of wisdom still apply in the 21st century:

• Read the business press: newspapers and magazines and any trade journals that apply in your industry of choice (either in print or online).
• Poke around your own region to notice who’s succeeding and why.
• Pay attention to economic indicators that track growth in the U.S. economy, based on such areas as stock prices, payroll, sales and production, unemployment and inflation. Notice sectors that stand out.
• Consult the experts.

Your most important decision is in choosing which fork in the road to take. While Robert Frost may have had a point about taking “the one less traveled by,” when it comes to business, you probably want to choose a path on which people have a demonstrated track record of success. The good news is we see some strong, lasting trends in our current economy that are less susceptible to short-term blips. In an age of down-sizing and out-sourcing, these are the support services that companies now require to accomplish many essential tasks.

Starting A Business? 4 Ways To Capitalize On Economic Trends

You will find many opportunities to start your own business with a franchise that has a strong history of success and offers good training and ongoing support. Here are four ways to capitalize on economic trends when starting a business:

1. Temp staffing

One of the fastest growing sectors of our economy is in temporary staffing. According to a report from the American Staffing Association, temporary and contract staffing services set a new annual record 2014, and growth is expected to continue into 2015 and beyond. There are many franchise companies in the temp staffing field. Your research needs to be very thorough to separate the strongest from the mediocre.

2. IT Support

While every large corporation has its own IT department, many small or medium-sized businesses cannot afford IT staff in-house. The solution is to contract out with an IT company that can handle security and maintenance to keep these essential computer systems humming. Franchise companies have made great inroads in filling this growing need.

3. Business Services

Firms that help other businesses improve efficiency have also shown strength in today’s economy. Since corporate America operates on a lean budget, they don’t have the resources to study their systems in-house and often rely on consulting companies. The investment can more than pay for itself.

4. Digital Advertising

Lots of established businesses whose long-time employees may not be savvy experts in social media hire out for this expertise, an integral component of 21st century marketing. One great advantage of franchises in the business services arena is they often require lower startup costs, and you can save overhead by working from home, at least initially. Wherever your interests lie, there’s no time like the present to recharge your career with a franchise.

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.

Starting a business can offer some of the greatest satisfactions in your career, but risk of disappointment or failure is part of the package. If you’re the kind of person who prefers the safety of a regular steady paycheck rather than the roller coaster of the highs and lows of running your own show, stick with what you know. Like most people, you may not be sure, and maybe you would be a great business owner. After all, you have unflagging energy and are really organized. Plus, you can take steps to manage risk.

6 Things To Ask Yourself Before Starting A Business

To figure out if you have what it takes and whether the rewards outweigh the potential headaches of running your own business, ask yourself these six easy questions. If you answer no to more than two, you probably aren’t yet ready to strike out on your own.

Do you have your family’s support?

No question is more important. Your family should understand the lifestyle changes that may be necessary with your new business and that there may be a period where you have a reduced income as you get your new business of the ground.

Are you prepared to do the research?

This time-intensive approach is an essential component of your ability to manage risk. You not only want to figure out whether this business has a good track record but whether you are fully equipped to succeed with this business model.

Do you have sufficient capitalization?

As you may have heard, most business failures are due to insufficient capitalization. Your research should tell you how much money it will take to get your business to profitability. Make sure you have enough capital available. Don’t be overly optimistic and risk running out of cash.

Are you willing to put in the necessary hours?

Your research should also tell you how many hours you will need to work in a given business. If the business demands that the owner work a long schedule, be realistic about your willingness to take on those hours. If you are not prepared to work as many hours as the business will need, then you should find a different, less demanding business.

Can you tolerate risk?

Putting your hard-earned money into a new venture has inherent risk. Again, rely on what your research tells you. If a business seems to have more risk than you are willing to accept, it is the wrong business for you. You should go back to the beginning, and find a different business with a more acceptable level of risk.

Are you fully dedicated to the success of your business?

At least at the onset, this may mean little time for social life or hobbies as you put 110 percent of your brain power and time into this new business. You have to know that eventually the business should hum along without requiring so much of your time. And the satisfaction you will gain from seeing your vision realized supersedes all else. A good business consultant can help you fine-tune your search and help you acquire the tools you need to succeed. Another way to manage risk is to consider a franchise, which comes with a support system tailor-made for people who have little or no experience in that particular business. But the same questions apply. You need the drive, tenacity and vision to succeed.

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. 

Whether you’re ready to slow it down after a lifetime in the workforce, or to restart your career after primarily being home with your kids, franchising has multiple opportunities for you to work at home.

Locating your business at home allows you to set your work hours around the needs of your life. So you can watch your grand-daughter’s afternoon softball game or take your kids to school without spending valuable time commuting. Or have more time to pursue hobbies or volunteer activities.

Working at home, in fact, is a growing trend, having increased 46 percent between 1997 and 2010, for people who work at least one day per week at home, according to the U.S. Census.

Increasing numbers of full-time workers are setting up their businesses at home, thanks to new technology that allows us to easily connect via the Internet. In its most recent survey, the Census reported that more than half of all businesses that responded to its 2007 Survey of Business Owners operated out of someone’s home.

The other main benefit of setting up a new business at home is the ability to significantly lower your overhead costs.

The advantage of a franchise is you don’t need any experience in your business of choice. A good franchise comes with a tried-and-true system, training and ongoing support to help you gain the skills you need to make a good living.

Of course, your responsibility is to do the research necessary to help you make a good match with your interests and your experience. This includes reading Franchise Disclosure Documents and talking to franchisees to fully understand not only your complete costs, but potential snags, as well.

After all, you don’t want to choose a business that requires an outgoing personality when you prefer solitary work, such as research or perusing spreadsheets. The good news is opportunities abound to suit every area of interest.

Home-based franchises range across many industries, from various cleaning services, assisted living or home health care, business to business services, tutoring and fitness training.

Characteristics of a home-based franchise include:

• Few or no employees
• Interaction with clients mainly by telephone or by you bringing your business to them
• Technology easily available at home
• Lower space requirements

We recommend you start looking into various franchises online, starting with the International Franchise Association, and then consult a franchise coach to help you fine-tune your selection.

Spend the time upfront on a thorough due diligence and you greatly improve your chances for long-term success.

Choosing a new business can be among the most exciting moments in your life. So let your goal of creating a balanced life with a business you enjoy be your guide and get started 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 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 2024