Latest News

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

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

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 [email protected] or at (484)278-4589.

© Dan Citrenbaum 2015

Want to Start a Business? Get Past the Fear!

By Dan Citrenbaum

You know the line about luck happening when opportunity meets preparation. Turns out that bit of wisdom goes all the way back to the ancient Romans, to Seneca, the philosopher and statesman.

Seneca said lots of wise things, but, nowadays, luck too often becomes a handy explanation for why others succeed. You chalk it up to luck and go on wondering why you can’t be lucky, too, but the only thing lucky about success is the realization that it requires a great deal of preparation and hard work.

So when it comes to feeling fear about putting yourself and your money on the line in a new business, remember, the more you know, the better prepared you are and the more you can reduce your risk.

That’s the beauty of a great franchise system — you can find out everything you need to know before you put a dime of your money on the line. You can learn how much money you will need and how long it might take before you start earning a profit — so you can be sufficiently capitalized for the long run.

To make a good selection requires excellent preparation, from reading background materials to conducting interviews. You also want to consult with the experts: an accountant, franchise attorney and a franchise coach.

Your preparation should include:

Reading the Franchise Disclosure Document

The Federal Trade Commission requires every franchisor to disclose a list of 23 items to potential franchisees, and the document must be written in plain language. You will find a panoply of information from litigation history, how much your initial outlay will be and the type of training and support that will be provided.

Interviewing franchisees

Franchisees, having been in your shoes, have every incentive to tell it to you straight. Would they purchase this franchise again? Are they making money? Have the training, support and franchise system been everything they hoped for?

Meeting with executives of the franchisor

You will meet and speak with multiple executives from those franchises under serious consideration. Assess their competence, their accessibility and the quality of their team. Do you like them? Would you be comfortable working with them over the long term?

When you’re done, you should know:

• How established is the franchise system?
• How good is the franchisor’s support and training?
• What will your total financial outlay be?
• What exactly is involved with the franchise system; Can you comfortably follow it?
• What restrictions and/or rules does the franchisor impose?

• Are most franchisees making a good living and pleased with the franchise?The process may take a few months, but only by doing your research can you create the conditions to make the perfect match to a franchise that works for you. Your research helps you create an opportunity for success.

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

A formula for success? Find a franchise to fit your life.

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 [email protected] or at (484)278-4589.

© Dan Citrenbaum 10/2015

The Fine Print on Franchises: What you need to know before signing on the dotted line.

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.

For more information, check out the FTC’s website, which has published a consumer guide to buying a franchise at http://www.business.ftc.gov/documents/inv05-buying-franchise-consumer-guide

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

Get your free evaluation today!

Contact Dan Citrenbaum to 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 06/2015

Franchisors offer incentives to help veterans start their own franchises.

Don’t know anything about starting a business but are determined to take control of your employment destiny?

If you’re a military veteran, the International Franchise Association (IFA) thinks you’re particularly well-equipped for a franchise. And they’ve got a program to help you take a leap into entrepreneurship and a career in which you can use the skills you’ve acquired in the military.

VetFran was founded as a special program within the IFA in 1991 to help veterans returning from the first Gulf War as a way to thank veterans for their service, according to the IFA.

Then in 2011, the IFA launched Operation Enduring Opportunity, a partnership with several organizations, including the U.S. Chamber of Commerce and the U.S. Department of Veterans Affairs, to help the large influx of veterans transitioning to civilian life get into franchise careers. The program has been a great success.

Through VetFran, many franchisors will waive 10 percent to 25 percent of the franchise fee, which can help veterans hire staff as they get their new businesses up and running.

In the last three years, more than 150,000 veterans have started careers in franchising, more than 5,000 as franchise owners. Now, one out of every seven franchise businesses is owned by a veteran of the U.S. military, according the IFA.

This is clearly a win-win partnership for both sides.

Franchising offers one of the very best paths to starting your own business for those with little or no experience in the business. With a proven system, training and ongoing support, novices get a franchise team to show them the way to success, helping them troubleshoot the rough spots along the way. As the IFA points out, the system is not dissimilar to the structure of military life.

While veterans can expect a little extra special treatment as thanks for their service to the country, franchise companies benefit from the particular strengths veterans bring to the franchise.

Before you or a veteran you know starts second-guessing all the ways he or she is not qualified for a career in franchising, consider the following list, compiled from articles written by Franchisors or IFA officials.

The Treasured Traits of Veterans Prized by Franchisors

Integrity and Honor

Ingrained through their military training, veterans learn firsthand the importance of executing orders with dedication to accomplish a common goal.

Respect for Rules of Operation

A military operation requires everyone to do his job. A franchise requires franchisees to follow the proven system of the franchise company to succeed. In both one person implements a plan prepared by others with proven experiences.

Leadership Training

Business ownership requires the type of leadership the military teaches. An owner is responsible for the business, its employees and, of course, accountable to its customers.

Discipline

When the buck stops with you, you need a disciplined work ethic, especially during the early days as you build your business to profitability.

Character

Overcoming obstacles, an everyday activity for soldiers in the military, builds the kind of character necessary for business ownership.

Teamwork

In the military, soldiers learn to put the success of the mission ahead of their own interests. This dedication to teamwork well suits the needs of franchisees to work with franchisors in a cooperative manner to maximize success.

To pursue the opportunity available through VetFran, veterans should check out the website and complete the toolkit at www.vetfran.com/toolkit-sign-up/. You’ll find a list of franchises that offer incentives to veterans, as well as greater detail on what it takes to purchase a franchise, such as investment of capital and time for research.

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 09/2015