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It seems every time you look at the business bestsellers list, there’s a new book for how to get rich quick, become a successful entrepreneur or take control of your own life.

We all seem to be searching for some version of the same thing: a chance to reach your potential in a career where you’re in control. For most of us, the idea of starting a business of one’s own inspires more fear than excitement, and the incipient desire remains an unfulfilled dream.

Yet, there is a great way to go into business for yourself without all the unknowns. That is with a good franchise, which comes with a tried-and-true system, as well as training and support for you and your staff to help you get across the finish line to smooth operations and profitability.

Before you sign any contracts, you have the ability to know exactly how much money you’ll need and what you’ll be getting for your money. That’s because franchise companies are required by federal law to disclose a virtual guidebook to their product in the form of a franchise disclosure document (FDD).

Not all franchises are created equal. Some are better than others, and you have to delve deeply to find out the truth of what they’re offering and how their promises match reality. So rather than rely on some cursory preconceptions you may have about a well-known brand, commit to doing a thorough due diligence on any business you seriously consider.

What you need to know:

• The franchisor’s track record

Do an Internet search. You can find history of litigation, bankruptcy and information about their top executives in the FDD. (Items 1-4). You want a company in good standing that can stand behind you all along the way.

• The costs

You should get a very good picture of all your startup costs, from the initial franchise fee through the cost of setting up your office/store, ongoing marketing and any ancillary costs like insurance and legal fees.

• Details about the franchise system. How does it work? Is it easy to follow?

Franchisees are your best source for answers to these questions. The franchisor can tell you how it’s supposed to work, but the franchisees will tell you if it’s working. Find a list of franchisees in the FDD.

• The nuts and bolts of what it takes to run the business

What skills are required? What experience may be helpful? What is the day-to-day life of the owner like? Does this suit you?

• Do you like the management staff?

You need to have a good rapport with the people you’ll be dealing with on a regular basis. Do you feel comfortable talking to them? Are they receptive to your questions, concerns, etc? Do you trust them? You should have multiple conversations with key personnel on the phone and in person before you sign any contracts.

• Is the franchisor’s training program and support sufficient?

This is critical information, especially if you’re entering a business in which you have little experience — which is the beauty of a franchise. You can change your careers and try something different. So make sure the training and support are up to par by checking in with franchisees.

• Would franchisees buy their business again?

This question seems the ultimate test of a franchise’s merit. Don’t forget to ask this question of franchisees.

Whether you start a business from scratch or buy a franchise, the decision should be preceded by a deliberate methodical process of review. You can be sure with the huge array of franchises available, you can find one that suits your needs.  And when you make a good match to a franchise with a great record of success, you can start your new business with the wind at your back.

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.

Dan spent 27 years as a successful entrepreneur and coach.  In 2010 he started the next stage of his career – he bought a franchise. And what does Dan say about his decision to buy a franchise?  He’ll tell you “It’s the best business decision I ever made.”  You can reach Dan at [email protected] or at (484) 278-4589.

© Dan Citrenbaum 2024

How many of us spend hours daydreaming up ways to start a new career to rid ourselves of a boss and the rest of the annoyances of the humdrum 9-to-5 existence? More than half of American adults want a new career or to start their own business, according to CreativeLive’s inaugural Creative Jobs Report. Surely, it’s not surprising that people have a deep yearning to express their creative selves. According to the Small Business Administration, 63% of net new private sector jobs come from small businesses. Just over 400,000 new businesses are started each year, according to the SBA. The obstacles can seem daunting, especially when considering all the responsibilities you may have picked up along the way, like a mortgage, children, or even aging parents. While it may sound risky, there is a great way to get started that lowers your risk and comes with a complete toolbox to get you past the start-up phase. That is a franchise. The advantage of a franchise is it comes with a time-tested system as well as a network of franchisees already operating the business who can tell you how the company’s promises pan out in the field. All it takes is the decision to commit the time to a little research to help you find a business that works for you.

5 Easy Steps To Select A Franchise That Works For You:

Assess Your Skills And Experience

Make a list of all the skills you’ve acquired in life, as well as in business. Think about whether you’re good at managing people, sales, organization, and so on. Remember many skills are transferable across businesses.

Research The Market

Read the business section of your local paper, as well as business specific magazines and learn where opportunities abound. What do the economic indicators show? Is real estate booming or on a downward cycle in your region? Maybe your area needs more senior care resources.

Contact A Franchise Coach

A good coach, whose services are free, can help you narrow down your selection to franchises that are fully vetted and offer the best opportunities for success.

Talk To Franchisors And Franchisees

After you narrow down your search, contact a few targeted franchisors who will provide you with a franchise disclosure document, which includes their financial history, as well as franchisees’ costs and other operating essentials. You will also find a list of franchisees, who are your best resource. Talk to as many as possible to learn how the system has worked for them.

Consult A Franchise Attorney And Franchise Accountant

Before signing any contracts, you should plan to pay for expert advise from these folks. They will examine the fine print to help you avoid potential pitfalls and maximize your chance for success. Making a good selection is critical to get you the career you crave for the long term. Solid research will put you on the road to 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 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.

Everybody knows the job market is a bear, which is why lots of people decide to stay put in go-nowhere jobs. Better the devil you know is how the thinking goes. But is that really true? For women, a number of studies now support what many strongly suspected — that real barriers exist that slow or prevent women from advancing into the upper echelons of corporate America— the places where long-term strategic decisions get made, you know, the power circle. While we’ve seen some well known examples of women breaking through to lead big corporations, think Kraft, General Motors or Yahoo. Many more are left by the wayside and told to “lean in.” Nothing can be quite as demoralizing as not receiving your due advancement or compensation based on the work you perform. A recent study showed that women are underrepresented at all levels of American corporations; they’re less likely to advance than men and face more barriers to senior leadership. The 2015 study by McKinsey and LeanIn.org showed that at the current rate of progress, it would take a century for women to achieve gender parity in the executive suite. The truth is that for many people, the very best way to test your mettle is to start a business of your own. By taking the reins for yourself, you can see how high your hard work and ingenuity can take you. The good news is you don’t have to invent the wheel to make a go of it. There’s a perfectly wonderful time-tested method for starting out on your own, that is, with a good franchise. Instead of fighting ingrained, systematic conditions that might repress or even crush your growth, you can learn from a network of experts and backroom expertise and grow with a franchise business. The opportunities go way beyond fast food and cars. Lots of great franchises are thriving in business services that tap expertise acquired in corporate America. I tell my clients that a six-figure income is within reach and the upside can be considerably higher. The most important part of the entire process comes before you sign any contract and put up your sign. The key is to make a selection to match your expertise and skills and find a good franchise operation that can help get you where you want to go. This is where talking to a franchise coach or two is well worth your while. They’ve already done significant vetting and can help steer you toward operations that help new franchisees succeed and away from those that exist merely to milk their franchisees dry. Sometimes, it seems these clunkers get all the press, but lots of good franchisees are growing their earnings and achieving the work-life balance everyone craves. In fact, jobs in the franchise sector are growing faster than in the economy overall. So take charge of your career and start investigating starting a business 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.

You’ve decided to make a break from corporate America, flex your creative muscles for your own bottom line for a change, only you’re concerned about the risk of starting your own business. Sound familiar?

No worries. There’s a great way to strike out on your own and get a new career while minimizing your risk…a way to learn everything you need to know to succeed, and learn it from people who have walked the very same path. That is to pair up with a well-run franchise operation.

The trick is making the right choice to suit your own unique set of interests and skills. The good news is all the information is readily available to help you select just the right business for you.

And once you do, a franchise operation offers a great network of support, plus a treasure trove of statistics and operating history that will give you a leg up in the marketplace.

By contrast, when you start an independent business, you must invent your concept and innovate your own marketing, inventory and accounting controls and countless other procedures from scratch, some ahead of time, and, inevitably, some on the fly as you go along, which will likely significantly impact your bottom line as you get started and optimize your systems.

With a franchise, many of those risky variables disappear since the franchise company has already figured out a system that works.

To help you make the best selection, we suggest consulting a franchise coach, who can help steer you toward reputable franchise companies. Of course, like everything else associated with your own business, the responsibility lies with you to do your due diligence before signing your name to any dotted lines.

We suggest you start with these five steps to narrow down your franchise search and maximize your success with your new business:

Conduct a personal inventory

Write a list of your professional and personal skills. Then write a wish list of the types of businesses you would like to operate and the types of skills necessary to run these businesses. See where they intersect.

Research possible franchises

Check the website of the International Franchise Association for a comprehensive listing of franchises that suit your personal profile. Then go a little deeper by Googling them.

Zero in on a few franchises

Request a copy of the Franchise Disclosure Document, required by federal law, for your top two or three franchises and read through these. Look for details about the franchisor’s background, initial and ongoing costs, litigation history, plus information about the types of training and support they offer, as well as their method for advertising, including who pays for what.

Interview existing franchisees

Learn about the types of support offered by the franchise companies. You want to find out what it takes to succeed with each particular franchise.

Interview former franchisees

Learn why things didn’t work out for them. You might get an earful about the franchise company’s shortcomings, or you might hear the franchisee wasn’t really cut out for this type of business.

The knowledge you gain by going through this research process is indispensable to you in whatever business you start. As you’ve likely heard before, success happens where opportunity meets preparation. And your research is critical to your 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 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

Putting aside sufficient capital is the most basic piece of information for any new business. How to figure out that magic number can be the tricky part. From my experience as a small business owner and a franchisee, the only way to get a good read on how much is enough is to buy a franchise. With an independent business, even the best business models will likely only arrive at a best estimate of required capital. With an established franchise, you can learn exactly how much money you need because the business systems are already firmly established and lots of folks operating under the same model are updating the system on a regular basis. You can find out from these other owners how much capital they needed when they started. When you have enough money to start, you’re less likely to find yourself short on cash and forced to shut down, one of the greatest causes of small business failures today. Not only do you know how much money you need to operate, you can get a clear handle on how much you need to get started. Most of my clients typically invest between $80,000 to $150,000, which includes a franchise fee, cost to fly to the training, computer systems, plus the working capital required to get the business to profitability. The number doesn’t include your living expenses, but, presumably, you know what you need to live on until you can start earning profits. The types of businesses available in this start-up category include B2B, such as temporary staffing and business coaching; personal or residential services, such as senior care or house painting; and academic tutoring. Profits may start rolling in as quickly as two to three months, but it could also take six, nine or even 12 months to get to profitability. So preparation is critical. Most expect to earn in the six figures with these types of businesses. This is highly achievable, but not everyone gets there for a variety of reasons. While many people I work with finance their new businesses entirely with retirement savings, you only need about one-third upfront and can borrow the rest. I suggest consulting a good franchise coach to help teach you how to conduct an excellent due diligence to help you choose a business that best matches your business and professional goals. You should also consult well-respected legal and accounting experts to maximize your chance of 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 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.

When shopping for a new business, lots of first-timers choose a franchise for its many benefits, from a well-tested brand name and marketing program, as well as lots of back room support and training to help new business owners succeed.

But you have to do your due diligence to make sure you select the company that best matches your goals. When it comes to preparation, there are no short cuts. You have to read the fine print before signing any contracts.

The good news is that Federal Trade Commission requires franchise companies to disclose a great deal of information to help prospective franchisees learn everything they need to know to make a good choice.

You want to get a copy of the Franchise Disclosure Document for each franchise you’re seriously considering. Franchisors are required by law to provide you a copy at least 14 days before you’re asked to sign a contract or pay any money. You can ask for the document in any format convenient for you.

A franchise coach can help you through the nitty gritty of this process. 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.

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 claims against the franchisor? You will also want to watch for any prior bankruptcies among the executives’ histories. These would all be red flags to further investigate.

Initial and Ongoing Costs

This is critical information since you never want to find yourself short on funds for matters that were clearly part of the cost of operating your business. Costs will include continuing royalty payments, advertising, business promotions, operating licenses, supply costs, cost to purchase discretionary equipment, cost of compliance with local municipal ordinances, and insurance, among others.

Only by estimating your costs can you realistically compare franchise operations to see if you might be able to earn more profit with another company.

Restrictions

Franchisors may restrict from whom you may 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 territorial 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 also ask financial questions, such as their total investment, including unexpected costs and how long it took them to cover their initial investment and earn a reasonable income. What are their earnings? Franchisees’ income might vary quite a bit, depending on geographic area 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.

With a thorough due diligence, you can feel confident your new business will succeed for the long term.

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 2023