The U.S. Small Business Administration unveiled its redesigned website on Dec. 21, which coincides with the launch of SBA Direct, an online tool with personalization features designed to help entrepeneurs start and grow a business.
Read the full article on why they did it.
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Starting a business requires a lot of time and effort. That’s why many people choose to invest in a franchise due to the added support and training in place. But before you get started, we’d like to debunk some myths that every potential franchise owner should be aware of before starting on his or her journey.
1. Franchising is all about restaurants. While many of the best-known are restaurants, there are actually approximately 3,500 franchise concepts in 75 industries. From home care to automotive, several non-food franchises have experienced growth in 2010 and this is expected to continue in 2011. When researching the best concept for you, make sure to consider all of your options.
2. The more you spend, the more you’ll make. There is no correlation between how much money a franchise costs and how much money it makes. Most importantly, you should base your decision on whether or not the franchise fits with your lifestyle and finances you have available.
3. You must have experience in the field. Experience isn’t necessary; in fact, many franchisors prefer new franchisees to have backgrounds outside the industry. For instance, those with experience in sales and marketing many times have the skill set to excel in just about any sector. Plus, the franchisor will supply you with training and support needed to get your business off the ground.
4. All franchises are created equal. Some franchisors will take on every franchisee that can sign a check, which makes for a weaker organization overall. The franchises that vet prospective franchisees get the best candidates and have the strongest system. MatchPoint franchise consultants help wean off the weak, so you are presented with the best options available.
5. A franchise will run itself. Just because you have the support of a larger organization and ongoing training programs, owning and operating a franchise is still a huge responsibility and takes a lot of work – especially at the beginning – to make it successful. Just keep in mind that once you’ve settled on a concept, the work isn’t over. Nonetheless, with the right amount of work, success should ultimately follow.
More than 2,000 veterans have taken a path to business ownership through the International Franchise Association’s Veterans Transition Franchise Initiative, known as VetFran. Matco Tools and UPS Store franchises lead the list of veteran-owned franchises.
While some franchisors are reinvesting in their franchisees as a way to stimulate the economy, others are offering discounts towards initial investment costs and royalty fees.
The digital marketing firm WSI, for example, just launched its Investing in America Program—an initiative aimed to give back to the community and help re-build the U.S. economy after the recession. Through this program, WSI will be offering U.S.-based young entrepreneurs and military veterans the opportunity to invest in the franchise for a 50 percent discounted franchisee fee.
WSI has set aside 30 single unit franchises for this program, each available at a discounted franchise fee of $24,700. Young entrepreneurs can qualify for this opportunity if they are under the age of 28, have completed their high school education and can provide proof of said qualifications. Meanwhile, military veterans can qualify by providing valid proof of completing military service.
Disclaimer: I am a franchise consultant/broker so my opinion is somewhat biased. However, I am also a franchise owner and have the unique perspective of seeing the value of a franchise consultant from both perspectives. In this post, I’m speaking more from the perspective of the potential franchise owner.
When searching for a franchise, people often come across various franchise consultants and wander: “Why should I use their services?” It’s a great question. so I’ve compiled a list below of my own reasons why someone should use a franchise consultant.
In summary, a franchise consultant will help you determine if franchising is right for you and if so, what type of franchise opportunities you are most likely to succeed in. If you are serious about buying a franchise and approach the process thoroughly, the information obtain will definitely help you become a better, more educated buyer. As long as candidates remain open-minded through the process, the information franchise consultants can provide will help them save time and money. In the end, the choice belongs to the candidate. Franchise buyers are responsible for the due diligence, analysis and, of course, their money. However, understanding what franchise consultants do and utilizing them as a tool in a franchise search process can be very valuable, indeed.
Bob Coleman, Founder of Coleman Publishing, explains the current climate of small business financing on Fox Business News’ “Your Questions, Your Money.” Interview was recorded on Saturday, May 1, 2010.
Business lending for potential franchise owners continues to be tough, but there are options. If you’re investigating franchise opportunities start evaluating financing options very early in the process or speak with an experienced franchise consultant who can point you in the right direction.
With companies downsizing to adjust to their shrinking budgets and the national unemployment rate at 9.7 percent, job security is a thing of the past. That’s why many individuals are taking control of their destinies and investing in a business with a proven model – especially the baby boomer population.
Americans between the ages of 55 and 64 had a higher rate of entrepreneurial activity than those aged 20 to 34 every year from 1996 to 2007, according to a 2009 report by the Ewing Marion Kauffman Foundation.
Investing in a franchise is a great way to create wealth and build equity. As an aging society, the older population is now more active and has the desire and need to generate additional retirement income due to economic factors. But not only are more seniors investing in franchises; franchisors are actively recruiting the baby boomer population as well. Older franchisees tend to have a great work ethic; they are dependable and have a knowledge base of life and business experience. Additionally, the older generation approaches and handles risk well in that they will thoroughly investigate the franchise and business opportunities at hand.
There’s never been a better time to satisfy your personal and financial goals. In previous economic slumps, franchising has rebounded faster than other industries. After the recession of 2001, for example, franchise companies added 1.2 million jobs over a five-year period, and grew at an average of 9 percent a year, according to the International Franchising Association. And 2010 looks to be just as promising.
Is not controlling your future more secure than waiting for someone else to determine your fate?
Read more in a recent article in Baby Boomer magazine.
Business ownership is an important decision. I am Doug Fowler, Senior Consultant with MatchPoint. I am ready to put my years of franchise experience and success at your disposal.
Thought you might enjoy this short webcast on the economic impact of today’s trends and opportunities. View it here http://www.matchpointnetwork.com/boiling/
When making a discovery of something new in their lives, most people find that they can be identified in one of three of the following groups.
To help make that determination, let’s draw a comparison between you and the people who made the early discovery and development of our country.
The three different groups were Explorers, Pioneers and the Settlers.
EXPLORER: Their desire was to be the adventurer, to go where now one had gone before, to explore the new land, determine if it’s a place of opportunity, willing to risk all for the sake of great reward.
PIONEER: Their desire was to follow on the heels of the Explorer, to take a calculated risk, to grow and expand what had already been developed, to take an established system and make it stronger, to create new ideas and opportunities.
SETTLER: Their desire was to follow the Explorer only when the way was determined to be safe, to mitigate their risk by seeing solid proof that the establishment is secure and functional, to follow clearly the well defined plan in order to ensure success.
What group of people do you identify with and why?
When looking into franchising, it is important to determine what group you fall into because certain franchises attract certain kind’s of people, i.e. explorers, poineers, and settlers. Listed below are some key characteristics of franchises for each type of person.
Franchises for Explorers: This is a new system, not many franchisees, non-proven track record, huge opportunity, niche opportunity with flexibility in the operating system.
Franchises for Pioneers: Established system with several franchisees at a minimum, solid track record, great opportunity, and some flexibility.
Franchises for Settlers: Well-established systems, scores of franchisees, proven track record, well defined operations, solid opportunity and limited flexibility.
Determining the group you fall into is one small piece of the puzzle in finding the right fit in a franchise business. Contact a franchise consultant today for more information.
You’re not alone. After years spent building a successful career, people across the country are experiencing uncertainty, anxiety, and unemployment in the worst cases. Many people have seen their professional lives slip away at no fault of their own. In wake of the worst global recession in decades, many individuals are left asking themselves - What’s next?
Is the answer to find another JOB?
Maybe. A vast majority of people will do just that and continue to bounce from job to job with little control over their job security and financial future.
It’s no longer enough to simply “go to school, get a good job with a good company, work hard and retire with a good pension”. Did you know that the average person will now have as many as 10 different jobs and 5 entirely different careers over the course of their working life?
Breaking away from the perceived security of a corporate job is an overwhelming fear for many people. This fear is something that limits people and keeps them from achieving their dreams. For most people considering business ownership, that fear of failure and financial insecurity – especially in challenging economic times – often keeps them from taking that first crucial step. Remember that some of the most successful companies began in an economic decline. Microsoft, for instance, started operating during the recession and oil crisis of the mid ’70s.
Deciding to start your own business is a huge decision and you must weigh the benefits over the risks to determine if owning a business is right for you. One way to reduce the risk of failure is to purchase a franchise. Buying a franchise is no guarantee that you’ll be successful – franchise owners do fail. However, unlike starting a business from scratch, franchising provides an excellent opportunity for someone that can follow a proven system to be in business for themselves — but not by themselves.
