As a franchise consultant, I’ve counseled thousands of candidates for entrepreneurship, helping them decide if it’s time to strike out on their own or remain in the job market. In the early stages of consultation, we engage in self-discovery to get a feel for which direction they are leaning. Here are six indications they are ready to become an entrepreneur.
With so much growth projected for the franchising industry, one would expect a seller’s market mentality among franchisors. However, with more than 3,000 brands in the franchise space, many companies are offering terrific incentives to help candidates launch their new business.
It’s important for married couples to be in sync when it comes to an important decision like business ownership. It’s why I insist that as we dig deeper into the franchise discovery process, both spouses are part of the conversation. If you’re struggling to get spousal agreement on becoming entrepreneurs, here are some tips to help you come together. READ MORE
Both franchising and startups have their advantages, but the best way to determine which business model will suit you is to know your own strengths, skills, life plan and dreams. Here are five indicators you’d be an excellent candidate for franchising, followed by four that indicate you’d be better off starting your own business.
Vetfran, a strategic initiative of the International Franchise Association to bring more veterans into franchising, reports that one in seven franchise businesses are owned and operated by veterans of the U.S. military. More than 66,000 veteran-owned franchise businesses in the U.S. generate more than $41 billion in gross domestic product. So why does franchising make sense for young veterans?
Fathers are protectors, disciplinarians and breadwinners. They were our best bet to be ready for a game of catch when we were kids and a respected advisor to help us navigate adulthood. Fathers teach us a lot, and many of those lessons are applicable to becoming an entrepreneur. Here are a few of my favorites.
Kevin and Denise Brauer began looking into franchising on their own, with simple Google searches. However, it took teaming up with franchise consultant Jim Judy to find the right fit.
When Brenda Gross received an inheritance from her late grandmother, this mother of two decided to live out her dream of owning her own business and following in the footsteps of her father and grandfather who both had been entrepreneurs. Ultimately, Gross and franchise consultant Jim Judy decided on a franchise that would both suit her lifestyle and honor the grandmother who had made her dream possible.
Gone are the days where getting older meant fading into the background of a younger, more vibrant society. Today’s older Americans have become a powerful economic force that’s growing stronger every day. Recent reports indicate that Americans over the age of 50 now account for more than $7.1 trillion in activity, a number expected to almost double to $13.5 trillion within the next two decades.
Every day, thousands of employees in these larger companies make the decision, either by choice or by force, to say goodbye to the insecure world of corporate employment and take control of their lives as entrepreneurs. Many more would love to make the leap to small-business ownership, but believe it’s too risky. In truth, the riskier decision could actually be staying in an insecure job.
Empty Nest Parents have spent most of their adult lives working for the betterment of their children and that work is done. Rather than spend another day working in a job that they lost interest in long ago, many empty-nest parents are turning to small business ownership through franchising.
While many of the candidates I work with went on to become successful franchisees, quite often their relationship with me wasn’t the first time they tried to start a business. Certainly, some of those failures to launch were the result of life getting in the way. But surprisingly, many of these candidates could have been entrepreneurs much sooner had they followed a few key lessons to becoming an entrepreneur.
The International Franchising Association just released a glowing forecast for 2016. The Small Business Administration handed out a record number of loans in 2015. New tax laws favor small business. Studies even show that entrepreneurs are the happiest people on earth! If you’re currently unemployed, your time to check out small business ownership may be now.
Too many people who may otherwise find the answer to their life dreams and goals through franchising never even pick up the phone to find out. Often it’s because they have misconceptions about what’s going to happen once I answer their call, what life as a franchisee is like and what the industry has to offer. Let’s clear up a few of those misconceptions.
If you’re not ready to spend 30 minutes on a phone call with me just yet, here’s a cursory, five minute quiz you can take to see where you fall on the franchising spectrum. Write down (or remember) your answers to see where you land on the key at the end of the quiz.
Fear is our most powerful motivator, and the messages of fear are everywhere. What used to be our internal alarm system meant to keep us safe is now manipulated by marketers, politicians, supervisors, etc. to compel us to act, whether it’s rational or not. If fear is keeping you from exploring the opportunities that small business ownership has to offer, here’s what you can do about it.
Hopeful entrepreneurs dreaming of a life as their own boss without being shackled to their business are increasingly turning to semi-absentee franchising. Semi-absentee franchises come with a proven model of success that doesn’t require a large time commitment from the owner. They own the business, but the business doesn’t own them.