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Why you should consider becoming a franchisee

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Many entrepreneurs worry about raising the necessary funds to become business owners. Recently, SCORE endorsed franchising as one of the best routes to take if an entrepreneur wishes to become self-employed.

 

Franchising allows people from all backgrounds and walks of life to transform into successful entrepreneurs with profitable businesses of their own. The secret to franchising’s success lies in the relationship franchisors have with their franchisees and also how much support each franchise gives to its franchisees.

 

Franchisors do much of the initial “up-front” work, providing franchisees help with their franchise’s site selection, personnel training, product supply, marketing, advertising and, in recent years, help with financing. As franchising is a legal agreement, franchisors don’t — and legally cannot– leave their franchisees to face the business world alone. When times get tough or franchisees run into situations previously never experience, franchisors are happy to step in, help and serve as a guide.

 

Of course, with starting any business, it’s important to do as much research as possible and learn about each franchise opportunity that a potential franchisee. Read each opportunity’s Franchisor’s Disclosure Document (FDD) and ask questions. Get in touch with current franchisees to learn about their experience with the franchise– positive or negative. Again, as franchising is a legal agreement, be fully aware of what the conditions may be, from how to terminate the agreement to where a franchisee must buy their ovens.

 

Prospective franchisees should approach selecting a franchise the same way they would approach starting a non-franchised business: write a business plan. What are your reasons behind going into business for yourself? What motivates you? How many hours a week are you willing to work? (Small business owners are always working.) What are your short term goals?  Where do you see yourself in 10 years? Can you handle not taking a vacation for the next 2-3 years? How will your family handle your new work schedule?

 

Most importantly, will you enjoy going in to work everyday? As Steve Jobs said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe to be great work. And the only way to do great work is to love what you do.”

Franchise Profile: Online Trading Academy

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Tens of millions of people have seen their retirement derailed by the financial turmoil of the past decade. Online Trading Academy has a proven record of helping these people get back on track by teaching the tools of the professional trader/investor in stocks, futures, currencies and more.

 

Online Trading Academy teaches adult students to trade and invest at a professional level using modern online tools. Their business model was born in 1997 when they operated their own large trading floor; the training provided to new traders was so effective that they eventually switched their focus to education vs. active trading.

 

 

Their first Financial Education Center was company-owned, but they quickly realized that the model could be easily replicated with appropriate support and the first Online Trading Academy franchise opened in 2005. Today they have 32 franchises around the world in addition to the original Center. They also have a large and rapidly growing family of 150,000 current and former students who have invested an average of $10,000 per student in their training.

 

Exclusive franchise territories are still available in the U.S., Europe, Middle East, Australia and Asia. Please submit you information on their entry form for more information: http://franchisebuy.com/franchise/Online-Trading-Academy.

 

 

Why Online Trading Academy?

As an Online Trading Academy franchisee, you can empower people with tools to build their personal wealth and retirement security while also improving their quality of life. Many of their students have been trading for years with moderate success and find that the principles and practices they learn at Online Trading Academy help them take their results to a new level. Others are newly retired or have recently left their jobs and enjoy the flexibility of being able to trade on their own schedule, whether it’s several hours a day or just a few minutes a month.

 

The enthusiasm that Online Trading Academy students feel comes directly from the quality of the teaching materials and their learn-by-doing educational model that has been tested over time. They are very different from the hotel ballroom investment seminars and from the proprietary systems that students may have experienced in the past, and their steady growth and revenues prove it works. Join Online Trading Academy as a franchise owner, and adopt their proven methods as your new business model!

Can You Succeed with a Work-at-Home Job?

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Along with the upsides of working from home – like being your own boss and working your own hours – there are downsides, namely, being your own boss and working your own hours. You may have the talent to work at home but you also need the discipline. Ask yourself these three questions to decide whether working at home is for you.

 

Do I take the initiative?
Rather than waiting for tasks from an employer, at home you have to make work for yourself. Whether it’s finding new clients or brainstorming a new product, you are solely responsible for keeping your home business going.

 

How well do I manage my time?
You’re free to check your social networking accounts all day when you work at home, but one simple fact remains: no work, no pay. Time management skills are a must for maintaining a steady rate of production.

 

Is my family supportive?
Relatives may have a hard time understanding that you aren’t free just because you’re at home all day. If you aren’t comfortable setting clear boundaries regarding your work schedule, be prepared to deal with constant interruptions.

 

Answering ‘no’ to any of these questions is a sign that you aren’t ready to work at home. Working at home part-time can allow you to see for yourself whether you have what it takes to work at home for good.

To learn more about independent business and franchise opportunities, many of which will allow you to work from home, visit www.FranchiseBuy.com.

For FiltaFry, Every Day is Earth Day

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To most, Monday was Earth Day– unless you’re a Filta franchisee— in which case every day is Earth Day.

 

Since 1996, Filta Environmental Kitchen Solutions has used science to the benefit of businesses and the environment by offering green solutions to common problems experienced by the hospitality industry.

 

Familiar with reducing, reusing and recycling? Filta’s three kitchen solutions are modeled along the same guidelines.

 

FiltaFry is an eco-friendly way for restaurants, food franchises and other establishments to manage, filter and reuse fry oil and shortening. Trained FiltaFry representatives micro-filter each fryer’s cooking oil, perform vacuum-based deep fryer cleaning services and calibrate each fryer for optimum performance. By doing so, each pound of cooking oil’s longevity increases and 99 percent of carbon is removed from the fryer. Consistently cleaned fryers also reduce the number of accidents and insurance claims amongst restaurants and food franchises.

 

Once the oil is no longer usable for cooking it’s purified through Filta Environmental Kitchen Solutions’ FiltaBio service. The majority is sent to be made into biodiesel, the safe and environmentally friendly alternative to conventional diesel fuel.

 

In addition to maintaining the quality of frying oil for restaurants and food franchises, Filta has devised a cost-effective and eco friendly solution to businesses that need to ensure moisture levels within their refrigeration units. FiltaCool’s air permeable packet absorbs excess humidity through a special blend of minerals.

 

Filta’s list of clients include:

  • hotels and resorts (Hilton, Holiday Inn, Marriott, Compuware Arena, Nationwide Arena, Six Flags)
  • grocery stores
  • convenience stores
  • hospitals (BlueCross BlueShield, JFK Memorial Hospital, Emory University School of Medicine)
  • florists
  • universities (Emory, University of Tennessee)
  • restaurants (Chick-Fil-A, Romano’s Macaroni Grill, Ruth’s Chris Steak House)

 

 

Why a Down Economy is the Perfect Time to Become an Entrepreneur

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Anyone who recently graduated from college or lost their job through layoff knows how difficult it can be to find a new job. Not only are you competing against other graduates and laid off workers for the few available positions left in this down turned economy, but you have to hope that if you are lucky enough to land a new position you won’t wind up out on the street again in a few months.

 

So naturally the question has to be asked: Why would anyone want to put themselves through all that? And most people will probably say they wouldn’t, but they don’t know what else to do. Well, if you have ever contemplated starting your own business, now is the perfect time.

 

Resources are Less Expensive in a Down Economy

 

It’s happening at grocery stores and retail outlets, car dealerships and real estate offices. It’s happening in businesses all across the country. Prices are coming down, deals are being struck, and discounts are being offered. That’s why now is the time, when resources are less expensive, to strike out and start a new business.

 

The Small Business Administration (SBA) Office of Advocacy reports that since the mid-1990s, small businesses have generated over 60 percent of new jobs. A small business is defined as one with 500 or less employees. Plus the 2009 Recovery Act eliminates fees to borrowers and allows the SBA to guarantee up to 90 percent of each loan. Naturally having a conservative financial plan can help keep overhead costs low.

 

Talented People are in Abundance in a Down Economy

 

The fact is that there are a lot of people out there looking for the right business opportunity and not all of them have a great idea for starting a new company. But they do have talent and are eager to get onboard with a winning idea. Donnie Deutsch of the television show “The Big Idea” indicated in an interview that now is the time to find people “on the cheap,” whether that means employees or vendors.

 

That means savvy entrepreneurs need to put their networking skills to work and make a connection with people who they can partner with and who can help make the company a success. In fact, 64 percent of entrepreneurs surveyed for the book “Upstarts: How Gen Y Entrepreneurs are Rocking the World of Business” indicated they started their company with a partner.

 

The Larger Companies Cut Back in a Down Economy

 

According to Julie Lenzer Kirk, award winning entrepreneur and author, “As the economy is struggling, so are all those businesses with overhead and large payrolls. They’re busy bailing the water to keep their ships afloat. Starting up now, when you can be flexible and nimble means that you can float right by those sinking ships. After all, customers still need stuff – they’re still spending money, just not enough. The new business can be created to give them what they need – whatever that is – while everyone else is busy bailing.”

 

Plus as larger, established organizations cut their budgets because of decreased revenues, they are in no position to start a new venture. That means now is the perfect time for entrepreneurs to get started before someone else steals their great idea.

 

New Entrepreneur’s Have Less to Lose in a Down Economy

 

It may be scary, but college graduates especially have less to lose right now mainly because most of them don’t have a lot of financial commitments (except perhaps their student loans). They may still be living at home, without a mortgage or family to support, their needs are few and their willingness to sacrifice their own comfort is high.

 

In his article, “How Can Your Small Business Grow in a Down Economy?” small business coach Dave Westfall suggests that entrepreneurs not limit themselves. He illustrates how to expand a company by exploring other options, such as a private personal trainer now offering group training or a real estate property manager offering services to mortgage companies that want to rent out foreclosed homes.

 

It’s all about exploring options and finding those niche markets that others have overlooked or walked away from. And while it’s important that entrepreneurs select an opportunity that matches their interests and take the time to investigate it thoroughly, it is possible to become an entrepreneur in a down economy.

Stay Balanced With New Hotel Franchise

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Away from home while traveling our daily routines are often disrupted. The first habits to go? Working out, eating healthy foods, getting enough rest and keeping up with our work.   Who wants to break a sweat or to lift weights after traveling all day? Besides, not all hotel gyms are created equal. Most room services menus aren’t known for their healthy options and

 

InterContinental Hotels has created a new kind of hotel focused on wellness: Even.

 

The first location of the hotel franchise plans to open in 2013 and expects to open 100 locations in the U.S. over the next five years.

 

Even aims to keep guests on track and thriving while on the road by addressing their health, work, food, rest, exercise and wellness needs by speaking with the brand’s target consumers.

 

The hotel franchise’s website is currently surveying potential customers about their wellness habits and travel hiccups so as to address which issues are most important:

 

  • Is there anything that prevents you from getting work done on the road?
  • What keeps you from your exercise routine when you travel?
  • What keeps you from relaxing when you’re on the road?
  • What kinds of healthier foods do you wish were easier to find on the road?

 

Crowne Plaza, Hotel Indigo, Holiday Inn, Holiday Inn Express, Staybridge and Candlewood Suites are all InterContinental Hotel brands.

 

What do you think about this new hotel franchise brand?

IFA Creates Website to Help Franchises Deal with Obamacare

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Franchises are flummoxed by the Affordable Care Act. The new healthcare law continues to evolve, leaving a lot of confused small business owners in its wake. Which aspects of the employer mandate are franchisees responsible for complying with? How can they remain solvent without reducing their workforce and losing valuable employees?

 

The IFA has created www.MakingSenseofHealthCare.org to help businesses understand their compliance responsibilities and share testimonials and stories about how they’re dealing with the process.

 

Regardless of your political inclinations the Affordable Care Act is a big deal. The mandated health care coverage is expensive and small businesses are struggling to maintain profitability– which includes franchises.

 

According to the IFA, over one-third of full-time franchise jobs could be cut back or lost completely due to the Affordable Care Act. That’s over 3 million jobs. While Obamacare doesn’t take full effect until 2014, owners of fast-food, restaurant and service company franchises are urging Congress to make major changes to the ACA in order to save jobs and keep them in business.

 

One of the biggest components of the healthcare overhaul that’s causing grief is the discrepancy as to what constitutes a full-time work week. Obamacare says 30 hours; while most in the franchise industry believe 40 hours should be the standard. If Congress doesn’t amend the law franchises will be forced to cut employee hours back to below 30 hours per week.

 

Franchise business owners aren’t the only ones facing higher costs as a result of the Affordable Care Act. A 2011 Hudson Institute study shows that the franchise industry could see its costs increase $6.4 billion, much of which would be passed on to consumers.

Franchising: More Main Street Than Wall Street

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The next time you roll your eyes at the construction of a new dry cleaners or a frozen yogurt chain, stop yourself. You might think a new 7-Eleven, Quiznos or AAMCO is just another example of corporate America replacing the “little guy” that is small business– but you’re wrong.

 

Franchises are small businesses, too. Most franchisees live local, buy local and hire local; they participate in American Express’ Small Business Saturday, too. Though their small business is part of a larger network that makes up their franchise, franchisees face most of the same obstacles as the mom-and-pop establishment down the street. They worry about hiring the right employees, payroll taxes, attracting more customers and being successful.

 

There’s an unfortunate disconnect between the public’s perception of franchising and what franchises really are and do. On the outside, franchises seem like just another corporation: they’re big and important with lots of clout in Washington and they’re replacing your favorite small town coffee shop with Starbucks.

 

While there’s some truth in that– Starbucks does seem to be everywhere these days– it’s missing some key grains of salt.

 

First of all, franchising is more Main Street than Wall Street. Behind the big marketing budgets (that only a handful of franchise opportunities possess) and corporate executives is an expansive network of hard-working franchisees. Many of these men and women have invested a significant chunk of their life savings in their franchise business; this isn’t a second stream of revenue or just a second career. For some, franchising is a chance to start over or, for others, a last chance at success.

 

The biggest difference between franchising and conventional small businesses is the level of support extended to both entities. Franchising comes with a promise of support; franchises don’t want their brand names tarnished. Then again, franchisees aren’t coddled. They’re expected to meet the expectations of their parent franchise, which includes royalties and other fees in some cases. Hand holding is not part of the franchising agreement and neither is a guarantee of success.

 

The IFA would do well to raise awareness about the similarities between traditional small businesses and franchises. Wall Street and corporate America has been repeatedly vilified in the media, though franchise and IFA public relations teams are definitely populating the newswires with positive stories. However, consumers made more aware of franchising’s Main Street attributes would be a smart move. It’s significantly easier to relate to a person in your community than a brand without a face.

 

Which holds more weight in franchising: an MBA or experience?

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Graduate business programs gained popularity after the Great Recession as exiled corporate executives sought to bolster their résumés, recent young bachelor degree recipients attempted to ride out the unemployment wave, and everyone tried to avoid the embarrassment of moving back in with their parents. For some, the many hundred-thousand dollar experiments worked. For others, they found that experience mattered more to prospective investors and employers than ever before.

 

When it comes to franchising, a business model that often weaves Main Street and Wall Street, which matters more: an MBA or experience?

 

One thing that every franchise wants is an entrepreneur that possesses two important things: capital and a mind for business. The need for capital is obvious; franchising is not an inexpensive undertaking. The need for a business mind is not so easily identifiable, which is why franchises spend weeks interviewing possible franchisee candidates. But, which is a better fit for franchising– the degree or the experience?

 

For some, an MBA fills the gaps left behind by work experience. Not every career path provides equal training in finance, marketing, management and accounting. An advanced degree in business can easily supplement an undergraduate degree or lessons learned on the job. The more you know certainly can’t hurt when you’re looking to become a franchisee.

 

Of course, getting an MBA does not guarantee any particular professional pathway. Harvard Business School, which has produced what some of the most prolific business minds of all time (Warren Adams of Patagonia; Michael Cavallo of the Clinton Climate Initiative) has also turned out some of the least successful. Of Harvard’s own list of their 19 most renowned graduates, 10 were fired and only five had clean records.

 

Very often entrepreneurs want to change direction after a decade or two in the same industry. If you want to change directions completely or apply your professional experience to another career, “It can be somewhat inefficient if you venture forth on your own and have to learn everything as you go,” said Thomas Robertson, dean of the Wharton School of Business at the University of Pennyslvania, in an interview with Entrepreneur magazine.

 

Something that MBA programs offer that most jobs do not is business knowledge and experience on a global scale. As so many franchises head overseas to Asia, South America, Europe, Australia and Africa, an understanding of the global economy is becoming increasingly valuable. For example, McDonald’s operates an average of 31,000 units in 118 countries bringing in $41 billion in sales. That said, unless you want to work with major franchise brands on a corporate level or to open franchises outside of the U.S., a global MBA might not be the most useful.

 

Some feel, like Henry Mintzberg, that the MBA of today is a waste of time as it does little to prepare candidates to become effective managers or for the ethics of business.

 

In conclusion, an MBA is a good route to take if you’re new to the business world and want to own your own franchise, as many require some kind of business experience. If you’re looking to change industries, like moving from retail to automotive, but do have managerial or business experience  attending graduate school may not be necessary. Keep in mind that a masters in business can prove to be expensive and you might not want to be paying off student loans while trying to start a business.

 

IFA Convention 2013 in Review

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The buzz of Las Vegas was louder than normal last week as 3,500 people swarmed the MGM Grand to attend the International Franchise Association’s annual convention, making it a record-breaking show for the association.

Matthew Haller, a spokesman for the International Franchise Association said, “We always have higher attendance when we’re in Vegas.”

Those in attendance weren’t just franchise executives. New franchise concepts, franchisees, franchise suppliers (like Franchise Buy) and famous speakers also made the pilgrimage to Las Vegas for the IFA convention.

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During the convention a central theme emerged: growth. Dr. Condoleeza Rice, a keynote speaker, spoke of the importance of galvanizing the American dream through a strengthened economy and that an economic resurgence lied in the hands of the private sector, of which franchising is a major player.

CKE Restaurants CEO Andrew Puzder delivered a speech along the same notes, citing that at the core of his “unconventional” business strategy was a desire to keep his franchisees successful.

“When our franchisees make money, we make money,” he said. Puzder’s strategy has kept Carl’s Jr. and Hardee’s growing for ten consecutive years.

In recent years the tumultuous economy and recession resulted in loss for the franchise community in 2008, 2009 and 2010. The tables turned in 2012; it was a year of recovery and most predict 2013 to follow suit. By the end of this year, 757,055 new franchise establishments are expected to be in operation, a 1.4 percent increase from 2012.

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Franchise Buy COO Guy Norcott mingles with guests at the IFA Convention.

In addition to celebrating the return of growth to the industry, the IFA convention also shone a light on those who support the franchise industry through various products and services.  McDonald’s would be lost without fryers, frozen yogurt franchises would melt without freezers and franchise expansion would shudder to a much slower pace without the efforts of lead generation experts like Franchise Buy, who provide franchise concepts with a steady stream of entrepreneurs looking to become franchisees. IFA Suppliers showcased their businesses over the course of two days in the exhibitor hall, which included various law firms, accounting firms, telecommunications concepts, human resources software companies and Google.

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Lauren Melton, Justin Gardy and Miranda Milburn, members of Franchise Buy’s sales and accounting teams, pose in the exhibition hall at the 2013 IFA Convention.