Think like a franchise owner!
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the inside scoop on how to explore self-employment through franchising
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Think like a franchise owner!
- 1. THINK LIKE A FRANCHISE OWNER! FROM CURIOUS TO CONFIDENT...
- 2. THINK LIKE A FRANCHISE OWNER! FROM CURIOUS TO CONFIDENT... FRANCHISE SHOPPING w/ INTELLIGENCE & INSIGHT with Mariel Miller
- 9. 3,100 70 12 8 cc: JanetR3 - https://www.flickr.com/photos/54060879@N02
- 10. THERE IS AN OPPORTUNITY IN FRANCHISING FOR EVERYBODY..... - The Skill is in Discovering Yours -
- 11. Lesson One: The Mindset
- 12. 1. SUCCESSFUL BUSINESS OWNERS HAVE CLARITY AROUND THEIR "WHY"S
- 14. WHAT WOULD YOU BE, DO OR HAVE …THAT YOU DO NOT HAVE NOW… IF YOU HAD YOUR OWN
- 16. 3,100 90 12 8 1
- 17. “My career has been good to me but I always wanted more… …I need control & independence”
- 19. “I’m tired of ‘financing my life as I live it’. I want to build real wealth, for the future”
- 22. “My industry is changing… I’m not sure how long I can keep this gig up …I need a Plan B”
- 23. “I’m looking at businesses for myself & our son … who is college educated but ‘underemployed’ ”
- 25. “Franchising allows me to keep the freedom & flexibility I enjoy while offering tax advantages & stability… …all with the business model figured out for me.”
- 27. 1. SUCCESSFUL BUSINESS OWNERS HAVE CLARITY AROUND THEIR "WHY"S
- 29. 2. SUCCESSFUL BUSINESS OWNERS ARE NOT DERAILED BY CONDITIONS
- 30. WHY BANKS LOVE FRANCHISING • A well-tested business model • Thorough initial training • Mandatory marketing program • Continuing franchisee support • Focus on growth • Brand compliance, building & recognition EMPLOYEES & FRANCHISE CANDIDATES EASIER TO FIND • 900,000 Franchises provide 21 million jobs and growing. • A lot of talent (particularly managerial) is available. • Corporate lay-offs, downsizing continues to fuel new franchise growth. Banks Want to Lend , People Want to Work
- 31. 2. SUCCESSFUL BUSINESS OWNERS ARE NOT DERAILED BY CONDITIONS
- 32. “I’ve been practicing Martial Arts for over 20 years and absolutely love it. This business is an absolute No…. Why? …I do it for fun. Once it becomes a job, well, it's a job now I have to do rather than choose to do”
- 33. PLACE PASSION WHERE IT BELONGS 3. SUCCESSFUL BUSINESS OWNERS
- 35. KNOW THEMSELVES 4.SUCCESSFUL BUSINESS OWNERS
- 37. From Work History….. To Competencies & Character
- 38. SEEK WIN-WIN SITUATIONS 5. SUCCESSFUL BUSINESS OWNERS
- 39. ADVANTAGES DISADVANTAGES Established Concept & Model Tools for Success Technical & Managerial Help Standards & Quality Control Mitigated Risk Access to Credit Comparative Assessment Research & Development Brand Power Advertisement & Promotion Shared Best Practices Economies of Scale Compliance & Restrictions Bad fit – Poor Choice (Costs – Upfront & ongoing) Potential Over- Dependence Profitability, conditions such as Termination & Renewal not in line with goals Culture (+, -)
- 41. 6. SUCCESSFUL BUSINESS OWNERS ARE OPEN-MINDED & CURIOUS
- 42. : 1. Have Clarity Around Their “Why’s” 2. Not Derailed by Conditions 3. Are Passionate About Being Business Owners 4. Know Themselves 5. Seek Win-Win Situations 6. Are Open-Minded & Curious
- 43. Lesson Two:
- 45. Product or Service Competition Brand Does if feel right? Would I like that? Have I ever heard of it? Will it work in my market?
- 48. Research you will do on your own Coaching from your Franchise Advisor & team The FDD – Franchise Disclosure The Total Picture Comes from the Combination of 5 Sources:
- 49. The FDD – Franchise Disclosu
- 50. Start with your Why $$$ Equation The Fit Franchisor FDD Franchisees Product or Service - Characteristics A Smart Way to Look at this… - MODEL
- 51. Lesson Three: A Process
- 52. All In Costs, ROI, Projections Skills, Day in the Life, Lifestyle Support, Stability, History Unique Selling Position of Product /Service Growth, Maturity, Potential
- 53. Where To Begin… 1. Remember, there is NO correlation between the “all-in” start up costs $ and the potential return $$ of a business! 2. Unit Economics are discussed later in the process. 3. Focus on – The Model Offered – full-time, semi- absentee, multi-unit, home-based. 4. Focus on – Day In a Life – “How do owners spend their time?”. 5. Focus on Skills needed for success - “What do the top owners have in common?” 6. Focus on Why this is working – “How have you been this successful?” 7. Focus on the marketplace – “Tell me about the industry and your particular sector”. 8. Focus on maturity & network - “When did you start franchising and how many franchisees today?”. 9. Focus on projected growth – “How many territories do you plan to open in 2016”. 10. Focus on making a good 1st impression. Remember franchising is a relationship-business.
- 55. THINK LIKE A FRAN Thank You & stay connected! www.TheFranchiseAdvisor.com
- 56. Concepts That Got M Can’t Go Wrong! Well… www.TheFranchiseAdvisor.com
- 57. The Education Sector ?
- 58. Everyone wants a food business!
- 59. Mobil businesses are killin’ it…!
- 60. Perhaps you prefer a combination that can co-brand:
- 61. Is Marriage Counseling Franchisable?
- 62. THINK LIKE A FRANC Thank You & stay connected! www.TheFranchiseAdvisor.com
Editor's Notes
- Good Afternoon, Robert Kyosaki author of the Rich Dad Poor Dad Series and financial expert says “in order to build real wealth, you must own a business, invest or both – generating passive income particularly on a monthy basis” What is real wealth anyway. Kiosaki says wealth is defined as “the NUMBER of days you can survive if you stopped working tomorrow”.. For some of us, the thought of that is terrifying…others are winning at the game – its no wonder why over this weekend close to 10 thousand people will come through the doors of this show, seeking a way to improve the quality of their life and their financial condition.
- So, welcome, My name is Mariel Miller and it is a privilage to be able to spend time with you this afternoon. It should be at least interesting, at best very insightful….. I’ve been in the franchise world for about 27 years now I remember early in my career when I first in awe of this business model – I saw very ordinary people create huge 6 and 7 figure businesses, and over time, I’ve seen very good people padlock their doors – loose everything – and altho the successes far outweigh the failures, I decided along time ago to dedicste my career to assisting people who seek the freedom and control self-employment gives you, and doing it in a way that creates smart, savvy investors – that is what I do today, my practice is 100% focused on coaching and educating people like yourself explore, find and fund the most appropriate concepts…and it is very rewarding…but more about me later – Lets talk bout you:
- Let me ask you a question…go ahead and just raise your hand – if a. you’ve decided not to participate in the survey already….. Kidding Ok, on a scale of Curious , kicking tires about franchising to confident you’ll soon be in business for yourself… 1 being curious…..10 being ok, I am determined to find the right one!, how many are 1,2,3…curious kicking tires here this weekend. Ok, 4,5,6 considering seriously the option of being a franchise owner….8,9,10, have a burning desire for freedom or security that can come from being in the right opportunity….
- Your in the right place Read ! Regardless of where you are on the scale, in order to take that leap – to go from where you are NOW to where you want be there will be a lot of work & it requires a particular mindset – You all have some of this now, or you would not be here today….read slide (entrepreneur mindset)
- Its pretty evident that entrepreneurs have a different way of looking at things than the average person – the average person seeks SECURITY…Routine, a paycheck is comfortable,,,they tend to avoid mistakes and are satiafied with short term goals Entreprenuers, on the other hand seek out opportunity, they are driven by results..their rewards are calculated in profits..they get excited about new ideas and have big vision that drives them But what if there were a happy medium, a way for most traditional people to take advantage of the entreprenuerial enviornments and reap the rewards – for example, seize opportunity with security, enjoy both results and routine, realize profit while taking a paycheck – This is what Franchising offers. But although franchising is significantly more successful than independent businesses, business ownership is not for everyone – so today,
- So today, we will cover the 6 Success Mindsets we have learned from successful franchisees. We’ll look at the difference b/w the hard way and the easy way, to go about searching out the right business and we will end up looking at a simple, very effective way to go learn all you need to from here to there, in particular, how to be very effective out on the floor today!
- Because, in the end, you will want a methodical, safe , step by step process to get you to where you want to be. Taking away the chaos and fear… So, lets talk about Franchising for a moment – It is a huge contribution to our economy…READ SLIDE
- EXPLAIN GRAPH READ SLIDE The outlook continues to be very bright for franchising at large With 2016 growth tracking similarly
- These are some of my favorite numbers around franchising… 3100 – there are 3100 Companies using franchising as a way to scale their business. As with any group, performance, growth will fall into a standard distribution – a certain %-age stellar companies, a lot of very average and average, and then thoes to avoid - 90- In 90 different sectors in the economy. Most people think of franchising, they think of what? Food…. Here are some sectors, Automotive, Advertising, Business to Business, Business Services, Business Opportunies, Beauty & health, Child Related, Comptuer & Internet, Cleaning, Coffee…that’s 10 sectors and I’ve only hit ABC 12 – 1 of every 12 businesses are a franchise 8- every 8 minutes a new franchise business opens! Why – because franchising works – it offers the entrepreneur all they desire plus the security of a proven system to get off the ground faster and a brand that can convey consistent product or service delivery.
- The Good News Is, with all that is out there….. There truly is an opportunity in franchising for everybody – the skill is in discovering yours and that is what we want to focus in on today: The first hurdle is managing your mindset, your attitude through the process…. We have worked with hundreds of people over the years, and have learned what separates the wanna-be’s from thoes who actualize their dreams – Lesson One - Mindset
- 1st is clarity – Beforre we focus on the HOW, lets get clear on the WHY behind it… you may be familiar with the work of Simon Sinek – Start with your Why. He says successful people 1st identify WHY they want what they want, then they figure out HOW and finally, they settle in on the WHAT…..Its an inside out approach to goal setting
- Read – say: franchising is a strategy Clarity about why they are interested in this vehicle – b/c a franchised business , or any business is nothing more than a vehicle to get you somewhere – so the question is: What would you be do or have if you had a business for yourself that you do not have today - repeat
- so the question is: What would you be do or have if you had a business for yourself that you do not have today - repeat That is the beginning of finding out your Why and its part of our process if we were to work together… let me ask you, what gets in the way of people fulfilling their goals? Or Why not? ASK FOR ANSWERS Fear Money Other people In reality, all of hese things are really manageable - There is something greater - - The fact is is that a huge reason people do not fulfil on their desire for their own business is that they are comfortable –
- What gets in the way of being GREAT, realizing MORE is being OKAY with how things are….. Well, you may be saying, no, not me – I’m doing this…
- Because the statistics tell us that about 1 of you in here today will actually live your dream of independence and control of your life through franchising – For the folks we will talk about next, good wasn’t good enough…they all wanted more each for a very personal reason…
- How many of us can relate to this.. This client came to us with a real desire for change…but the sentiment is not unusual. We are looking at concepts that can replace a multiple 6 figure income utilizing her management and operations experience
- In the US, overall Job Satisfaction Report – 71% of workers are not engaged or actively disengaged from their work….. Average Americans change careers in their lifetime 7 times What do you think is driving that? Possibly the same reason some of you are here today… PEOPLE WITH THIS AS A MAIN DRIVING FACTOR WOULD NOT BE HAPPY WITH A “BUY A JOB” MODEL FRANCHISE…THEY NEED MORE OF AN EXEC MODEL, A MANAGE THE MANAGER MODEL WITH FREEDOM, FLEXIBILITY CONTROL – VERY COMMON IN MANY SECTORS..THIS CLIENT ENDED UP IN A REAL ESTATE SECTOR WITH A CONCEPT THAT BUILDS TERFFICI EQUITY AND OFFERS A QUALITY OF LIFE WHILE SCALING
- At the end of a day what we have to offer is our time and talent. Why not invest it into something you can build and sell…that second paycheck. I love this phrase, financing my life as I live it – its like living paycheck to paycheck but more truthful. This was a single-mom of 4 kids. She had a lot of good reason to want to invest in herself. She was working part time when we began our search. She agreed to invest full time into a biz If you were to go from part time to full time, what would be a reasonable guess as to how that would effect her income. Double it , right? Today, she is enjoying a business that is mobile, home-based and can realize a net profit 10 times her salary… This is perhaps the most common story we hear – people realizing they want more than just getting by
- With the changing landscspe in corporate America, The idea of business ownership makes more and more sence AARP’s newest message is Career Reinvented…. we see pre-retirement people looking at a business to fund their golden years. 40% of Baby boomers plan to work until they die….. that means there is a lot of life left in people who “should’ be retiring…. Companies are changing the way they manage the older work force as well
- A middle-aged sr exec said to me when discussing his Why Franchisng? Read slide: with the new pressures on companies to lower the average age of workers, many people realize what they thought was a lifelong career may be interrupted! We talk to more people who are pre-lay off wanting to do the planning up front for the eventuality Semi-absentee ownership is a model that allows you to keep your job and build a business until a time you can dedicate full time. A great option for the corporate person looking for a Plan B. In his case, we were successful finding him a semi-absentee operation where he would invest about 5 hrs a week, grow the business until a time he was needed full-time… the semi-absentee, manage a manager model is the most popular model in franchising these days – with technology supporting remote-management better than ever
- Read Millenials make great entreprenuers – Read Summary of Study Remember when the hot book to give the college graduate was “Oh The Places You’ll Go”? Well today its …..
- The end of Jobs by Taylor Pearson – its enlightening and important! So this graphic shows the trends between top line, rising tuition of 4-yr colleges and the red line Full time workers salary with a 4-yr degree…enough said Franchising can offer a rewarding career path while building assets – a great alternative to being unemployed or underemployed Now, the career path is not the only way – Franchising is a very strong investment opportunity for people who want to diversify their portfolio – adding proven businesses , absentee or semi-absentee woREAD Milleneil article summary
- – So this client is a day trader, doing well in the market but feels the instability and wants to have more solid investments. Now, the career path is one of several ways Franchising provides solutions – Franchising is a very strong investment opportunity for people who want to diversify their portfolio – adding proven businesses , absentee or semi-absentee works well here we ended up in a three unit deal in a very stable sector with managers he manages working about 50% of his time… He opted for a 3-unit development plan in Colorado. Multi-Unit ownership is now the fastest model in all of franchising. People buy the rights to 3 or 6 or 10 units and get on a development schedule to open them within specific timeframes, like every 12 months….. The franchise manages managers and the overall business operations.
- And perhaps underneath it all, may just be legacy…we work with people who want to build a legacy Want to leave something for their family that their family can operate successfully after the are gone – These are the Why’s we are talking about – if I may, I want to tell you one more story – its recent, a few weeks ago I met the most inspiring woman – Yoseln Y began working at a McD at age 16…. Y will absolutely CRUSH it. We are looking at 7 low investment businesses all of which she can operate out of her home – low overhead, few employees and huge potential returns.
- MINDING THE ECONOMY UNEMPLOYMENT – THE BIGGEST WORRY US STRIKES BACK ON TERRORISM AMERICA FOR SALE IS THE US GOING BROKE? THE ECONOMY - THE BIG HEADACHE What do all of these have in common, they are 30 years old! They came from the late 80’s .And in those last 30 years thousands upon thousands of individuals have purchased businesses and created a life by design.
- They take advantage of them, for example, even in a tough economy, franchising does well and you can to. Going into business at this time makes sense if you take advantage of
- 1. Banks consider a franchise purchase a “safe” investment. While start-up businesses are deemed risky, some financial institutions are well aware that franchising has a good record of success. Therefore, even in a weak economy banks are willing to provide loans for franchise purchases. Generally speaking, banks love franchising. There’s less of a risk in lending to someone who is investing in a proven business model which offers a structure to follow and proper business training. If it works for others in the system, why shouldn’t it work for you?. Even in the current economic climate lenders have money to lend and they will get behind a proven system. Some of the reasons that buying a franchise is considered a safer investment than a start-up include. A well-tested business model Thorough initial training Mandatory marketing program, ensuring adequate advertising Continuing franchisee support Brand recognition 2. Plenty of employees available. Layoffs happen so often that it hardly registers when GM, Ford or Chrysler announces it will be slicing off a chunk of its workforce. Microsoft, Yahoo and Apple get the big headlines but companies of all sizes and types turn to reducing their workers when the economy slows. Almost every business needs employees and chances are you’ll find more highly qualified workers to choose from during an ailing economy than a healthy one. Buying a business can help you land on your feet. If you are one of those laid off employees, what better way to recover from that personal hit than to start your own business? With the new move to lower the average corporate – age, good people with a lot of life left in them are being asked to leave or let go more now than ever before – Franchising is growing , in part, due to this inflow of qualified corporate-flighters. How many people that you talk to may tell you its just a bad time to start a business?
- They take advantage of them, for example, even in a tough economy, franchising does well and you can to. Going into business at this time makes sense if you take advantage of
- Why would the client not even look at a martial arts concept….he said and I quote “ I would never turn my personal passions into a business. I know martial arts having trained in it and I know myself. I would spend way too much time trying to critique the system and tweak the teaching rather than driving the business. As a business owner the cliche is true... You have to spend more time working on the business than in it and if it's your passion, that is hard to do. You will want to be working in the business. You don't get a franchise to recreate the wheel and that's what I would do. Another concern is its a hobby and something I love to do, whether it's training or teaching. I do it for fun. Once it becomes a job, well, it's a job now I have to do rather than choose to do. There is no scientific study that proves there needs to be a preexisting passion prior to business success. As a matter of fact, its been identified that passion is not necessary for success, in actuality, success creates passion. So, as you get better and better and you enjoy more and more success from an activity, you become passionate about it. Entrepreneurs are passionate about growth, business expansion, freedom and the lifestyle that comes from being their own boss – not necessarily about the product they sell. They are passionate problem solvers and believe their product solves a problem in the best way possible – but the passion is not connected to that product itself, or at least not in the beginning. That is something you should really take a look at, inside – are you waiting to feel passionate about a product? Its upsidedown
- How important is passion in finding your business venture?
- I have to be passionate about it…because passion fuels success…but does it? Passion has a place, but Passion is not an actionable word. The question is where does passion come from? Passion is a result. Passion is an energy.
- They bring humility to the table…Humility really means a clear understanding of their strengths and weaknesses - The courage and ability to accurately assess oneself is essential for good business management and good leadership – Great entrepreneurs know this! But it’s hard to get an accurate of picture of yourself when you are the one in the frame
- But it’s hard to get an accurate of picture of yourself when you are the one in the frame
- Together with a good advisor, you can learn to repackage your history – transfer skills from work to business But what do you need to know? Your competencies – what are competencies? Your competencies are the things you are good at…think for a moment of one of your greatest successes --- if you were to describe that without talking about your company or the product or service…all about how you did this, you may uncover you are (read some). These things you are competent are your sweet spot and we help you identify all of them to REPURPOSE them in your new venture…. The more of your competencies that are required in your new role as franchisee, the better, the more self-satisfaction and passion you will enjoy.
- Take a look at athe advantages you get by connecting to a franchise brand The disadvantages can all be avoided with good research!! Ultimately, Franchising is the perfect Win Win situastion
- Franchising has at its core a relationship between franchisors and franchisees of mutual interdependence and reliance. For this mutual interdependence and reliance to thrive, there must exist a cooperative relationship. they must be bound together by their common goals and The most common of all great franchise companies this “Revenue and Profitability through Brand Compliance”
- This is about your attitude Ok, bad examples of questions to ask franchise companies out there today…don’t be “that guy” - how much money will I make? That’s a really bad idea, why would you franchise it? How are you different from everybody else? Why should I buy one of these? How many people don’t make it per year All of these questions are cynical and judgemental – “If I had a problem to solve in an hour I would spendd 55 min developing the questions and onnly need 5 minutes for the solution… and we are going to look at great questions
- In summary there are 6 mindsets necessary to reallly do the deal… And if you are euqipped with them, you can take the ride…..
- The only question is, are you going to take the easy road or the hard road
- So, how do you intend to go about investigating franchises out there today…. There are 450 – and I’d like to offer you a new perspective
- Most people will do this…. p/s Brand Marketplace – Does that make sence
- Then you will walk the halls with that little critical voice in your head, giving these opportunities a Yeah or Neh…..talking to some, avoiding others. Reminds me of a parable of the 6 guys and the elephant…a long long time ago, 5 young blind men go to their master and ask if they can know an elephhant. He brings an elephant and the men gather around…one , at the tail says, ah, an elephant is like a rope… leg, an ele is like a tree trunk…side, an ele is like a great wall, ear, an ele is like a palm leaf, tusk, spear… it was not until the 6th man , with sight, comes in and describes the ele correctly - , that they realized they were blind & realized they were both right and wrong at the same time – That’s what most people are, right about their persepctive but wrong without the whole picture Should you opt to go through due dilience, You’ll have the benefit of a team
- You are going to need a team with you – 1st, folks who do what I do are out there, even though most people do not know you can have an advisor as easily as you would choose a realtor or go to a head hunter….so work with me or someone you can trust. You’ll need to find an accountant to help with review of the financials, and a good franchise attorney… With a good team , you will be ready for research!
- 1st and foremost is the Why you figured out in the beginning of our talk That will help us determine the business model Next the financial equation, I always say the same thing…How much in, How much out, in what time frame Next your competencies, what do you do well Next the franchisor, in our practice we have companies approach us all the time – we investigate and look for a clean FDD, litigation-free companies, happy franchisees making money…competent leadership an we will show you how to do the same Next…and we have a whole training on this piece…talking with existing franchisees
- If I had an hour to solve a problem and my life depended on the solution, I would spend the first 55 minutes determining the proper question to ask, for once I know the proper question, I could solve the problem in less than five minutes. Albert Eienstein