With hundreds of franchises to choose from, narrowing your options, then choosing the best one, will be easier if you follow our eight-step process.
The following excerpt is from Rick Grossman’s book Franchise Bible. Buy it now from Amazon | Barnes & Noble | iTunes | IndieBound
In order to find the franchise that will be a good fit for you, you should pursue a more established course of action often called the discovery process. Outlined below is the eight-step process used to find the franchise opportunities that best fit your skill set, experience, and goals.
1. Define your goals.What are the reasons that caused you to consider franchise ownership in the first place? They can include the desire to be your own boss, the desire to better balance work and family, the interest in using your own skills to build your net worth and other similar factors. Be brutally honest. This is the time to look deep into yourself to locate your true desires. Setting goals is an important starting point for your business.
Many people set goals only to fall short and give up. This reinforces negative feelings instead of resulting in positive achievement. You can apply the following three goal rules to increase your success:
The first place most people search for franchise opportunities is online. This method can be somewhat frustrating due to the vast number of options available. It’s also challenging to discern between different types of franchises.
Narrow the field by evaluating what type of business and investment range are compatible with your lifestyle before you begin your internet search. At this point, you may also choose to work with a qualified franchise broker to help you narrow the field and assist you through the discovery process. Most brokers work on commission paid by the franchisor. Make sure that the broker has a good track record and experience in the franchise industry. They may be able to help you with financing, site selection and other elements of your business launch. If you use a broker, they should help and advise you through the balance of the discovery process.
3. Make initial contact.See how the franchisor handles your inquiries. If you get sent to voicemail, note how long it takes for them to return your call. Don’t hesitate to ask to talk to different members of their organizations to get a feel for their company cultures. Keep track of how the initial communication with the franchisors play out:
5. Evaluate the franchise documents.Once you’re received the franchise disclosure document (FDD) and the franchise agreement from the franchisor, it’s a good idea to have a qualified franchise attorney review the franchise disclosure documents with you. A standard business attorney may have little or no experience in franchising and could end up costing you more money and time since they’ll need to learn the industry.
6. Interview existing franchise owners.The franchise owner list must be included in the FDD. If it’s missing, it’s an incomplete document. Contact the franchise owners to see how they’re doing. Ask questions about the pros and cons they’ve discovered about owning this franchise.
7. Attend discovery day.Most franchisors hold regular discovery or decision day events. This gives you a chance to visit their headquarters and meet their team. These events are opportunities for both the franchisor and you to really size up the potential business relationship. Make no mistake: They’re looking closely at your personality, your manner of dress and all of the other social cues that exist whenever you first meet someone. You, of course, should do the same. As they must feel comfortable with you, you must be comfortable with them. Remember that you may be in business with them for five or even 20 years, depending on the franchise opportunity. This is a decision that must sit comfortably with you on an emotional level as well as a business and financial level.
8. Execute the franchise agreement.The very last step is to execute the franchise agreement and related documents attached to it. Be sure to file your copy of the executed documents for future reference.
Starting your own business is a leap of faith. It requires pushing out of your comfort zone and trying something new. If that idea excites you, why wait around? You’re ready to take the leap and be the CEO of your OWN COMPANY. It’s a lot of work and there are some risks, but the potential for rewards is huge. If you’re not convinced yet, here are 10 of the best reasons for starting your own business.
1. Each day at the office will be motivating.When you’re working for someone else, it can be tough to find the motivation to do the best possible work. No matter how much work you put in, the owners of the company will get the ultimate rewards. When you’re your own boss, you’ll find motivation at work every day. Following your dreams is exciting, and you’re in control of your own success. The day-to-day vitality of your business depends on you, so you’ll be driven to make each day as productive as you can. You’ll know that your own hard work and drive will help you reap the rewards, and that’ll keep the fire burning in your belly to make each day count.
2. You’ll be following your passions. Many entrepreneurs start their own business to follow their dreams and fulfill their passion. Following your dreams will fulfill you in a way that working for someone else may not do. You are in charge of creating your business from the ground up, so you can shape your company to be something you’re proud of and that you may even be able to pass on to your children as your legacy.
3. You can pursue social justice or support non-profits. One of the most fulfilling parts of becoming an entrepreneur is setting up your company for social gain. You can opt to support non-profits, charities, or community efforts with your profits. Or you can set up your business to solve a problem in your community or in the world at large – whatever your passion may be. For example, consider Snowday, a company started by teach-turned-entrepreneur Jordyn Lexton. It’s a food truck, but it’s doing more than just filling the hungry bellies of passersby. Snowday employs young people that have been incarcerated (which makes it harder for them to find work) and helps them gain valuable skills and experience on the job. Starting your own business gives you a unique opportunity to make the world a better place.
4. You can achieve financial independence. Many people commit to starting a business with the dream of financial comfort. While it’s true that getting your company off the ground can take grit and result in some lean times while you’re getting started, the ultimate goal of being your own boss is cultivating financial independence. With determination and hard work, there’s no cap on how lucrative your own business can be. If you aspire to build wealth, there’s no reason why you can’t achieve that goal. Starting your own business has several financial benefits over working for a wage or salary. First, you’re building an enterprise that has the potential for growth – and your wallet grows as your company does. Second, your business itself is a valuable asset. As your business grows, it’s worth more and more. You may decide to sell it or you may hold on to it and pass it down to your heirs. Either way, it’s valuable.
5. You can control your lifestyle and your schedule. Perhaps you’ve spent years in the corporate world and you feel ready to turn over a new leaf after years of reporting to a superior. Starting your own business can give you a more flexible lifestyle and schedule so you don’t feel like you’re running in circles on that corporate hamster wheel. You can opt to schedule meetings around your family schedule or you can opt to work from home – the sky’s the limit when you’re the boss. You still have to get the work done, but nobody’s looking over your shoulder making sure you do it their way on their time. Starting a business is hard work, and that flexible schedule may not happen right away. Even if you’re working long hours, however, you know that you’re doing it for yourself and your family and not for a distant boss or shareholder.
6. You can start from scratch. This is your business! You make the rules. You’re not restricted by the standards and procedures of your boss or corporate culture. You can offer a product or a service that fits your vision. You can also build your company according to your own ideas. Maybe you’ve thought of a way to make processes more efficient. Maybe you want to make sure your employees get fair wages and family leave time. Whatever problems you’ve encountered in the working world, you have a chance to do something different with your own business. Many entrepreneurs say that once they’ve sampled the freedom of being their own boss and calling the shots at running their own company, they’d never want to work for someone else again.
7. You’ll get tax benefits. Starting your own business takes funding and it may take some time to turn a profit, but you can start taking advantage of some substantial tax breaks right off the bat. Government programs support small business entrepreneurship and seek to reward these endeavors with impressive tax incentives. You’ll want to work with a financial planner or an accountant to make sure you’re setting up your business in a way that will allow you to get the benefit of these government programs. Note that there are also a variety of programs aimed specifically at business started by women and minorities, so you may be able to get grant funding and other benefits to get your business off the ground.
8. You’ll have true job security. The stress of climbing the corporate ladder is real. You never know whether you’ll be promoted or whether you may be handed a pink slip – these life-altering decisions are in someone else’s hands and beyond your control. When you start your own company, you know you’re investing in your future and in your own job security. Moreover, should you choose to start a family business, you could be providing jobs for other members of your family, as well. Your destiny is in your own hands – no more layoffs in your future.
9. You’ll become an expert at a broad range of skills. Part of running your own business is learning to wear a lot of different hats, especially early on. You’ll have to pick up a lot of new skills, from HR decisions to inventory management to customer service. You’ll soon become a pro in your own industry, as well as a pro at a variety of new skills you’ll learn on the job. As your business develops, you’ll continue to pick up new knowledge and abilities. You’ll know how every tiny aspect of your operation works. You can’t get that kind of experience anywhere else. As your business grows, you may opt to continue manning the helm for those tasks you enjoy – whether that’s graphic design or accounting – but you can outsource those tasks that you dread. You can also turn those skills to new tasks. Who knows? You may even want to start another business!
10. You can be creative. It’s up to you to decide what your business will produce, sell, or which services it will offer – that’s exciting! Rather than following the formula of those who came before you, you’re looking at a chance to develop a concept or an idea that nobody else ever has. Even if you stay mainstream with your product or service, each day as an entrepreneur allows you to find new, outside-the-book ways to problem solve.Â Innovation and creativity are necessary traits for a successful entrepreneur, and you’ll hone those skills daily. Knowing that each day brings new challenges, exciting opportunities, and a chance to engage your passion is reason enough to start your own company. Knowing that you’ve decided to take control of your own future is empowering. What are you waiting for? The time is now!
The full article can be found HERE.
For more information on franchising with Bella Ballerina, CLICK HERE to Visit the franchise section of our website and find out if your territory is available!
About Bella Ballerina...
Bella Ballerina is a boutique dance studio franchise offering storybook themed dance classes for children ages 18mo-8 years old. The opportunity to franchise with Bella Ballerina's proven studio concept is offered across the US with studios opening each year! Bella Ballerina's franchise offers low cost start up capital paired with excellent profits and the flexibility to become a business owner in a manner that will grow and change with you as your lifestyle changes.
Franchising is a fantastic way for first time business owners to start their journey! As people want a departure from traditional 9-5 work settings for more flexible work options, a franchise can often afford that exact flexibility with the added benefit of a proven concept behind a new business venture. This offers less risk and more reward for those green to starting a business! Before starting any business, it's vital to do your homework to investigate if it is the right opportunity for you and your lifestyle. I've found that the word "franchise" can be a deterrent but there are also many myths tied to franchising!
1. Franchising is too expensive. While there are franchises that are very expensive to open, just like any business model, there are less expensive options as well. Depending on the type of business, many franchises have a franchise fee under $50k and overall start up capital of less than $100k. And while many consider a franchise fee yet another expense, working with an existing brand concept can save you tens of thousands in product and service testing and market research. I think of a franchise fee as "buying your mistakes away". Most business owners will likely spend the same amount as a franchise fee on their own concept in the first 10 years of doing business when instead they could be focusing their time and money on growing an already proven concept.
2. I can’t manage a business that I don’t have experience in. You absolutely can! The beauty of franchising is that it offers opportunities in every industry and comes with a plan designed for success! This is a great opportunity to pursue a career in a field of your choosing where you will receive training, ongoing support, marketing materials, products, and a business plan from a tried-and-true corporate partner.
3. Success is guaranteed. While brand recognition, location, and a developed business system can take you far, the benefits of franchising do not automatically guarantee you success. Franchisors promise to offer the tools to succeed, not guaranteed success, and if they do, that is something to be very leery of. Owning a franchise is hard work and the only person responsible for the success of your business is you.
4. Choose a franchise with name recognition. Branding can work for or against you – if the national brand has success, you will draw in more people but if the brand is flailing or has experienced a public relations fiasco, your business will feel the pain. As novice entrepreneurs, it is easy to believe that a strong brand will equate to a successful business but people are not as brand loyal as we may think they are. The brand should not be at the top of your list when searching for a franchise – things like ROI, success rates, structure, product quality, and initial investment should be.
5. Franchisors only care about the fees and not about my success. Franchisors want their franchisees to be successful! Without successful franchisees, there would be no franchise and they would not be able to collect royalties. Unsuccessful franchises damage the brand and deter potential franchisees from seeking opportunities. It is in the best interest of the franchisor to help their franchisees run a successful business.
To find out more about franchising with Bella Ballerina, visit the franchise information page on our site HERE and find out if your territory is available!