Giving Thanks as a Business Owner

As we approach Thanksgiving, a holiday about reflection, gratitude and family, I am thankful for many things: family, friends, good health and more.  As a business owner, I am thankful for the chance to make my own career and invest in myself.  

GIVING THANKS FOR HELPING PEOPLE
As a FranNet consultant, I have had the chance to meet with many of people looking to start a business.  Some I have been able to help provide guidance and coaching as they start on their journey to success as a franchise owner.  While  with others, I have advised that starting a business just is not the best idea.  I have been able to introduce some to business concepts that meet their passions – some concepts that the person didn’t even know existed!  The bottom line is that I’m thankful for the chance to help people.

GIVING THANKS FOR SUPPORT
As a FranNet consultant, I have been able to network with other franchise consultants.  Sharing steps to success and things to avoid, it never feels like I am alone in this business.  I am thankful for support and places to turn.

GIVING THANKS FOR A FLEXIBLE SCHEDULE
As a FranNet consultant (and owner of Accent Resources), I am able to maintain a great "work-life" balance.   During the past 10 of years owning a retail franchise, being an independent consultant, and, most recently, a  FranNet consultant, I have been blessed with an accommodating schedule.

Owning a business allows you a certain amount of flexibility which is not generally possible when you are working for someone else.  I am thankful that I control of my own life schedule (most of the time)!  I am grateful that I have been able to find business concepts that fit my busy schedule.

GIVING THANKS FOR A PROVEN CONCEPT
As a FranNet franchise consultant, I have access to tools to help me with my business.  I could have never thought of the exclusive matchmaking system that we use to help match prospective business owners to franchise business concepts based on that persons goals, passions and lifestyle.  FranNet also conducts webinars that  provide educational opportunities to any interested persons that I might not be able to reach on my own.

LET ME HELP YOU FIND MORE FOR WHICH TO BE THANKFUL 
As a FranNet consultant, I can help match you to a franchise that meets your goals, interests, and financial resources.  With more than ninety franchise concepts available,  I can help you find the right franchise.

Take a look at the events and webinars listed to the right.  These events and any of my consultative services are FREE for those serious about business ownership!  For more information, please contact me at LBelford@FranNet.com or 810.423.3956.

5 Good Reasons to NOT Buy a Franchise – From a Franchise Coach

Yes, you read the headline right! I’m going to tell you why, under certain circumstances, you should NOT buy into a franchised business concept. Why am I telling you this? For some people, owning a business (franchise or otherwise) is probably not the right life choice. And on the far extreme, those born to be purebred entrepreneurs, owning a franchise business is probably not the right choice. But for some, franchising can be the perfect choice for a new career, a different investment, or both. Here are some good reasons NOT to buy a franchise (or maybe any business):

• YOU NEED AN IMMEDIATE PAYCHECK
  Rarely does a new business start cash flowing on Day One. You need to be realistic in terms of projecting when you’ll be able to draw a paycheck, and make sure you have adequate reserves, or another source of household income to sustain you and your family for at least 6-12 months.
• YOU ARE CONSIDERING A PARTICULAR CONCEPT THAT WILL PUT EVERY PENNY YOU HAVE AT RISK
  The pressure and sleepless nights will not only be detrimental to your health, but can also lead to poor judgment and decision-making which will detract from your likelihood of being successful. If you don’t have sufficient cash reserves as a safety net, then maybe it’s probably better to pass, or find a concept that requires a lower upfront investment. 
• YOU THRIVE ON 100% CONTROL
  The key to success in franchising is consistency and adherence to a proven system. Your customers know what they are getting before they walk into the door, whether it’s a product or service. It doesn’t matter who owns the McDonald’s, you know what the Big Mac looks and tastes like. You are buying a name brand and an operating model. You cannot change that brand. “Oh, the Big Mac isn’t selling well, but let me call it the Mega Mac – that will change things!” There may be certain vendors, supplies and programs that you have to stick with as part of the franchising agreement. If you think you have invented a superior product and/or business system, then perhaps you should consider starting a business from scratch, as opposed to joining a franchise system. 
• YOU ARE LOOKING FOR A LIQUID INVESTMENT
  You are making a commitment and a significant investment when buying into a franchised business concept. This cannot be liquidated on the spot, should the need arise. Remember, just like most businesses, it may take you time to make back your initial investment or cash out if you decide to sell.
• YOU DON’T HAVE A COMPELLING REASON FOR BEING IN BUSINESS FOR YOURSELF
  It’s not enough that you’d think it’d be fun to “Be the Boss” or you have a passion for a particular product or service. Business ownership is a huge commitment, and should only by attempted by those that have the transferable skills necessary to be successful, and have sound reasoning for taking the risk, such as a resolve to never work for someone else again, or not wanting to have your money subject to the roller coaster stock market.

At FranNet, we believe that business ownership, whether through franchising or otherwise, only makes sense for the select few. That being said, we’ve seen lots of folks that have what it takes, including a compelling reason for being in business, achieve freedom, independence and fulfillment by selecting and managing a franchise that FITS their goals, transferable skills, preferences and lifestyle requirements.

If you’re wondering if you could be one of the “select few," take a look at our upcoming FREE events and webinars listed on the right. You can also contact me at 810-423-3956 or lbelford@frannet.com to discuss your unique situation. We’re here to help you decide whether franchising and/or business ownership might be for you, and if so, how to go about finding the RIGHT fit. Don’t forget to also visit frannet.com/lbelford.