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Military Veterans And Franchises: A Fit?

May 6, 2012 By Joel Libava 1 Comment

I’ve had the honor of working with several of our military veterans over the years. I’ve participated in Veteran’s Symposiums. And, I’ve helped veterans find franchise businesses.

I love working with veterans. I figure that it’s the least I can do. It’s my way of showing gratitude for their service.

Men and women with a military background can make fantastic franchise owners. They have a serious amount of built-in skills, including discipline, focus, and the use of systems. Generally, they’re comfortable with authority, which is a plus in a business model like franchising.

In General

Not all military veterans are suited to franchise ownership. For example, some veterans are more risk-averse than others. Some veterans don’t have the investment needed for a franchise business. And, it’s fair to say that some of our vets have had enough stress in their lives, and just don’t want the type of stress that tends to be associated with a start-up business. For them, a traditional job is probably the way to go.

But, if you’re a veteran that’s interested in exploring franchise ownership (or you know one), I put together a list of tips for over at the International Franchise Association’s VetFran blog.

(VetFran is the IFA’s program that helps returning service members access franchise opportunities through training, financial assistance, and industry support.)

Read my 5 Tips for Military Veterans Interested in Franchise Ownership

Filed Under: franchise system, veterans Tagged With: ifa blog, military veterans and franchising, vetfran franchises

The Perfect Location

April 26, 2012 By Joel Libava 2 Comments

Last week, on your way to work, you noticed that there was an empty retail space in one of the more popular strip centers in your area. Although you’ve shopped there in the past, for some strange reason, you can’t remember what used to be in that empty space. Whatever.

And, speaking of work, you’re pretty darn miserable there, and you’re not feeling very positive about your future. You’ve been semi-looking around for a new job, but you haven’t found anything that excites you. As a matter of fact, the idea of starting yet another new job is a pretty depressing thought.

Which is why you’ve been casually scouting out possible locations for a business. Of your own. A franchise?

Here’s the thing;

You’re putting the cart before the horse.

First of all, have you even determined if you’re suited for franchising? That’s kind of important.

Have you decided on a budget?

Are you married? (Huh?) Are you married–or do you have a partner? If so, have you asked them how they feel about your idea?

About That Location

Assuming that you’ve determined that you’d fit nicely in a franchise system of some sort, what are you trying to accomplish by looking for potential locations for your new business? Do you even know if the franchise you end up investing in would require a retail space? If you aren’t sure yet, even The Retail Doctor can’t help you.

You may have found the best location in town for your yet to be named business, but it doesn’t matter. Again, it doesn’t matter.

Yet.

Watch this short video to find out why….

Filed Under: franchise locations, franchise system, local communities, retail franchises

Please Vote For This .biz Franchise Website!

April 18, 2012 By Joel Libava Leave a Comment

The .biz domain name is celebrating it’s 10th Anniversary, and the business website that you’re now on is part of the celebration!

Little did I know that when I found out that the “.com” domain was already taken for my book’s official website, that it would actually turn out to be a good thing….

This site is being showcased on my.biz, and all you have to do to see it is scroll using the tabs that you’ll see on the contest website.

Take a look, and read my story.

And, then please Vote for my site.

Thank you!

Go Here To Vote

Filed Under: book awards, websites Tagged With: my.biz contest

Things To Look For In a Franchise Organization

April 3, 2012 By Joel Libava 3 Comments

If you’re an engaged franchise buyer, you’re probably becoming increasingly aware of all the things you need to do before you write The Check. There are lots of details!

I talk a lot about doing proper research on this franchise blog, as well as on some of the other blogs and websites I write franchise articles for.

Do Different Research

You need get in touch with several current and former franchisees of the chain you’re looking at, so you can get the real scoop. (It’s essential!) You also need to do some research on the actual franchise company; that is a little more difficult. If you’re really analytical, you can do some D&B research. I’m not sure how much you’ll learn by doing that, but, you never know. The point is this; do some digging into the franchise company, so you can sleep better at night. (I’m not suggesting that franchisors try to hide things about their internal operations. It’s just business.)

Dr. Callum Floyd is the leading franchise expert in New Zealand, and just wrote about the topic of franchisor research;

“The better companies have thought about all key business elements and functions and configured the business based on knowledge of what works -and what doesn’t. They understand customers, the value proposition to customers, how best to market and sell, how to fulfil operations efficiently whilst maintaining quality, implement relevant technology, provide necessary training and support systems, and so on.”

Please read Dr. Floy’d article.

You’ll learn a ton.

Filed Under: Buy a franchise, franchise agreements and contracts, franchise direct, franchise research Tagged With: callum floyd, franchise company research

Franchising For The Ladies

March 24, 2012 By Joel Libava 2 Comments

As a franchise advisor, I’ve had the pleasure of working with some pretty remarkable women. Remarkable in the sense that they came from very successful careers in corporate America, and had the courage to walk away from them. Walking away from a $125,00 a year job offer and right into the unknown, (small business ownership) is not for the faint of heart. On the inside flap of my book, I’m quoted as saying this;

“Franchise ownership isn’t for everyone; as a matter of fact, it isn’t for most people.”

Some of my fellow industry professionals don’t care for the quote, but it’s true. One must possess a certain type of DNA to do it. talking about becoming the owner of a franchise, and actually writing a $35,000 check up-front to officially become a franchisee are two very different things. It’s kind of like thinking about going skydiving one day, vs. standing at the edge of the airplane’s doors getting read to jump!

But, it can be done. (Not by me, though!)

Read this post by the folks over at Franchise Direct about the power of women franchise owners. It’s a good one.

And, if you know of a woman who’s been talking about becoming the owner of a franchise someday, have her enter this cool franchise business contest.

#OWOF on Twitter

Filed Under: franchise direct, franchises for women Tagged With: #owof, franchisee power and women

Will Mom, Dad, or Uncle Mort Say Yes?

March 22, 2012 By Joel Libava 1 Comment

If you’re a young franchise buyer, it’s a whole different world for you. I recommend brushing up on your sales skills; you’re going to need them!

Since almost every major bank from California to Maine isn’t going to take you seriously, you have one option; your family.

Meet Uncle Mort

If you’re college-aged, and your serious about becoming the owner of a franchise business, it’s time for a reality check.

You will be turned down by your local bank. (When you apply for a loan)

Now, unless you’ve just received a lump sum of money, and can pay for a new franchise start-up with cash, someone will have to step up for you, and help you get financed. And, Uncle Mort might be just the guy.

Check out these unique opportunities;

Let’s say that you’ve found an opportunity that you’d like to pursue…you just need some seed money. Great! But, you’ll need to be prepared. If you’re really serious about approaching one of your relatives for money, preparation is key. Don’t walk into to your Uncles office naked. Bring all the information that you’ve been able to gather during your research. (If you need help determining just what to gather, grab my franchise book.)

As cool as your Uncle, or your Mom or Dad are, they probably won’t be too enthusiastic about writing you a $150,000 check if you haven’t done your homework.

“One important key to success is self-confidence. An important key to self-confidence is preparation.”- Arthur Ashe

I just read a post from YoungEntrepreneur.com co-founder, Adam Toren. In it, he writes about the research aspect, too.

“You didn’t come up with this idea in a vacuum. Show them articles, statistics, demographics and market information which support the need for your business or back up your idea.”

I highly recommend that you read Adam Toren’s entire post. He goes through everything that you’ll need to do as a young future entrepreneur.

Starting Costs Calculator

Filed Under: business books, Buy a franchise, young franchise buyers Tagged With: adam toren, franchise loans from family, young entreprener

For Franchise Buyers That Don’t Want To Lose Sleep

March 14, 2012 By Joel Libava Leave a Comment

It’s perfectly normal to get a little nervous as you approach Decision Day. Unless you’re a robot, your emotions are going to be up and down.

(Really up and down)

I can’t completely help you stay even, during this intense time in your life. This, “Buying a franchise” thing is big. It’s serious stuff. Investing $100,00 or more into a business of your own is not for the faint of heart. As a matter of fact, I’ve said it before, and I’ll say it again;

Franchise ownership isn’t for most people. That’s because most people…okay, a lot of people, move away from risk, instead of towards it. And that’s okay; it’s what makes the world go around.

But there are ways to lower risk, especially when it comes to buying a franchise type of business. One way to to do it is by doing amazing franchise research. Would you like to learn how?

Ask Great Questions

That’s how. It’s easy, really. Especially if you have them right in front of you while you’re doing your franchise research. The questions that I’m referring to are the ones that you ask of the current and former franchisees of the franchise concept you’re looking into owning one day. These questions are all in my book. And, they’re somewhere else, too.

I’m doing a series of posts on The Franchise King Blog in which I’m listing each and every question, (all 40) that I’ve provided in Become a Franchise Owner!, one by one, and then I’m going a lot more in-depth about each one. I’ve found that sometimes people that are buying franchises…or are at least exploring the idea, want to know why they’re asking the questions that I’m suggesting. It’s probably because some of them are difficult ones to ask.

If you’d like to continue learning about the franchise research steps that I teach, click the link below, and subscribe to The Franchise King Blog. It’s free, and you get to choose to receive the posts via email, or you can add them to your desktop, and read them at your leisure. I know that you’ll find them useful.

Subscribe Here

Filed Under: book reviews, Buy a franchise, franchise research, franchise risk Tagged With: franchise questions, losing sleep, nervous about buying a franchise

My Franchise Book Just Hit Number 1 On Amazon.com

March 12, 2012 By Joel Libava 2 Comments

My book, Become A Franchise Owner! The Start-Up Guide To Lowering Risk, Making Money, And Owning What You Do, just hit the top spot over at Amazon.com.

It’s currently Number 1 in the Small Business Franchise category!

Click The Image And See!

Thank you for your support! It means a lot…

And, if you’re a woman who’s been thinking about owning a business….

Go Here! Hurry!! Prizes! Free Stuff!

Filed Under: amazon.com, book awards, book reviews, business books, Franchise Books Tagged With: number one on amazon, small business franchise, top franchise book

More Women Needed (To Become Franchise Owners)

March 9, 2012 By Joel Libava Leave a Comment

The franchise industry needs you. If you’re a woman, and you’ve thought about what I call “Owning what you do,” here’s your chance.

If fancy corporate offices just aren’t doing it for you anymore, and you’d prefer to have an office that you can call your own, there’s really only one way to do it;

You need to be your own boss

If you’re up for it, the process doesn’t even have to be complicated.

But, you shouldn’t do it alone. You need to use all the tools–all the resources that are available to you, in order to make sure that you’re on the right track. It may be that a franchise business isn’t for you. Not everybody is right for the mostly-rigid franchise business model. There are lots of rules. There are lots of procedures. And, there are a lot of cool opportunities.

This Is Cool

In my role as a franchise ownership advisor, I’ve learned that most women don’t need too much in the way of motivation to get where they want to go.

In a guest post over at Up And Running, (Palo Alto Software’s Corporate Blog), I wrote;

“Most of the women that I’ve worked with don’t need to listen to $1,200 worth of motivational tapes to get their game on. They seem to have it built-in as part of their psyche.”

That’s been my experience.

But, there’s another reason that I was asked to send over a few paragraphs about women. And motivation. And franchising.

It’s because of #OWOF

If you don’t know what those 4 letters stand for, you know what to do.

Read The Post

New Contest Sponsor Added!

Women Business Owners Network is giving away a 6 month Premium Membership.

($234.00 Value!)

#OWOF Contest Rules

Filed Under: #OWOF, franchises for women Tagged With: franchise contests, palo alto software, up and running blog

A Discussion About Women Franchise Owners

March 4, 2012 By Joel Libava 2 Comments

I’d really like to see more women enter the world of franchising–specifically, franchise ownership.

In my role as a franchise ownership advisor, I’ve been able to provide actionable advice and tips to several women. Some of them, like Margie Toombs, went on to become very successful franchise owners.

I remember meeting Margie and her husband, Ray, several years ago. They attended one of my franchise ownership seminars, and I found it kind of interesting that Margie had brought Ray with her. That’s because it was Margie who was the downsized worker…not Ray. As a matter of fact, the dozen or so people that were in attendance that day were all recently downsized individuals; the seminar was being held at an outplacement office.

The Franchise King’s® Presentation on Franchise Ownership Options from Joel Libava on Vimeo.

In my experience, most seminar attendees–the ones that were attending my seminars on franchising in outplacement offices, didn’t bring their spouses along with them. So, when Margie showed up with Ray at her side, I thought to myself that she must be pretty serious about at least one thing.

Not Going Back

During our first meeting, (about a week after my presentation) it was obvious to me that for Margie, there was no going back. She had no intention of going back for more– “More” being what she had just experienced; getting downsized from an executive position at a large corporation in which she had put her heart and soul into for years–only to get fired because of “The economy,” or something of that nature. She wanted more. She wanted more freedom and more control.

Margie and Ray are now the proud owners of the Northeast Ohio Maid Brigade franchise, and have not looked back, once.

_____________________________________________________________________________________________________

If you’d like to learn why Margie has become on of the most successful franchisees in Maid Brigade, tune in tomorrow morning, as I share some things about women franchise owners with Jim Blasingame, The Small Business Advocate®, on his long-running small business radio program. Jim has interviewed me 20 times; we’ve discussed all the important issues relating to franchising and small business.

In addition to our discussion of women business owners tomorrow morning at 7:25 AM (ET), Jim will try like heck to pull some details out of me surrounding #OWOF. Go ahead; click the tile ad below….I know you’re curious.

Women can make great franchise owners.

Stay tuned for an announcement concerning a cool contest for Women Only.

If you sign up for a free subscription here, you’ll know about it first.

Filed Under: #OWOF, podcasts Tagged With: franchise radio interviews, Jim Blasingame, women franchise owners