think like a franchise owner!
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THINK LIKE A FRANCHISE OWNER! FROM CURIOUS TO CONFIDENT...
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 terrifyingothers 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.
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THINK LIKE A FRANCHISE OWNER! FROM CURIOUS TO CONFIDENT...
FRANCHISE SHOPPING w/ INTELLIGENCE & INSIGHT
with Mariel Miller
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.. Ive 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, Ive 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 conceptsand it is very rewardingbut more about me later Lets talk bout you:
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Let me ask you a questiongo ahead and just raise your hand if a. youve decided not to participate in the survey already.. Kidding
Ok, on a scale of Curious , kicking tires about franchising to confident youll soon be in business for yourself1 being curious..10 being ok, I am determined to find the right one!, how many are 1,2,3curious 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.
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Curious.if a franchise may be a vehicle for you to achieve your goals
Seriously considering business and want to avoid confusion & overwhelm
Confident ..you want to find your next venture and want a proven process to go about it
Your in the right placeRead
! 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)
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Its pretty evident that entrepreneurs have a different way of looking at things than the average person the average person seeks SECURITYRoutine, 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, 5
6 Lessons on Mindset...
The Hard Way vs the Easy Way...
A simple 5 step Process...
All designed to make you a more educated franchise candidate
So today, we will cover the 6 Success Mindsets we have learned from successful franchisees.
Well 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!
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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 economyREAD SLIDE
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EXPLAIN GRAPH
READ SLIDE
The outlook continues to be very bright for franchising at largeWith 2016 growth tracking similarly8
3,10070128cc: JanetR3 - https://www.flickr.com/photos/54060879@N02
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, Coffeethats 10 sectors and Ive only hit ABC12 1 of every 12 businesses are a franchise8- 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.
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THERE IS AN OPPORTUNITY IN FRANCHISING FOR EVERYBODY.....- The Skill is in Discovering Yours -
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-bes from thoes who actualize their dreams Lesson One - Mindset10
Lesson One: The Mindset
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1. SUCCESSFUL BUSINESS OWNERS HAVE CLARITY AROUND THEIR "WHY"S
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
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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
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WHAT WOULD YOU BE, DO OR HAVETHAT YOU DO NOT HAVE NOWIF YOU HAD YOUR OWN BUSINESS?
so the question is: What would you be do or have if you had a business for yourself that you do not have today - repeatThat 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 ANSWERSFearMoneyOther peopleIn 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 14
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 Im doing this15
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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 wasnt good enoughthey all wanted more each for a very personal reason
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My career has been good to mebut I always wanted moreI need control & independence
How many of us can relate to this.. This client came to us with a real desire for changebut the sentiment is not unusual. We are looking at concepts that can replace a multiple 6 figure income utilizing her management and operations experience17
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 FRANCHISETHEY 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 SCALING18
Im tired of financing my life as I live it. I want to build real wealth, for the future
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 sellthat 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
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With the changing landscspe in corporate America, The idea of business ownership makes more and more sence
AARPs 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 well21
My industry is changing Im not sure how long I can keep this gig upI need a Plan B
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
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Im looking at businesses for myself & our son who is college educated but underemployed
Read
Millenials make great entreprenuers Read Summary of Study
Remember when the hot book to give the college graduate was Oh The Places Youll Go? Well today its ..
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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 lineFull time workers salary with a 4-yr degreeenough 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
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Franchising allows me to keep the freedom & flexibility I enjoy while offering tax advantages & stability all with the business model figured out for me.
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.
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And perhaps underneath it all, may just be legacywe work with people who want to build a legacyWant to leave something for their family that their family can operate successfully after the are gone
These are the Whys 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 YoselnY 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. 26
1. SUCCESSFUL BUSINESS OWNERS HAVE CLARITY AROUND THEIR "WHY"S
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MINDING THE ECONOMYUNEMPLOYMENT THE BIGGEST WORRYUS STRIKES BACK ON TERRORISMAMERICA FOR SALEIS 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 80s .And in those last 30 years thousands upon thousands of individuals have purchased businesses and created a life by design.
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2. SUCCESSFUL BUSINESS OWNERS ARE NOT DERAILED BY CONDITIONS
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 of29
WHY BANKS LOVEFRANCHISING A well-tested business modelThorough 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
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. Theres 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 shouldnt 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 modelThorough initial trainingMandatory marketing program, ensuring adequate advertisingContinuing franchisee supportBrand recognition2.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 youll 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?
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2. SUCCESSFUL BUSINESS OWNERS ARE NOT DERAILED BY CONDITIONS
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 of31
Ive 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
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
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PLACE PASSION WHERE IT BELONGS3. SUCCESSFUL BUSINESS OWNERS
How important is passion in finding your business venture? 33
Passion follows Success
not the other way around!
I have to be passionate about itbecause passion fuels successbut 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.
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KNOW THEMSELVES
4.SUCCESSFUL BUSINESS OWNERS
They bring humility to the tableHumility 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 its hard to get an accurate of picture of yourself when you are the one in the frame
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But its hard to get an accurate of picture of yourself when you are the one in the frame
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From Work History..To Competencies & Character
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 atthink for a moment of one of your greatest successes --- if you were to describe that without talking about your company or the product or serviceall 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.
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SEEK WIN-WIN SITUATIONS5. SUCCESSFUL BUSINESS OWNERS
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ADVANTAGESDISADVANTAGESEstablished Concept & ModelTools for SuccessTechnical & Managerial HelpStandards & Quality ControlMitigated RiskAccess to CreditComparative AssessmentResearch & DevelopmentBrand PowerAdvertisement & Promotion Shared Best PracticesEconomies of Scale Compliance & RestrictionsBad fit Poor Choice(Costs Upfront & ongoing)Potential Over- DependenceProfitability, conditions such as Termination & Renewal not in line with goalsCulture (+, -)
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 situastion39
R & P
Franchising has at its core a relationship between franchisorsand 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 Compliance40
6. SUCCESSFUL BUSINESS OWNERSARE OPEN-MINDED & CURIOUS
This is about your attitude
Ok, bad examples of questions to ask franchise companies out there todaydont be that guy
- how much money will I make?Thats 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 dont 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
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:SUCCESSFUL FRANCHISE BUSINESS OWNERS: Have Clarity Around Their Whys Not Derailed by Conditions Are Passionate About Being Business Owners Know Themselves Seek Win-Win Situations Are Open-Minded & Curious
In summary there are 6 mindsets necessary to reallly do the dealAnd if you are euqipped with them, you can take the ride..42
Lesson Two:
The only question is, are you going to take the easy road or the hard road43
So, how do you intend to go about investigating franchises out there today.There are 450 and Id like to offer you a new perspective44
Product or ServiceCompetitionBrand
Does if feel right? Would I like that?
Have I ever heard of it?Will it work in my market?
Most people will do this.p/sBrandMarketplace
Does that make sence45
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 elephanta 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 aroundone , at the tail says, ah, an elephant is like a rope leg, an ele is like a tree trunkside, 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
Thats what most people are, right about their persepctive but wrong without the whole picture
Should you opt to go through due dilience, Youll have the benefit of a team46
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.
Youll 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!47
Research you will do on your own Coaching from your Franchise Advisor & team The FDD Franchise Disclosure Document The Franchisor The FranchiseesThe Total Picture Comes from the Combination of 5 Sources:
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The FDD Franchise Disclosure Document
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Start with your Why$$$ EquationThe FitFranchisor FDDFranchiseesProduct orService
- Characteristics
A Smart Way to Look at this- MODEL
1st and foremost is the Why you figured out in the beginning of our talkThat will help us determine the business model
Next the financial equation, I always say the same thingHow much in, How much out, in what time frame
Next your competencies, what do you do well
Next the franchisor, in our practice we have companies approach us all the time we investigate and look for a clean FDD, litigation-free companies, happy franchisees making moneycompetent leadership an we will show you how to do the same
Nextand we have a whole training on this piecetalking with existing franchisees50
Lesson Three: A Process
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FOCUSAll In Costs, ROI, ProjectionsFINANCIAL EQUATIONOwner FitSkills, Day in the Life, LifestyleSupport, Stability, HistoryCompanyUSPSector & industryUnique Selling Position of Product /ServiceGrowth, Maturity, Potential
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Where To Begin
Remember, there is NO correlation between the all-in start up costs $ and the potential return $$ of a business!
Unit Economics are discussed later in the process.
Focus on The Model Offered full-time, semi-absentee, multi-unit, home-based.
Focus on Day In a Life How do owners spend their time?.
Focus on Skills needed for success - What do the top owners have in common?
Focus on Why this is working How have you been this successful?
Focus on the marketplace Tell me about the industry and your particular sector.
Focus on maturity & network - When did you start franchising and how many franchisees today?.
Focus on projected growth How many territories do you plan to open in 2016.
Focus on making a good 1st impression. Remember franchising is a relationship-business.
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
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THINK LIKE A FRANCHISE OWNER Thank You & stay connected!
www.TheFranchiseAdvisor.com
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Concepts That Got My Attention Cant Go Wrong! Well
www.TheFranchiseAdvisor.com
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The Education Sector ?
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Everyone wants a food business!
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Mobil businesses are killin it!
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Perhaps you prefer a combination that can co-brand:
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Is Marriage Counseling Franchisable?
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THINK LIKE A FRANCHISE OWNER Thank You & stay connected!
www.TheFranchiseAdvisor.com
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