Ask Yourself When Considering A Franchise Business!

As a follow up to my previous post, here are some questions you can ask yourself to begin your conversations with me so I can help you find your perfect franchise business.

 

1.    How many years am I prepared to work in the franchise earning less than what I earn today in my job before I can see the return on my investment?

2.    Retail franchises such as fast food tend to have lots of staff and a high turn-over of staff; do I have a recruitment and training background? Will I enjoy this as a new full time endeavor?

3.    If my store manager does not show for work or I’m short of staff for a shift, will I enjoy working behind the counter?

4.    Will my inventory have a shelf life and if so for how long, for example perishable food items?

5.    Am I passionate about this business and industry?

6.    I want to be the owner operator of my business; can I see myself in this business every day?

7.    Is this business in a highly competitive industry or location?

8.    Is this business in a high growth market?

9.    Is this a cash business and will I need a big family in the business to reduce theft?

10.Is this business contributing to the health and wellness of people and is this important to me?

11.Is this a business I will be proud to tell my family and friends about?

Email me for a free franchise fit evaluation. I have more than 12 years of international executive franchisor experience and I specialize in finding high profit/high growth franchise businesses. My email is:  rmacneil58@gmail.com

Franchisors Only Want My Money

Why do I feel when I start talking to a franchise representative that their selection process is more about how much money I can spend than if I'm truly the right person to own and operate their franchise business? I worked too hard for my money and I want to make the right choice but there are too many choices. Some great but not in my budget, some in my budget but not so great and the others, well who knows.

The truth from an insider perspective is, your gut feeling is probably true and your search has proven to be fruitless because there really are too many choices; some great, some good and some not so good. There are even resale franchise opportunities. Do I buy and build new or buy an existing franchise?
The fact is there is an abundance of choices and it can be too daunting to even begin in fear of making a mistake. For example, as per a 2007 United States total economic impact of franchises on their economy study which included:

• The number of jobs filled within and because of franchised businesses (17,430,700)
• The number of franchise establishments (over 828,138)
• Direct and indirect economic output of franchised businesses; ($2.1 trillion)
• Gross Domestic Product (GDP) of franchised businesses ($1.2 trillion)

So, here are some tips I know will help:

1. Establish your budget for a franchise license and start-up costs leaving a safety net to cover your household expenses for a minimum of one year.
2. Create a checklist of what is important to you in franchise business ownership e.g.: Will I be an owner/operator or am I looking for an investment opportunity? If I own and operate what business/product/service or industry will get me out of bed every day to enjoy what I do? What are my skills, experience and talents that are transferrable to a franchise? High growth, high demand marketplace? Low investment high profits? Exceptional training and support to the franchisee and staff. etc.
3. An existing franchise versus new? Prepare a SWOT (Strengths/Weaknesses/Opportunities/Threats) analysis for yourself. For example: S = established revenues, W = revenues declining due to poor staff performance, O = new management could renew revenue performance in established location, T = desirable location could be absorbed by another competitor
4. Short list potential franchise systems that catch your interest from your community, word of mouth or media.
5. Reach out to a franchise broker who can then get to know you better and save you time matching you to the right franchise. Item 4 doesn't necessarily mean buying what you saw or heard but rather narrowing down your search to type of franchise. After all, there might be a better burger or donut you are not aware of or, a franchise offering you never thought of such as in home healthcare or automotive services to name a couple.

My most significant point to remember is that you don't have to search or go into a franchise systems selection process alone. Get the expert and free advice. The broker is typically compensated by the franchisor for saving them time in bringing forward a qualified candidate for consideration.
Happy franchise hunting!

This is a great seminar happening in Mississauga, Ontario, Canada and I highly recommend this for business owners and people who want to impress their boss with how they grew market share through unique LinkedIn marketing insights: http://www.eventbrite.ca/event/5905464403/WSI/58856021251

MacNeil Sales Consulting and Contracting

Building on my Do's and Don'ts list of business.  For example:  Do what is in your control to prevent potential failure. If all else fails, move on sooner not later. Don't ignore the signs of potential failure. As entrepreneurs we have a tendency (I'm guilty) to hang on to our passion and our dream of grand success with egotistical blinders on. The result may be to go down alone with the ship yelling "But she can be saved!"

Today I continue to build my new business, MacNeil Sales MSCC, leveraging my sales and franchise experience helping others find the right franchise. To help my clients understand a franchise and a franchisors selection process.

I'm also helping a local and established new home builder find investors for his next phase of new home construction in the London and Woodstock, Ontario, Canada area.

As an entrepreneur I'm open to hear how I can help your company as a contractor review your sales system, your franchise system and provide recommendations on building a winning sales team.

If you are interested to learn more about how I can provide insights to your business, or interested in a franchise or a home investment, send me a message.

MacNeil Sales Consulting and Contracting, MSCC

It has been some time now since I last wrote in my blog and I suspect I'm the only reader.  Well I'm back. My last year has been a challenge for my career. I could point fingers but instead I prefer to move forward, rebuild, survive and thrive. I plan to build my new business, MacNeil Sales Consulting and Contracting, MSCC, and take what I learned over my last 20 plus years as an entrepreneur and franchise sales executive to help others find their new franchise business. Or for others who prefer to put their money to work and invest with an establish new home builder who is looking to build another successful phase of new homes in the London, Ontario, Canada area. I can also help existing businesses build a sales team. improve a sales team's performance or assist your HR team with the recruiting of top sales professionals.

I'm open for business and open for discussions. I look forward to getting back to more regular posts in my blog and building a loyal readership and referral base.