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7 Important Questions to Ask When Deciding on a Business to Buy….

Question markHaving interviewed over a thousand clients (would-be business owners just starting their research process) during the last 20 years, I try to make sure they know how important it is to think about and have answers to some rather simple and basic questions that often help to define how their personal and professional goals, their strengths and weaknesses and skill set fit with particular business models. These questions, along with our personal franchise assessment, are part of the “business model” building process we use at FranNet Carolina when interviewing a client.

A quick word about our assessment. We give it to all our candidates and then share the results with them. Our assessment has been honed over the years to provide us (and you) information about your motivation for business ownership, your core competencies, your work style and the type of businesses that fit your needs. But as good as our assessment is, it only provides half the information we need to help you make a good business buying decision.

Part of the business model building process also involves asking and answering many detailed questions that help to define the best business model for a candidate. Here, in no particular order, are seven of the most important questions we ask.

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Charlotte Area’s First Maid Right™ Franchise Uses New Business Model For Better Home Cleaning

MaidrightI recently had the pleasure of working with Kyle and Tania Price to help them purchase a new Maid Right franchise. Great couple, both possessing a solid corporate background and the skills necessary to grow a business. And, the Maid Right franchise is a growth business – the first maid service business offering the local owner a chance grow the business by bringing in franchise owners under the Maid Right umbrella and allowing them to own and be accountable for growing their own business. Kyle and Tania embody the profile of ideal franchise owners; capable, focused, growth oriented and goal oriented – all attributes needed to build a serious business with upside equity potential.   After only a few months, they have already brought in franchise owners and are rapidly expanding their household customers that need quality cleaning services.

Kyle and Tania Price have opened the Charlotte area’s first Maid Right™ master franchise, a new concept in home cleaning performed by owner-operators instead of employees. Maid Right was launched nationally by a group of investors from a major office cleaning franchise system.

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Entrepreneurship Is Local … And The Results Prove It

Like politics … entrepreneurship is local.

franchise consultantOur job at FranNet Carolina has always been to promote the power of entrepreneurship. And, from the looks of things, we appear to be doing a pretty good job. The growth of our company and the growth of the number of clients we put into business is a testament to that. This year, once again and for the fifth year in a row, we have earned a spot on the INC. 5000 list of top growth companies in the U.S. (Read more…….)

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What’s the SCORE on Franchising? An Update For Fall 2014

SCORE-logoMike Hall of FranNet Carolina spoke at the August 22, 2014, meeting of the Charlotte Chapter of SCORE, a national nonprofit organization which provides free business mentoring to entrepreneurs.

Speaking to over 40 members and guests, Hall updated the counselors on the franchise industry, the pros and cons of franchises and how franchise ownership may work for their clients. SCORE was previously known as the Service Corps Of Retired Executives, but is now recognized as SCORE, “Counselors to America’s Small Business.”

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Should You Buy An Existing Business Or Buy (And Start Up) A Franchise? The Pros And Cons.

openforbusiness-2392143_sWho doesn’t want to own their own successful business? In our world, we meet a lot of people that do. And, if they are serious about acquiring a business, they are faced with several options. Which option to choose can be a daunting task and finding the proper answer takes research and reflection. Many of our clients are exploring two options, purchasing an existing business or purchasing a franchise. Frankly, there are pros and cons to both scenarios. And, like so many things, part of the answer to the question, “which is the right option for me” is… “It depends.”

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Great Frame Up Franchise – Celebrating 10 Years

SampsonMy clients Rich and Sandy Sampson recently celebrated their 10th year of being in business. Not only did they celebrate with a party at their store, they also just returned from a great trip to Italy. Congratulations to the Sampson’s !! 10 years is a milestone !!

The Great Frame Up is located in Birkdale Village in the Lake Norman area. The store is opened 7 days a week.  Rich and Sandi provide their customers with personal and top notch services and products that include custom framing, readymade frames, wall décor, in-home consultations…and more. Their customers range from local businesses to new home owners and home re-decorators.

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The Benefits and Potential Drawbacks of Buying a Franchise

Prosandcons

The attached article is, I think, a fair look at the franchise industry and provides some insight into the benefits and drawbacks of owning a franchised business. However, as with so many articles, there is usually much more to the story. A few comments in addition to what is written:

Benefits of franchise ownership:

  • Limited Risk: Well said by the writer:  A franchise provides the tools for you to be successful and provides a real head start.
  • Brand awareness: This is important in many franchised businesses; Hotels, food and hair care come to mind. But the truth is that many franchises do not create brand awareness. This doesn’t make them bad franchises. They may just operate in a space where brand awareness is less important. There are many successful owners that own commercial cleaning or sign manufacturing businesses that don’t carry well – known brand names. Most of our clients end up purchasing franchises they never heard of before coming to us.
  • Continuing education: This is spot on. Franchises provide ongoing support in the form of efficient operations, new marketing ideas and sharing best practices among all owners.
  • Lower marketing expenditures: Well, yes and no. Most franchise owners pay into a marketing fund that goes into national, regional and sometimes local advertising. But usually, the owner will need to do more advertising locally to supplement what the franchisor provides.

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Most Small-Business Owners Would Do It All Over Again, Gallup Poll Finds

Gallup Survey Shows Consistent Owner Satisfaction Over The Years

Gallup Survey Shows Consistent Owner Satisfaction Over The Years

More than eight in 10 U.S. small-business owners say they would still become a small-business owner if they had it to do over again, according to a recent Gallup Poll co-sponsored by Wells Fargo.

“This sentiment has changed little over the past 11 years, which suggests that the difficulties many small businesses experienced during the Great Recession did not cause owners to regret their decision to start a business,” the report notes.

One of the key reasons many small-business owners would do it all over again is that they clearly value the independence they get from their choice of career, which no doubt is a part of their satisfaction with their career choice, the report states.

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More Than 100 Visitors Meet With FranNet Carolina Team At Annual Franchise Expo

CharlotteExpo2014-FranNet

More than 100 people stopped by FranNet Carolina’s booth at the annual Franchise Expo May 31-June 1 at Metrolina Expo Center, Charlotte. The photo above shows the FranNet Carolina team:  Left to right, Daniel Fischer Charlotte, Chris Suggs Raleigh, Cathey Petkash Charleston, Mike Hall Charlotte and Raleigh

The most common question that was asked by our booth visitors was What are the trends in the franchise industry today?

We let our visitors know that trends today include: home senior care, personal electronic sales, health and wellness, and any franchises that offer semi-passive business ownership. Of course we let them know that the FranNet process offers without cost to help them determine which franchises were right for them. Contact us to learn more.

 

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Learn About Careers In Franchise Ownership At Franchise Expo May 31

Join us at The Charlotte Franchise and Business Opportunity Expo for this information packed seminar, presented by Mike Hall, FranNet Carolina President:

Careers in Franchise Ownership
Saturday; May 31st at 12:30pm

Franchise ExpoLearn:

•Why people buy a franchise
•Why the franchise model is successful
•Franchise trends, costs, and availability
•How to research franchises (or any business)
•Mistakes to avoid

For 20 years FranNet Carolina has been the leader in matching individuals with franchise opportunities.  If you are serious about buying a business, we can help.

Visit us at booth 201/203 to receive a free assessment and earn a chance to win a Go Pro camera. The event will be held at:

Metrolina Tradeshow Expo
7100 Statesville Road
Charlotte NC 28269

May be accessed right off Interstate I-77 and I-85 interchange.