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.
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
•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.
Brad and Annette Weber have served our country for over 60 combined years in the Army! Military veterans have proven to be very successful franchisees – and Supercuts was impressed with the Webers’ leadership backgrounds. Following is the Webers’ own story of “making their business ownership dream come true!” Congratulations Brad and Annette – and THANK YOU for your outstanding service to our country!
“For several years my wife and I talked about opening our own business and with my impending retirement from the Army we felt now was a good time. I attended an SBA “Boots To Business” workshop at Fort Jackson, S.C., in September 2013, and that is where I met Cathey Petkash with FranNet of the Carolinas, who presented information on franchise ownership. It didn’t take long to realize that I needed a Franchise Specialist, or as I call it a franchise coach, and Cathey was that perfect fit.
May 12-16, 2014, is Small Business Week, an annual recognition of aspiring entrepreneurs, small business owners and others by the U.S. Small Business Administration (SBA).
“Every year since 1963, the U.S. Small Business Administration has highlighted the impact of outstanding entrepreneurs, small business owners, and others from across the nation through National Small Business Week,” says an SBA announcement. This year, events will take place across the country to engage the small business community and highlight their importance as innovators and job creators who strengthen the nation’s economy.
“Activities will include forums and panels discussing trends in small business, business innovation, financing, growth, matchmaking events, as well as networking opportunities and award ceremonies. National Small Business Week will culminate in Washington, D.C., where the 2014 National Small Business Person of the Year will be named. Candidates from all 50 states, the District of Columbia, Guam and Puerto Rico will be competing for the award. Small business owners and their employees who attend will interact with federal government officials, local elected leaders, representatives from national businesses and other small business experts.”
In all our lives, there are defining moments. There is the moment when we decide where we are going to attend college, the moment when we decide to get married, the moment that we accept our first real job, and the moment we decide that we want to work for ourselves and own a business.
Without a doubt, the decisions that we make at these critical junctures in our lives can, to a large degree, determine the quality of the life we have in the future. These decisions are ones that will not only shape our lifestyle, but also much of the fabric of our life. One of the greatest challenges each of us faces is to make sure that when we have the opportunity to make a decision during a “defining moment,” we make a decision that we will be happy with for the rest of our lives.
In plain English, we need to be sure that we do it right! Of course, we should do it right, you think. But, this is often easier said than done. We are sometimes afraid of hindsight being 20/20, and we don’t want to be second-guessing our decisions. I see this in my clients all the time. They avoid the risk of making the critical decisions they need to make regarding business ownership simply because they don’t wish to deal with second-guessing or 20/20 hindsight.
Well, here’s some good news! If you are thinking about getting into business for yourself and you have made the decision to investigate franchise ownership, you have the opportunity to turn hindsight into foresight. If you do your investigation carefully and properly, you can give yourself a better chance of making a good decision regarding the business that is right for you and that will give you the best chance of success.
We at FranNet Carolina are happy to join in the national celebration of “Women Owned Business Day”on May 1, 2014. As Kerwin Hodge writes in an excellent blog post on this topic in the Back Office Bulletin:
“You may wonder, ‘What exactly is a ‘Women Owned Business Day?’” Hodge says. “Simply put, it’s time set aside to support women owned businesses and, in the process, raise our personal and the public’s awareness of these entrepreneurial women and the businesses they’ve started. To me, it’s a natural and necessary thing. It’s a way to help the women in our lives who reflect an entrepreneurial spirit and help close a disparity between them and their male counterparts.”
One woman we helped put in business is Vivien Joklik, owner of a Big Frog franchise in Durham, NC. Big Frog is a custom fabrics printing shop, printing logos on shirts and other designs on fabric, including digital garment printing, screen printing and embroidery.
“How is your business different with you as a woman owner?” we asked Vivien.
Having been a franchise sales consultant for the last 20 years, I think I have seen almost every mistake a would-be business owner can make when deciding which franchise to buy. In fact, the most common mistakes are almost always predictable. Having owned three franchises myself, I’ve made my share. Now to be fair, most people purchasing a business today are doing so for the first time and probably don’t know what they don’t know about how to buy one, and that is understandable. Sometimes mistakes are valuable, and experience and wisdom are acquired. However if the mistake is a large one, you may not get a second chance to correct it.
All of that said, owning a franchise can be a wonderful and profitable experience. Don’t let the fear of making a mistake stop you from looking at and researching an opportunity. Just make sure that your search for the right franchise is done carefully and with a process and be aware of and avoid the common mistakes so many people make. Here are 9.5 of the most common mistakes I see people make when buying a franchise. Actually, much of this applies to the purchase of any business, franchise or not.
1. Financial Overextension
Yes, there are some great stories out there of entrepreneurs who mortgage everything and max their credit cards to start up a business and are wildly successful. Now, quit dreaming and think about buying a business you CAN afford. The number one reason businesses fail is that they simply run out of cash before they have enough customers and cash flow to support the business. Running out of money in your business is like being in first place at the Indianapolis 500 and running out of gas after 499 miles. No matter how well you were doing up until that point, if you can’t cross the finish line, you lose! A competent financial professional can help analyze your financial picture, determine your net worth and advise you on how much money you can and perhaps should spend on buying a business. Of course, your comfort level regarding capital expenditure is most important and needs to be considered along with your financial wherewithal.
Start your own business or buy a franchise?
That is a question a lot of my customers ask themselves before coming to me. And truthfully, the answer depends on a number of things. I think it helps to first look at the advantages and disadvantages of each.
Having a great idea and using it to start your own business is a romantic and appealing notion. Even more so if you think you can make a living from doing something you are passionate about.
Think of the advantages:
– You have total control over all aspects of the business.
-You can play by your rules and use your creativity to build the business.
-You can do something every day you are passionate about.
-The start-up costs can be relatively small, with a large upside potential.
Brent Belch – FranNet Video – Click to view on YouTube
Brent Belch wasn’t feeling well. He knew he had to change his lifestyle if he was going to get where he planned. No, Belch’s physical health was in excellent condition. But his job health was a different story – and a different kind of C.P.R. changed his outlook.
Belch decided to buy and open a C.P.R. (Cell Phone Repair) franchise in Charlotte. Initially, he only wanted a “passive investment” in the franchise – typically a single unit and easier to manage. But he saw a bigger opportunity for the company.
“This is one of the fastest growing industries out there,” said Belch. “As a matter of fact, a recent study found that there are now more cell phone devices in the U.S. than toothbrushes – that’s astonishing potential.”
What are some best practices to help you serve your customers and grow your business while keeping up with changing technology and changing customer demographics? It’s an important question and one that was asked and answered in a recent article by Deborah Shane on the Small Business Trends website.
“If you figure out who your customer is, what they like and need and how they prefer being communicated to, you can build a ‘customer centric’ relationship that can be mutually beneficial long term,” Shane writes.
She notes that Brian Solis, author of “What’s The Future of Business”, based his entire book around the idea of the need to create “experiences” that people remember and not just focus on transactions.
“The opportunity we all have right now with digital and social tools to build customer centric relationships is greater than ever before,” Shane observes. She cites a survey commissioned by RightNow Technologies and conducted by Harris Interactive:
- 89% of customers will pay 25% more for a better customer experience.
- 73% of consumers fall in love with a brand because of friendly employees or customer service reps.
- 89% of consumers do business with a competitor after a poor customer experience.
Here are some informative tips which franchisees and other small businesses can follow to make their companies more customer-centric and reap the sales rewards: