My 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.
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.
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.
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.