Tag Archives: Franchising

A Few Thoughts From My New Gig

As I mentioned in this space a few weeks back, I’ve begun a new line of consulting involving matching people who are looking to take charge of their business lives and invest in a franchise of some sort with the right franchise for them. So far it’s been interesting work and today I’d like to share a few things I’ve found in this work that I think are applicable to other businesses. By the way, if you’re one of those people who want to be a corporation of one, click here to check out how I can help (end of gratuitous self-promotion).

Many of the things that come up are points that apply when you’re hiring or interviewing for a position yourself. The first is that of shared beliefs. Nearly every franchise gives me a listing of what their ideal candidate looks like. In many cases, they’re not looking at a technical skill set. You can be taught how to refinish a countertop or to run an afterschool program. Instead, I see things such as “belief in helping a community of learners” or “possess a passion to own a senior-focused care company that largely stems from personal experience caring for others.” You can’t teach those things. When you’re hiring, ask yourself if you’re more interested in someone who knows Excel inside and out or someone who will be a supportive member of your team and play nicely with the other kids in the sandbox. I always opt for the latter since I can teach the former.

Another thing that comes up a lot is that of a franchise’s record of success. How well does their system work? What are the financial results that prove it? If you’re looking to take a job because it’s more money, you’re overlooking the fact that the company may be hiring because people are leaving a sinking ship. How long have the current employees been there? Have they come up through the ranks? Why have people left? It’s relatively simple to find out how a company is doing, both from a financial and an employee-relations perspective. Take the time to find out. A larger paycheck is of lesser value if you’re miserable every day.

Finally, I try to help the candidate set realistic expectations about what their prospective business will be about. Very few people like surprises in business. Don’t oversell the job or the company if you’re hiring. Hopefully, you have a great story to tell and you should let the facts and track record speak for themselves. Keep the promises you make. If your expectations don’t align with the company’s or the candidate’s, there’s going to be a massive problem.

I always remind candidates that franchises are awarded, not sold. It’s a mutual job interview, not a business for sale off a shelf to anyone with the resources to invest. Your staff and your career should be treated the same way, don’t you think?

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Big Announcement – Please Read

A little self-indulgence today, and I promise not to make it a habit.

As you probably know if you’ve read this blog over the years, much of my consulting has evolved to a focus on startup businesses. That’s why, in addition to running my own practice, I’m a partner in a global venture catalyst that helps¬†commercialization of startups post the idea validation stage through to sustainable profitability or a liquidity event. I also advise startups through my work at the First Flight Venture Center.

Two of the things I’ve noticed as I worked with some folks who thought they wanted to build and run a startup were that their as yet unvalidated ideas were often not really scalable businesses nor did they have a clue as to how running a startup business was different from life in the corporate world where many of them had spent their careers thus far. Quite a few of the budding entrepreneurs I’ve met were in their late 40’s to late 50’s. They had some money to invest in their startup but not enough to retire on. Besides, they were too young to play golf all day, as lovely as that sounds.

OK, so what’s the big announcement? What I realized is that rather than doing a startup many of these people needed a business in a box – something into which they could buy and, if they followed the plan, be successful. In short, a franchise. Because of this insight, I’ve expanded my consulting practice into franchise consulting. I will operate under the name of Franchise-Source and I’ve linked to the website¬†(this is a temporary site – a newer, nicer one will be up soon). I’ve hooked up with a wonderful organization that represents over 500 different brands in over 70 different industries. My new entity has pages on Facebook and LinkedIn¬†(those are direct links) as well. I hope you’ll check them out.

I’ll be continuing my other consulting as well and of course, the screed will continue although I’ll veer into the franchising world from time to time. I hope if you’re considering owning your own business or franchise and aren’t sure where to start that you’ll call or email me. As with a realtor, the buyers don’t pay for my services. The sellers – or franchisors – do. The work has been gratifying so far in that I’ve already spoken with a number of people who are looking to change their lives and rather than taking a chance on an unproven idea they’ve worked with me to investigate a solution that works for their goals, their budgets, and their lifestyle.

Thanks for reading. I’d appreciate you letting anyone you know who might have an interest in a franchise that I’m here to help. Back to our regularly scheduled blog programming next time.

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