One question that often comes up as I’m discussing franchise opportunities with people is that of what businesses are “hot.” It’s interesting that “hot” comes up at least as often as “profitable”. I can answer the questions for them (and usually do), but I also add a couple of other thoughts. That’s our topic for today.
For those of you that are curious, what’s currently “hot” in the world of franchises falls into a few broad categories. Within the food sector, breakfast places, juice bars, Mexican food, and healthy bowls are doing well. Restoration services – businesses that clean up after accidents or disasters are hot as well. Some of the other categories that are in demand are childcare, pet services, fitness businesses, and some “alternative” health businesses (cryotherapy, etc.), and beauty/grooming. As an aside, I represent businesses in every one of these categories – let me know if you want to learn more!
I’ll review those categories with interested candidates but then I caution them and I’d like to do the same here. Many of the businesses in those categories are “sexy” but several are not particularly profitable. When you’re thinking about making a huge life change, which is what many of the folks I speak with are doing, you need to take a step back and look at the big picture. It’s not about what’s hot because what’s hot today may be gone tomorrow. Think about businesses that were all the rage a couple of years ago. Yogurt stores (yes, I have some of those too) seem to be fading away. Most of the “daily deal” sites have consolidated or gone away. Same with many of the subscription box services. The tanning bed business has transitioned into a spray-tan business.
My point to them, and to you, is that focusing on what’s hot isn’t a great criterion as you’re looking at new opportunities. Instead, ask yourself what makes you happy. What can you see yourself doing every day that will have you excited about getting out of bed? The odds are that there is a franchise that will allow you to do that. Some folks are equally concerned (or more concerned) with making money. Many of the businesses that do that aren’t “sexy.” They’re things like home repair or remodeling businesses or they’re businesses that might require a higher level of capital like a senior care business where you might need to “float” a payroll until cash flow grows.
Businesses ebb and flow. Categories run hot and cold, but what makes you happy probably doesn’t. Add profitability to the mix and you’re on the right track, whether it’s hot or not.
Happy Foodie Friday! I was menu-planning the other day (an absolute must before the weekly trip to the grocery store) and I came across a dish that I know to be pretty easy to make yet which appears way more difficult. I’ve served it before and people are always all “oh, that must have taken hours” about it when it’s really about a 15-minute prep. As an aside, there are many other dishes I know – really good Bolognese sauce, for example – that take way more time than you’d think even using a pressure cooker to speed things up.
Seeing that dish got me to thinking, in a roundabout way, that we humans have a tendency to think things are way more difficult than they are in many cases. In fact, I think some of us go to great lengths to make it that way. I’m not talking about a particular type of person I’d run across in business every so often. You know the one – they create problems so that they can solve them and be the hero. No, what I’m talking about is that we love to make things harder than they actually are.
Think about it. What things did you do today that purposefully made your life more difficult ? It was probably so small a thing, or something so ingrained in you, that you didn’t even notice that you did it. Maybe you didn’t set your alarm to allow for enough time to be someplace. Maybe you sat on a task until right before a deadline and you couldn’t get it done on time because something unforeseen happened. Or maybe you just enjoy the drama. It’s sort of the same thrill as riding a roller-coaster, right? You put yourself in danger and when you survive, you feel a thrill.
Here’s my take. Life can be like some seemingly-fancy dishes – much easier to pull together than meets the eye IF – and it’s a big if – you have the skills required, leave adequate time to complete the task, and don’t make it harder than it has to be. All of us make our lives both in and out of business harder than they have to be at times and unless and until we recognize the times that we’re doing it, nothing much will change.
Yes, I’m aware it’s 2019 but this is what I posted last year on Yom Kippur and it represents my best take. Enjoy!
It’s Yom Kippur, the holiest day of the Jewish year. This was a post from several years ago. As I read it over, looking for inspiration for something to write on the subject of change and business based on the holiday, I realized that I had expressed my thinking pretty well in the earlier post. Those of you who celebrate the holiday are probably not reading this until sundown (I scheduled this yesterday in keeping with the spirit of not working on the day). Whether you do or don’t celebrate, I hope you’ll take a moment to reflect.
Yesterday was Yom Kippur, the holiest day of the Jewish year. For those of you unfamiliar with the holiday, it concludes the 10 day period at the start of the Jewish calendar – Rosh Hashanah – head of the year – during which all Jews are supposed to reflect upon the past year and examine how they’re going to change their lives going forward. One also seeks forgiveness from those against whom he has transgressed – both those of this earth and higher powers. There is a lot of other imagery connected with the period – inscription in the Book of Life being a big one – but I think there’s something each of us can take as a business lesson in a non-denominational way.
We all get off track. Sometimes it’s in little ways like eating badly or drinking too much. Sometimes it’s in big ways like alienating our families or hurting friends who love us. The concept in Judaism of repentance is called Teshuva which means “return”. I love the notion of coming back to one’s self as well as to the basic human tenets that are common to all religions and peoples.
We can take a period of reflection and “return” in our business lives as well. The most obvious way is for us as individuals. Who have we alienated this year? What client have we taken for granted? But it a bigger opportunity. How has the business diverged from the mission? Why have we stopped getting better and are just marching in place? What can we be doing to grow our people but are ignoring?
We ask those kinds of questions from time to time, but I guess I’m suggesting that it become a more formal process. Set aside a period every year for “return” thinking. A period of repentance? Maybe, in some cases. But in all cases a chance to change. A chance to regret past bad actions and to vow not to repeat them. Most importantly (this is true in the religious sense as well), to correct the transgression. To apologize. To make restitution. Whatever is right and lets everyone move forward with a clear conscious and a vow to do better.
Sound like a plan?
I did something today that I consider a bit of a milestone and I’d like to share it with you because it brings up a bigger point. One of the areas that I used to help clients with was Search Engine Optimization (SEO). While I never claimed to be an expert on the subject I knew enough to get clients started in improving their rankings, often to great effect. In order to stay current, I had 10 different feeds from blogs relating to SEO funneling into my feed reader. Each day I’d peruse the latest and great information, trying to stay current so my advice would be solid.
I also had half a dozen feeds from the advertising trades and six others that talked about analytics. Reading them throughout each day, along with the feeds on the sports business and many tech feeds, probably took a total of an hour or two each day, and when there were big developments, often longer.
I got that time back today because I deleted those feeds from my news stream. I’ve changed the focus of my business to franchise consulting and frankly, keeping current on tech, advertising, and media when I have very little practical reason to do so (other than to amuse you here on the screed) was an inefficient use of my time. While I am still subscribed to a number of feeds in those areas to maintain a knowledge base, I’m cutting the cord on most of them.
What’s been surprising as I hit the “delete” key is how long it has taken me to do this and that’s the point I think is relevant to each of us. It’s hard to let go. I still consider myself a TV guy even though I haven’t worked in the TV business for almost 20 years. Most of the people with whom I worked are on to other things or retired. I couldn’t let go though and was faithfully reading the trades I read when it was my daily life.
I’ve been at this new line of consulting for a year. I’m thoroughly enjoying it and business is good. Despite that, it’s a struggle not to look in the reaview mirror sometimes at the business life that was yesterday instead of spending that time focusing on what’s ahead. I’m hoping that deleting the feeds and freeing up some time will encourage me looking forward and I hope it’s something you’ll think about as well. As Jimmy Buffett says,
Happy Foodie Friday to all you triskaidekaphobics out there! That’s right – it’s Friday the 13th and those with a fear of the number 13 apparently aren’t the only ones with some fears this day. As it turns out, there is a whole host of fears about food, most of which I knew nothing about until I consulted the Googles. For example, did you know that chicken wings are unlucky to have on New Year’s Eve? It is because wings are believed to make your luck fly away from you and who wants that when you’re just starting a new year?
Who knew that some people consider lobster an unlucky food? I always considered myself pretty lucky when I could afford to get one at a restaurant, but some folks think that because lobsters can swim backward, they too are avoided on the New Year’s menu. The thinking is that swimming backward means you have messed it all up and you need to start over in life.
Cutting bananas, not crushing eggshells, and how you place your chopsticks are all involved in food-related bad luck beliefs. As it turns out, there are some things that we can take away from misplaced beliefs. Many businesses have had their products also suffer from beliefs based on rumors and not on facts. I think you’ve probably heard the one that KFC had to change their name from Kentucky Fried Chicken because what they began serving was not actually chicken. Like an email that circulated when this was a hot rumor said:
KFC does not use real chickens. They actually use genetically manipulated organisms. These so-called ‘chickens’ are kept alive by tubes inserted into their bodies to pump blood and nutrients throughout their structure. They have no beaks, no feathers, and no feet.
Oy. For you Coca-Cola enthusiasts, you’ll be pleased to know that Coke does not contain a bug-based dye nor has anyone ever died from drinking it while eating Mentos, both “facts” that circulated years back. Neither P&G nor Starbucks are devil worshippers which some folks state as fact based on their logos. Bubble Yum doesn’t contain spider eggs.
You can laugh, but every one of those companies and dozens more has had to spend resources fighting “facts”, most of which wouldn’t have ever seen the light of day in the pre-Internet times. As a business, it reminds us that monitoring social media is critical to stop things such as these from ever spreading. It also reminds us as citizens that training ourselves (and our kids!) to exercise critical thinking and pursue facts based in truth and not in rumor is paramount.
Friday the 13th? A full moon as well? Shouldn’t it really be Halloween?
I was going to write about something else this morning but then I looked at the calendar. Today is the 18th anniversary of what is arguably one of the most significant days in America’s history, one whose aftereffects permeate a lot of our daily life here in the USA. Many of them are big and obvious. Wars that have gone on for nearly two decades as a result of that day and the financial decisions we’ve made as a country to support them that affect everything. The sometimes scary and intrusive security measures we’ve taken at airports and elsewhere. The suspicious looks some folks give to others based on their clothing or appearance.
What 9-11 changed in me was something different. My strongest memory isn’t of the smell that wafted northward to where I worked in midtown Manhattan nor is it the incessant sirens as first responders charged into lower Manhattan to try and save lives. My strongest memory is of how beautiful the September morning was and how it’s hard for me 18 years later to experience a crisp, clear morning with a clear blue sky without thinking of that horrible day.
I used to commute via train to my job. That morning, I was heading to the office before catching an afternoon flight to SF with a group of my NHL peers to meet with a client the next day. We had actually switched our flight. We were going to go out that morning on what became one of the planes involved that day but that’s another discussion. I vividly remember coming up the escalator out the Grand Central and looking up at the beautiful sky as we rose. As I left the station, the cool air hit me and I might have even said out loud “what a beautiful day for flying.” No clouds, no wind, no NYC smells, just clear blue air.
Within the hour, the world had changed. A co-worker ran into my office saying a plane had hit the World Trade Center. I said it must have been a small plane and planes had hit buildings in NY before. We turned on the TV as the second plane hit and realized that this was not an accident.
The rest of the day is a blur of making phone calls to check on friends, receiving phone calls from people checking on me, wondering how I’d get home since the trains and other transport was shut down, and helping my staff deal with the day. The one thing that still won’t leave me though is the memory of leaving the station and walking to my office on one of the most beautiful NY mornings ever, a wonderful day for flying.
No business points today. Please think about those who were lost on 9-11 and those first responders who are still paying the price for their bravery.