Now that you are finally settled with your decision about what franchise investment to buy, what’s next? Well, it is now time to focus on your greatest asset — your staff.
According to Entrepreneur.com, the International Franchise Association (IFA) predicts that there would be an increase of 3.1 percent in franchise direct jobs in the U.S. with a total of 9.1 million jobs compared to the past years. What does this mean for you as a franchisee? This means that your business will have an increasing number quality employees to choose from to will help you run your business. They know that they will have a good job because of the growth and stability of franchise investments.
Managing your staff does not have to be complicated. It is a process that you as a franchisee must be deeply involved in as the decision to hire people is very crucial to your company’s success.
So how do you start? Allow me to help you with this step by step guide:
- Interview your prospects.
As the first and mandatory step, you should interview your prospects not only to get to know them well but to also know the right skills that they can offer you and your franchise business. This is very important because their skills must meet the needs of your business. Before the interview process, be ready with the job description that identifies the qualities that the candidate must possess. Review their resumes and be ready with the questions of your candidates during the interview. Always keep in mind that you should hire the best staff for the success of your business.
- Train your new employees.
After the interview process, next is to train your new staff. They must learn the basics and must be equipped with knowledge that you need for the success of your business. When you buy a franchise, you will impart to your staff the training that you received from your franchisor together with your experience and expertise. They should know the do’s and don’ts when they work for you. As their superior, you must also educate them of the vision that you have for your business so that the rest of you will have the same goal.Read More
Do you really want to be a successful entrepreneur? Of course, all of us want to make it big in this field. We find the best business opportunities available and we give the best we can offer so the business will flourish in no time. We make good investments and own a business that we think would help us grow as an entrepreneur. However, I do not believe that this is the only way to be successful. If you really wanted to be big in this field, you’ve got to have ATTITUDE. How? Keep reading to know the 7 qualities that you should have for you to be able to succeed in your chosen business:
If you want to be successful, you should spell ENTREPRENEUR as
H-A-R-D-W-O-R-K. Any distraction to meet your goals must be eliminated creatively. A successful entrepreneur focuses on their objectives and strategies to make the business work. Discipline makes it easy for you to take important steps every day to achieve your goals.
Not all businesses succeed. At first (or maybe second or third), you may face failures and disasters but don’t let it bring you down. Take it all as a challenge for you to push harder in achieving that goal. A successful entrepreneur is determined despite many trials that come along the way. Go ahead and push yourself to the limit!
Customers come and go. That’s why one of the skills that every entrepreneur should possess is diversity. You can’t be boring if you want to succeed. You have to think out of the box so that your customers will crave for more. Think about how creative thinking helped Apple to gain its competitive edge.
It is very important that when you establish a business, you should make sure that you know where the path might lead you. You must have that strong, natural need to succeed. The desire to achieve your goal to become successful in your business is one way for you to flourish. Always keep in mind that success comes when you feel like you do not want to continue anymore.
It doesn’t matter if you purchase a franchise or if you set up a business of your own.Read More
In today’s generation, most often than not, people have been very open about opening up their own business. Some have worked to make a name for themselves in an industry, while some are eager to buy an existing business because of stability and independence. As for which, the latter is what we now call “Franchising” – a much easier way of investing without the hassle!
So what do you exactly do when you buy a franchise? Well, you as the franchisee:
- will choose the best location
- will pay the initial fees for the franchise of your choice
- will be able to use the trademark of the store
- will get ongoing support from the franchisor
- will use the franchisor’s system on how they do the business
Easy-peasy? Absolutely! Definitely worth your time.
That is why franchising is truly the next best thing! It offers its independent investors with just a single trademark with the same business concept. You can even take advantage of brand awareness, customer satisfaction, and great advertisement because of your affiliation. Since you are buying a franchise, you will already have an existing customer base. Before you know it, you will be up and running because everything is already in place. If you are a young investor or a retiree who would like to make a successful investment, franchising would be the best choice for you. Its proven system of operation would be your best advantage.
Also, the emergence of online and social media has a big factor in promoting this business. More and more people are using Facebook, Twitter, Instagram, and the likes to make their business become much more visible to their customers. What you as a franchisee must do is to think of ways on how your business should use this platform to better serve your customers. In most cases, the smart franchisor will also help you with this aspect of your business.
You can never go wrong with a franchise investment! As, Morné Cronjé, head of franchising at FNB Business said, “2018 will no doubt bring its challenges, however, for every challenge, there is a window of opportunity to explore.Read More
Ok. You’re sold on the idea of owning a franchise. It seems like the most sensible and viable option for you. You’d like to own a business, be your own boss, partner with a proven brand, and follow a structured system on your road to success. You believe this will help you build your family’s nest egg. Now it’s time to dive into the research to finding the perfect franchise for you!
So where do you start? Sometimes potential franchisees focus so much on counting every single dollar and cent of owning a franchise that they forget a crucial element to owning a franchise – do you even have interest in the business? The dollars and cents are obviously important, but your interest in and passion for the business is equally important. If you hate cutting the grass at home, don’t start a landscaping business. Now if you’re a beer connoisseur, and find a brewing or bar franchise, then you’re on the right track. Your passion and interest should be an important element in choosing a franchise because it could make or break your success.
Now there are a lot of other factors besides your passion for the business. You need to research the location, the market, rent, zoning, demand, the brand and much more. Once you’ve done all your diligent homework, there is one last factor that should close the deal – is the franchise choosing you, too?
How did you feel when you met in person? Visit or contact as many people as you can that comprise the brand. Talk to the current franchisees and see whether they are happy with the brand. Visit a franchise location and see what the customers experience.
Most importantly, when you’re looking for a business partner, they should be looking for you too! It should be a two-way street. A good franchise will be picky about who they let into their family. Pay attention to the types of questions they are throwing at you. If they seem like they are all about the dollars and cents, then you should probably get up and leave the meeting as soon as possible. Relationship between the franchise and franchisee is a key factor to success.Read More
It’s a different world! Every second that passes by, the world changes a bit more. Even while writing these words, the world we live in is different NOW than when I wrote the word right before this ONE. I am being incredibly cliché, but it is true and blows my mind every single time.
When grandpa started working, climbing the corporate ladder was normal. It’s just what everyone did. He was led to believe that putting your head down, working hard, and making all the right moves, would allow him to reach the top of his company. In a perfect world, Grandpa would end up in a much better position. Not only would he end up with a higher salary come retirement, but a nice hefty pension would await him to live on when he called it quits. If you’re a millennial, you are probably googling “What’s a pension?” right about now. It’s just so rare to see, it has become a unicorn of company benefits.
Because of the state of pensions (and other retirement tools), along with other aspects of the ever-changing job ecosystem, it is the norm now to see grandpa still working after retirement. In 2005, CEO and Founder of Small Business Trends, Anita Campbell, wrote about the changing face of retirement:
“In the U.S., it used to be that someone reached the magic retirement age of 65 and stopped working. Period. Now many more people ‘retire’ earlier, but their retirements are not traditional in the sense of not working. Retirees take jobs from time to time, and they even start and continue their own businesses during their ‘retirements.’ Their state of employment is based not on some grand career plan set in motion 30 years earlier, but rather on their needs and desires this year or this month. If they need the money or if they simply want more challenge and social interaction, they may take a job or start a business. “
Surprisingly enough, there have been numerous reports published that state that the highest rate of entrepreneurial activity belonged to the 55-64 age group. But they’re not all starting companies, some of them are buying franchises.
Buying into a proven business concept (which is what franchising offers) could be the way to go for those that have found themselves out of a job and close to retirement age.Read More