One of the many benefits of being part of a franchise company is being “family”. This article is a great example of how our owners work together to help each other.

We have a great opportunity to help a young man go for Gold in London at the 2012 Olympic Games. Corey Reid turned A-Pro in 2008 while living in his hometown of Idaho Falls, Idaho. He quickly rose in the ranks to the highest level as an AA-Pro and moved to Phoenix, Arizona in 2009. In 2009 he showed the world who he was by winning all his moto races and the main event in Bakersfield. He has had continued success since then and was fortunate enough to be selected to ride the Pre-Olympic Event held at the London track in 2011. Corey currently sits 9th on the Supercross BMX circuit and is considered a US Olympic Hopeful. Unfortunately, just recently his sponsor had to make budget cuts and Corey lost his ride for the 2012 season that starts in a few weeks. Corey is the coach of the son of FASTSIGNS Franchise Partner Jerry Hoyler, FASTSIGNS of Goodyear, AZ.

According to Jerry, “These athletes don’t have the ability to get normal jobs like most people; their training and race schedules consume most of their time. Corey does odd jobs and trains young riders for extra money to live on. This young man is one of the most humble individuals I have ever met. He is a strong role model for our youth here in the Valley and to many more when he visits tracks.”

Jerry would like to offer the following pledge:

“We have 450 plus centers in the U.S. and if each center donated $100.00, we can help this young man go for Gold and potentially stand on the podium in London. NBC sports is carrying these events live this year and we can actually see him ride. He would be decked out in FASTSIGNS apparel from head to toe. We can ask FII to set up a website and use this as a marketing tool for the entire

network and it only costs each of us $100.00. I have talked to a local financial institution that we can put the money in and would also help manage the funds. We would be able to secure all his necessities upfront like airfare, rooms, entry fees and other things.”

Here is a link to see what this sport is about: http://www.youtube.com/watch?v=tcdzHreFp2l

If you would like to contribute and help Corey with the funds he needs to be able to “stay in the game”, please email jerry at jerry.hoyler@fastsigns.com

In my business, I spend a good portion of my time continuing to develop relationships with the top franchise companies in the industry. It is really important for me to know exactly the type of franchise owner they are looking for. I don’t want to waste their time or my client’s by introducing the wrong person. It has to be the right match for the right reasons. The time I spend with the franchise companies and the up to date information I get from being a member of the IFA is very important to me.

The industries to watch this year are:

Health Services – The franchise industry realizes that there is a big need for services in this segment. After all, lots of doctors are having a hard time making money these days and new franchise opportunities have been designed to fill this need.

Pets – People will always spend money on their pets and related services. This is an industry that continues to grow every year. Last year pet owners spent over $47 billion. Franchisors have created lots of different franchise companies and have gained a share of this sum.

Fitness - This industry is growing, too. With our ever growing knowledge of health and fitness, people are trying harder to stay fit.  There is something for everyone in our business, and new concepts are popping up all the time.

Senior Care - This is the industry that has the fastest growing population – which isn’t a big surprise to anyone. There are lots of great companies that offer help in many ways on all levels to the growing senior population.

Spa Services – The franchise industry has done a great job of identifying another need recognizing the desire for services and filling it. They have created affordable services for our stressed out society based on research which supports the need to reduce our stress in order to prolong healthy, useful lives.

Tutoring – It won’t come as a big surprise that our public school systems are really struggling with lots of cutbacks and still the competition to get into college is getting harder every year. This is an industry that continues to grow and thrive.

I am always asked, “What do you think is the hottest trend?” My answer is always, “It depends!” Why do I answer that way? Because it doesn’t matter what’s hot and what’s not if the business isn’t the right fit for YOU.

What trend do you like the most?

“Attitude is a choice. We create our own world by the way we choose to see it. For the next five years your mind can focus on fear, worry, problems, negativity or despair. Or it can focus on confidence, opportunity, solutions, optimism and success. You decide. “

In the right circumstances, franchising reduces the risk of getting into business. Nevertheless, your process of investigation should be extensive and methodical. Most initial buyers will say, “I don’t even know what questions to ask.” If this is true for you, allow me to point the way for you.

Start now, and study up:

• Learn about franchising. Read books, attend seminars, etc, and become familiar with terminology. I can refer you to appropriate resources – see below.
• Examine your motives for going into business. Be realistic. Even the best franchises can test your patience during that first year of operation. If you aren’t particularly good at seeing things through, then franchise ownership will offer you coaching to help you stay on track.
• You will need the support of your family and should discuss your plans with them. In fact, most states require both husband and wife sign a franchise agreement so encourage your spouse to be part of your investigation process.  Remember, the biggest fear is the fear of the unknown.  The more your partner is engaged in the process, the more support you will receive.
• Study the concept — I will help you know what to examine, what to learn, what will work for your skills.
• Study the FDD — the Franchisor must provide you with a disclosure document that delineates all of the pertinent facts relative to their opportunity. If they do not offer you one before asking you to sign a contract, they are breaking the law. When you read it – read it as if you have been in business for two years. You will be amazed what a difference that makes.

Above all – turn your assumptions into questions so you get to the facts. You don’t want to say NO to a business based on what you think, rather than on what you know.

Suggested Readings:
Rick Dad, Poor Dad, Robert Klyosaki
The Go-Giver, Bob Burg
From Employee to Entrepreneur, Marvin Storm
The E-Myth Revisited, Michael Gerber
Having It All, John Assaraf
Street Smart Franchising, Joe Mathews & Thomas Scott

Advantages:

• There is an already successful model to view and evaluate, and your rights are clearly delineated in a contract.
• Instead of needing to think through thousands of details on your own, your franchise provides support to you. During the start-up of your business, they may provide assistance with site selection, supply of equipment, assistance from experienced staff during the launch period, and selection and purchase of stock. Better franchisors are committed to providing you with ongoing support as their income is dependent upon your success.
• The franchise’s brand name can add an aura of success and drawing power to your business.
• The franchisor can provide training in both general management and skills specific to your franchise as well as significant administration and management functions.
• Advertising and/or marketing support to build your clientele is provided.
• A detailed Operations Manual provides you with resources to support you in just about every eventuality your business could experience.
• A designated territory is often provided to avoid overlap within the Franchise system.

Disadvantages:

• You will not be in a position to exercise 100% control over all aspects of your business. But why would you want this? You’re BUYING expertise and experience when you purchase a franchise, so 100% control would be counter-productive. You should understand this fundamental point from the beginning if you want to be successful.
• If a franchise in another town or country has problems that draw national attention, it could adversely affect your sales. (Do you remember the tainted food fiasco that injured Taco Bell’s reputation in 2006?) This is why FDD’s from the better franchise companies often have very strict rules – they are there for YOUR protection.
• If you’re not terribly good at taking directions from others, then perhaps franchising isn’t for you, because you must be able to follow the system that your franchise company has developed. A franchisor has the right to terminate your contract if you do not remain in compliance with your contract with them. You will never find sushi at McDonald’s.
• An average contract with a franchise is for 10 years — but not a lifetime. As you near the end of your contract, you can sell your franchise, or you can choose to renew, if the franchise invites you. So first of all, you have the right to sell your franchise at any time if you choose.
• Every franchise receives ongoing monthly royalty payments from its franchisees for the ongoing support they provide usually in the form of a flat fee or a percent of gross sales. Remember the franchisor’s engine runs on royalty income, hence if you are not successful, neither will they be.  It’s a win-win proposition.

One thing I always coach my clients on is this: don’t let a past experience rob you of your future dreams. It is human nature to go back automatically to a negative experience we had in the past because we are afraid history will repeat itself. Make sure your fear is REAL and not just a bad memory. (Fear is false evidence appearing real.)  I work hard to find a business where my clients can play where they work! If you love what you are doing, it won’t seem like work.

Do you know what you are passionate about?