If you read the E-Myth by Michael E. Gerber, you see why so many people fail in business. He shows why a woman who loved baking pies struggled with her new pie store, and what she needed to do to overcome it. He stops short of saying that you need to buy a franchise, he gives a ton of evidence why a franchise is the better way to go.
A proven franchise has the recipe for success and what you need to do, step-by-step. He shows how you can duplicate that system successfully and repeatedly. A franchise has the systems and tools to allow the business to scale to the potential of the business and NOT to the potential of the business owner. The business owner still only has 24 hours a day, 7 days in the week. With the right systems, the business can keep on growing.
A sophisticated buyer is looking for more. While systems and tools are important, the key is always People and Culture. Listen to the little voice in your head. Are you talking to people that you believe will help you grow? Do they live and run the franchise by a Code of Values? Are they the type of people that you want to spend time with?
How can a franchise business help aspiring entrepreneurs to start a business?
A franchise should bring the support and predictability needed to start a business. It is your business, however, the corporate office is there to support your site selection, launch, and growth of your franchise.
Additionally, you have other franchisees to share ideas, marketing, and goals with at all times.
I use the term “should” above because franchise companies vary with this support. A new franchise versus an established brand varies greatly with the systems offered from corporate.
How do you help people in career transition with franchising option?
As a Franchise Consultant and business owner, I help my clients to find the right franchise (amidst the thousands of options) and assist them through the process from start to finish. I have been helping folks to find businesses for over 25 years.
In addition, if you have an IRA, 401(k), 403(b) or other similar tax-qualified retirement plans, I can discuss a program that allows you to use some of these funds to purchase a franchise without having to pay the taxes and penalties.
What are the hot and emerging areas in the franchise area now?
Trends in the franchise area tend to be related to the ownership and models offered. There are more women and minorities purchasing franchises than ever in history. Additionally, home-based franchises are a hot sector.
Gone are the days when a business was selling makeup or cleaning supplies. Now a home-based franchise model can be in many different categories of business.
Home service franchises that provide repeated and needed services are not recession-proof. But they are recession resistant. Looking for the customer that demands a high quality of service and will pay the price is the focus of proven marketing. The services industry is extremely fragmented.
What are the 3 things which aspiring entrepreneurs should take care while choosing a franchise brand?
Not focusing on the name, but rather the business model!
Having a systematic way to research a brand to ensure it will meet your financial and lifestyle goals.
Understanding the requirements and laws of the franchise agreement.
What is the success rate of franchise business in the PA region?
That is impossible to accurately know. But franchising as a whole has a significantly greater success rate than a mom-pop startup. Much of this is due to the financial commitment made, not being under-funded, and the support provided by the franchise.
How do you help people to choose franchise brands?
Getting a true understanding of their financial and lifestyle goals. The consultation process covers a person’s background, what they enjoy, how they see their future, the strengths, challenges, and their financial ability to purchase a franchise.
We guide them through a quality decision process with our Mutual Evaluation. We recognized that the world is not a one-size-fits-all environment. We will start with the WHY. Why is this opportunity right for a candidate now? We move to the HOW and WHAT of the franchise and network. The candidate has unfettered access to all of the franchisees in the Network. We want them to have frank conversations with them prior to ever meeting with us face-to-face.
What is the methodology you use to help people to connect with franchise brands?
I use a consultative approach and introduce them to franchise brands that will make sense for them. There is a systematic process of discovery and the good news is they can opt out of the discovery at any time. The decision to buy a franchise must make sense for them financially, for their family, and their community.
What is your opinion about the US economy in starting a business?
Now more than ever has business ownership been an option to review. Gone are the days when Corporate America will take care of their employees long term! People are wanting to take charge of their own destiny. This is shown by the franchise growth year after year. Below is a link to the economic forecast.
What is your philosophy about life?
I love helping people to discover their paths and work with them to explore opportunities to build wealth and freedom to lead a high quality of life.
What are your hobbies?
I’m originally from India. During childhood, I loved playing soccer. Even now I play sometimes. It is fun.
Below is a link discussing the market outlook for the franchise industry:
Visit www.wizelink.co to know more about his company Wizelink International, a specialized team in Franchise Consulting.