In honor of hashtag#WomensHistoryMonth, I’m highlighting Joan's extraordinary philanthropic legacy. She was the remarkable widow of McDonald's’s founder, Ray Kroc.
Her pinnacle moment came in 2003 when she donated over $1 billion to the The Salvation Army Army, supporting projects like the transformative "Kroc Centers." These community centers provide arts, education, recreation, and worship facilities in underserved and underprivileged areas in cities.
Their purpose is to serve as BEACONS OF HOPE and PLACES OF REFUGE for FELLOWSHIP, SPIRITUALITY, CREATIVITY, AND WELLNESS.
There are only 26 of these in the US. My hometown of Augusta, GA has one of these gorgeous facilities. For years my family and I were members. I learned to PLAY PICKLEBALL there, took lots of SPIN CLASSES, had a PERSONAL TRAINER, and even tried ZUMBA CLASSES.
My children enjoyed BIRTHDAY PARTIES there and SUMMER CAMPS. The amazing SWIMMING facility is where we as a family had lots of fun. There is a massive slide that curves outside and then inside the building. Sorry I can’t find a photo of that to show my boys going down that!
So, where Joan Kroc and I connect is through the $100 million dollar The Salvation Army Kroc Center of Augusta in my hometown. What a wonderful gift and what a trailblazing woman of philanthropy.
Friday Fun Fact + Women’s History Month
I admit to loving history. It’s fascinating to me to learn back stories and little known facts about people who influence culture, society, science, the arts, business, history, and the world!
Today the spotlight is on MARTHA MATILDA HARPER. Her inspiring story begins in 1857 when she was born.
Martha, a former servant, founded the FIRST EVER FRANCHISED BUSINESS, Harper Method Shops.They offered HAIR AND BEAUTY SERVICES. Her innovative approach to business and empowerment of other WOMEN AS BUSINESS OWNERS marked a significant milestone in history.
This Women's History Month, we tip our hats to Martha Matilda Harper—a TRUE BUSINESS TRAILBLAZER who not only revolutionized the beauty industry but also paved the way for countless WOMEN ENTREPRENEURS.
Throughout Women’s History Month, I will champion women's achievements.
FRANCHISING’S ECONOMIC OUTLOOK 2024
2024 IS A YEAR OF TRANSITION. As a FRANCHISE ECONOMIST, I stay informed and IDENTIFY THE OPPORTUNITIES in this dynamic landscape.
In the wake of the unpredictable post-COVID economy, 2023 threw economic challenges at FRANCHISING, from inflation to labor shortages and rising interest rates. Yet, against the odds, the industry not only weathered the storm but EXCEEDED PROJECTIONS.
According to @FRANdata, establishments saw a remarkable 2.2% growth, outshining the anticipated 1.9%. The Federal Reserve's strategic approach to interest rates, aimed at curbing inflation, played a role. The real hero was ROBUST CONSUMER SPENDING, propelling franchising and the U.S. economy BEYOND EXPECTATIONS..
Employment growth aligned with @FRANdata's estimates, increasing by 2.9%, and output for 2023 mirrored last year's projections, growing by 4.2%. Looking ahead, INVESTORS are OPTIMISTIC about potential RATE CUTS in 2024.
However, the journey is not without challenges. With inflation, a U.S. presidential election, geopolitical tensions, and AI advancements, 2024 IS A TRANSITIONAL PHASE.
For a more in-depth look at the data and trends, read the full @FRANdATA report 2024 FRANCHISING BUSINESS OUTLOOK.
Real Estate Renovation Is Hot!
It’s well known that we are lingering in a tight real estate market. There is little inventory available for purchasing homes. This makes the homes on the market command higher prices. Also adding to the cost of home ownership is the increased interest rate on mortgages.
In spite of this, NOW is an ideal time to get into a cosmetic or light renovation franchise that caters to realtors, not homeowners.
How can the timing be right?
Join me today on the Franchise Minute podcast at 11:30 a.m. EST to hear the interesting answer for yourself. Guest Jeff Bien has a great response to that question.
He’ll also crush the PRECONCEIVED NOTION that to be successful in this business, you need to BE HANDY or have a CONSTRUCTION BACKGROUND.
Who makes an IDEAL CANDIDATE for this business?
A GOOD NETWORKER
Someone who ENJOYS REAL ESTATE and design
Has STRONG MANAGEMENT AND LEADERSHIP SKILLS
The ROLE OF THE OWNER is to DELEGATE and MANAGE the SUBCONTRACTORS that do the work on the homes. No structural work is done.
I myself am about to have a renovation project of my own so this is an interesting topic to me both personally and professionally.
Unlocking Opportunities: The Resilience of Real Estate Franchises in the USA!
The real estate market in the USA is not just about transactions; it's a dynamic landscape of opportunities and growth. According to recent reports, the market size value in 2021 soared to an impressive US$100.8 billion, setting the stage for an exciting journey ahead.
Projections reveal an even brighter future, with the market size expected to reach an astounding US$175.96 billion by 2027! This reflects a commendable Compound Annual Growth Rate (CAGR) of 9.73% from 2021 to 2027, showcasing the resilience and adaptability of real estate franchises in the face of changing landscapes.
As we navigate through the forecast period of 2021-2027, it's evident that real estate franchises are poised for substantial growth, making them a compelling investment choice. Now is the time to explore, invest, and be part of the flourishing real estate franchise sector in the USA
February is International Friendship Month!
February is International Friendship Month!” Let's celebrate the amazing bonds that connect us across the globe.
My special international friends are actually cousins on my husband’s side of the family. Alex Wilds has lived in Japan for decades. He’s got a PhD in Art with sculpture being his especial love. For years he was on faculty at Japanese universities, and is retired now.
His wife, Yukiko, is Japanese, and they have two high school age sons, Utau and Natesume. Alex is a devoted son and visits his mother in Aiken, SC at least a couple times each year. Here he is having dinner with us on his last visit.
This month, let's strengthen those connections among family and friends that bind us together. Reach out to an old friend, plan a virtual hangout, or share your favorite friendship memories. Cheers to the power of friendship and the joy it brings!
Who Makes A Good Business Owner?
It may surprise you to learn who makes a good business owner. The answer is most probably YOU.
What about being a franchise business owner? The only difference between people who become franchise business owners and those who don’t are two things:
The desire to BE YOUR OWN BOSS and CONTROL YOUR DESTINY
The willingness to LEARN AND FOLLOW A PROVEN BUSINESS MODEL. That’s it - really!
Your neighbor who owns a Mathnasium or the couple at church who own a Subway, what do they know that you don’t? I surmise - nothing.
What about the level of education? I’ve placed HIGH SCHOOL GRADUATES and MBAs from top universities into great franchises. The point is this: there is A FRANCHISE FOR YOU whether you are BLUE COLLAR WHITE COLLAR, or you like to work with your hands or use your leadership and executive skills.
The emphasis on what franchise business to go with is more about YOUR TRANSFERABLE SKILLS than your work experience.
My professional advice is to focus on YOUR SUPERPOWER and MATCH A FRANCHISE TO THAT. Watch the short video in the comments for clarity.
Money Monday: The Multi-Billion-Dollar Super Bowl
Being from and living in Georgia, I don’t have any connection whatsoever to Kansas City or San Francisco. Actually, I didn’t pay any attention to the Super Bowl - until the day before.
That’s when I ate brunch with my 86-year-old spinster cousin. She told me why she wanted the Chiefs and shared details of some of the key players’ families. Then my husband explained how @Taylor Swift couldn’t perform at it since she and PepsiCo are in a relationship. The Coca-Cola Company is a Super Bowl sponsor. Between the two family members, I got convinced to join the millions tuning in .
Let's break down this financial bonanza :
Ticket Treasures: The millions it rakes in from ticket sales doesn’t even count the luxury boxes that go for the price of a small island .
Ad Blitz: A 30-second commercial might cost more than your house, but it's an advertising touchdown.
Merch Madness: Fans go ballistic over team gear. The shopping spree pumps billions into the @NFL's pockets.
Here's the real kicker: The Super Bowl boosts the value of EVERY National Football League (NFL) franchise.
For your own corner of the wealth-creating sports empire 🌐, you may want to consider owning your own youth sports, fitness studio, medical spa, or wellness center franchise eager to come to your market.
American Heart Month
When was February designated American Heart Month?
Here’s an even more interesting question: who or what made the proclamation?
- The American Heart Association
- The US Surgeon General
- The American Medical Association
- President Lyndon B Johnson
(The correct answer to both questions is President Johnson in 1964.) 📅
My family has a long history of heart attack and stroke. My grandfather died of a heart attack. His wife, my grandmother, had several mini-strokes. My dad had more than one stroke that left him bed-bound and unable to speak. My mother had a stroke which also affected her ability to talk. My brother has been in intensive care for blood clots.
The handwriting is on the wall for me, so being physically active and eating properly is constantly on my mind.
Here is a photo of my husband and me at a pickleball match. How do you like to stay active?
When You Clean Something, How Long Does It Stay Clean?
When it comes to the exterior of homes, cleaning is a regular part of maintenance for homeowners. Just last week, my husband used a bleach solution to pressure wash our brick wall to remove black mold. Fortunately, the porch and front door were already pressure washed. That came in handy yesterday when we took a family photo at the After Party Brunch to nephew Gary’s engagement party Saturday night.
The HOME SERVICE INDUSTRY is absolutely MASSIVE- it exceeds $500+ BILLION. Routine cleaning is a necessity to maintain anyone’s residential real estate investment. Still on my husband’s To Do List for cleaning:
- Fence
- Driveway
- Front porch
- Back deck
- Walkway
- Windows - inside and outside
Since we live in Georgia and have mild winters, we don’t have to wait for Spring to clean the:
- Roof
- Gutters
Did you know there is a franchise that provides all these services and MORE? If you have solar panels, it cleans them, too. If you put up and took down holiday lights on your home, you know what that involves. Throw that on the service list for this company, too!
Money Monday: Passion + Profit = Pre-Schools
In the US, the preschool industry has been experiencing steady growth. Its average annual revenue is over $11 billion!
Do these early learning havens make money? Most assuredly, they can.
What sets one preschool apart is the PASSION the owners and instructors have for early childhood education and development. Imagine that bottle into a fabulous preschool franchise.
Why a franchised preschool? It lowers your risk of entrepreneurship due to these factors:
Proven business model
Grade A Training
Ongoing support
Systems already developed and in place
Best practices shared system-wide
Track record of financial success
With the growing demand for preschools, potential revenue numbers paint a rosy picture.
Glowing Success: Unveiling the $90 Billion Beauty Empire in the USA!
Eyelash Extension
Hey beauty enthusiasts! Did you know that the beauty industry in the USA is not just about looking fabulous but also about flexing its financial muscles? It has a whopping market valuation surpassing $90 billion.
Let's delve into the numbers behind the glamour:
Hair Industry:
At the forefront, the hair industry, inclusive of salons, hair care products, and styling tools, boasts a robust market valued at around $46 billion. The ever-evolving styles and the demand for cutting-edge hair care contribute significantly to this economic powerhouse.
Nail Care Revolution:
Nails take center stage in grooming, with a market value of approximately $11 billion in the USA. The growing craze for nail art and soaring demand for nail care products showcase the dynamic nature of this glam segment.
Sun-Kissed Trends:
Tanning, synonymous with a sun-kissed look, holds a market value of around $2 billion in the USA. The quest for safe tanning solutions continues to drive the growth of this radiant segment.
In this digital age, the beauty industry's influence remains unparalleled, reflected in staggering profits and vast dimensions.
Be sure to register and join our LinkedIn Live event this Wednesday, January 24, 2023. You’ll more about the growing Beauty Service Industry.
Money Motivations for 2024
Most of the people who contact me have a problem that owning a business solves. Why they are contacting me can be for a variety of reasons:
Frustration with the corporate world
Longing to be their own boss
Stressed from a work/life imbalance
Tired of making other people money
Whatever their troubling or bothersome situation, they see having control over their time, their work, and the money they make as the answer. When it comes to money, what is your focus for 2024? Share your answer in the comment section!
Money Monday - FINANCIAL FREEDOM
The expression “financial freedom” means different things to different people. I describe it as being able TO HAVE OPTIONS about how
- I spend my time and
- I spend my money
This allows me to focus on what and on who is important to me. I believe this allows me to live life on my terms, as much as is possible.
Step One is to SET YOUR INTENTION.
Take Jeremy for example. His intention is to wakeboard around the world. He’s currently looking at manage-the-manager franchises so he can be gone for weeks at a time. His plan started by trading online. Achieving financial success there, he left his day job. Now he wants to spread his risk, diversify his assets and have multiple income streams.
What’s important to you?
What is your intention so it becomes inevitable?
As for me, my intention is to visit our adult children, play in pickleball tournaments, retire in five years, and travel in the US and abroad.
To free up both our time and some of our money, we bought a condo. In addition, I continue to sock money away in my 401(k) so I have enough money coming in when I retire.
Set your intention and take the steps that lead to your definition of financial freedom. For free resources on entrepreneurship, message me through @LinkedIn.
A LOT of Birthdays!
Did you know? A staggering 10,000 people in the USA turn
65 years old EVERY DAY!
Let me repeat that: EVERY DAY IN THE US 10,000 PEOPLE TURN 65!
There are many far-reaching implications from this massive demographic group. The one I’ll focus on today is the economic powerhouse the 65-plus customer base presents.
As a franchise wealth advisor, I am frequently asked by savvy people if there are businesses that cater to this demographic. Absolutely is the answer.
This is seen across many franchise brands which target this customer base in a variety of ways from
Residential Cleaning Services
Home Improvement Services
Moving Services
Fitness Concepts (Stretching, the latest trend!)
In-Home Senior Care (Both Medical and Non-Medical)
Estate Sales
Medical Devices like Hearing Aids and Eyeglasses
A special thanks to my guest on last week’s #FranchiseMinute podcast.
Sarah Van Aken with Seniors Helping Seniors!
Thanks, Sarah, for sharing this amazing factoid about the aging population.
If you're interested in owning a business related to this economically vigorous demographic, message me on LinkedIn.
Thanking The Stars!
I'm grateful for an incredible year with 24 amazing podcast guests on the FranchiseMinute!
Thanks to each one of you for sharing your experience and insights about franchises. You did a super job of enlightening and growing our audience.
Here's to a New Year of ENTREPRENEURSHIP - franchise style!
As we step into 2024, know that being a franchise business owner can be an ideal way to CREATE WEALTH and REPLACE INCOME.
Be sure to tune in to the FRANCHISEMINUTE WEDNESDAYS at 11:30 a.m. EST each week on LinkedIn. In 2024, we have an amazing lineup of FRANCHISE INSIDERS guest starring from TOP FRANCHISES!
My thanks to the 2023 @Franchise Minute Guest Stars :
@ChrisBrown with Clothes Bin Franchise
Kimberly Moreno with Shrunk 3D Inc.
Jacob Hanika with HorsePower Brands
Heather McPherson with 1-800-STRIPER
Anthony Spagnola with Mighty Dog Roofing and Stand Strong Fencing
Lori Tobia with Gotcha Covered Franchising
Turp Ricketts with Blingle!
Chip Baranowski, CFE with ComForCare and Boost Home Healthcare
Courtney Carter Reppert with Bumble Bee Blinds
Chris Fisher, CEO and Founder of Shine Franchise Group
Rick Mayo, CEO and Founder of Alloy Personal Training Franchise
Matt Cahill and Adam Cahill, CEO and Founders of SUPPLY POINTe
Bill Dowd, CEO and Founder of Skedaddle Humane Wildlife Control
Emmanuelle Caillet Hardy with Ellie Mental Health
Peter Barkman with Verlo Mattress
Joshua Hoffmann with Groovy Hues
@DanBarton,CEO and Founder of Splash and Dash Groomerie & Boutique
Caleb Clayton with ISI® Elite Training Franchise
Steve Reppert with iFoam
CameronFerguson with @BodyFitTraining
Logan West with Heroes Lawn Care
@JasonBarclay with Clean Eatz
A Healthy Food Franchise?
During this holiday season, I admit to overindulging in food. If you are like me or want in on a HIGH DEMAND food concept, then you’ll be interested to know that there is a GREAT FOOD FRANCHISE you’ll want to check out.
It is HEALTH-FOCUSED. This franchise has a brick-and-mortar cafe model that utilizes FIVE PILLARS OF REVENUE to connect with its customers. They can CUSTOMIZE their health needs into three different categories; lose, maintain, and gain.
This isn't a traditional QSR brand. It embeds itself into its customers’ lives by showing REAL RESULTS for health goals and providing HEALTHY, CONVENIENT FOODS.
It is also a LIFESTYLE BRAND. A lifestyle brand is a franchise that fits the lifestyle of the owner!
Watch the replay on my Youtube channel if you missed this week’s podcast as we talk about ‘Healthy Food Concepts’ with guest star, @JasonBarclay with cleaneatzkitchen powered by BrandONE Franchise Development.
Fitness Is Not A Fad!
Did you know Pilates has been around for over 100 years? Joseph Pilates developed it in the early 20th century.
Mind-Body Connection: He believed in the inseparable link between mental and physical health. Pilates engages the mind to guide muscle movements through precision, concentration, and controlled breathing.
For those who practice Pilates, it is part of their lifestyle. Fitness is a lifestyle for all kinds of people. Think about your family and friends who jog, golf, play pickleball, do yoga, cycle, or strength train.
FITNESS IS A LIFESTYLE!
To learn more about THE BOOMING FITNESS INDUSTRY, watch the full video on my @YouTube channel.
Making A Seasonal Business Year Round
It’s been impressive to see how some clever home service franchises have converted their seasonal services into year-round businesses.
Let’s start by outlining the value of a year-round business from the owner’s perspective:
🔺Retain employees with year-long employment
🔺Improve cash flow, especially in off-season months
🔺Cross-sell existing customer base with additional services
🔺Expand customer base with new services
🔺Have multiple income streams
🔺Strengthen loyalty with repeat customers across services
What are some home services that traditionally have seasonality:
✅Lawn care
✅Roofing
✅Pool service
✅Animal/pest control
What additional services have they added to offset seasonality:
📌Holiday decorating (Christmas lighting)
📌Pet waste removal
📌Snow removal
📌Mosquito control
Roofers are used to being on ladders, so putting up holiday lights is a natural service addition. In cold climates, lawn care workers can do snow removal. Adding pet waste removal is a great year-round business for any seasonal service like mosquito control and animal control.
In-house call centers make it easy for customers to book estimates and services year-round.
What Is Success To You?
As my sons are ending their college careers, and shifting their focus to interviewing, compensation packages, and training programs, we discuss balance, enjoying what you do, and lifestyle.
Naturally, money is a BIG deal. They are starting out on their own and will need new cars 🚘, a place to live, and an upgrade in wardrobe. They will be taking on car insurance, health insurance, renters insurance, and then one day, homeowners insurance, a mortgage, and so on.
From us, their parents, they hopefully see us model what we preach. For example,
I so LOVE what I do for a living: I help people live the life of their dreams
And it does take money.
Now here’s the thing: before I consult with anyone about owning a franchise, I have them put in writing
- WHO is important to them
- WHAT they do with the money the business makes and
- HOW they will spend their time away from the business.
Clearly, true success is not just about making money. It's about making a difference - in the lives of people you care about - your family members, your friends, your community.
As I trust is obvious, it’s also about making a positive difference in your own life. I have people write down what they want a business to do for them - personally, professionally, and financially.
Here’s to work-life balance, well-being, growth, fulfillment, creating wealth, and living the life of your dreams!