Don’t Buy A Turkey!

With over 5,000 franchises from which to choose, it can be daunting to find the right franchise for you. If you don’t know how to go about it or have the necessary information to make a well-educated decision, it’s easy to get a turkey of a business.

The good news is that there is information, guidance and how to steps to follow.  With 20 years experience under my belt helping people SELECT AND VET FRANCHISES, there is an easy and simple process to follow to figure out

• Is a franchise for you? If it is, then

• Which franchise is for you?

Check out this short video to see if a franchise makes sense for you.

If it does, the first step in the selecting and vetting process is to build your business model BASED ON YOUR PREFERENCES as a business owner.

This involves factors like your

• Time availability 

• Who you want your employees to be

• Who you want your customers to be

• What role you desire to play in your business

• What do you enjoy doing and are good at doing

• Investment parameters

• Market preference

• Location type

The heart of any business model is the GOALS the investor has for the business. What do you want a business to do for you personally, professionally and financially?

Once we construct your business model, then I do extensive research on franchises looking for matches.  Then I introduce you to those matches, and the vetting process begins.

Following this process will help you avoid buying a turkey of a business. 

Are you curious about what a franchise can do for you? If so, reach out to me for a casual chat. For your convenience, here’s my calendar link. 

Building A Bridge To Retirement NOW

It was great working with Chris, a senior executive in his early 50’s, who put into action his desire to exit from the corporate world and to BUILD A BRIDGE TO RETIREMENT - starting NOW!

He provides an interesting case study for other professionals who have done well in the corporate world but who need to put in place a viable EXIT STRATEGY  so they can leave the corporate realm WHEN THEY WANT to AND ON THEIR OWN TERMS!

What I loved about working with Chris is HE PUT HIS MONEY WHERE HIS MOUTH IS. Chris was awarded a multi-unit territory by a rapidly growing healthcare-related franchise. By doing this, he INVESTED IN HIMSELF AND HIS FUTURE.

Chris did just that for himself by working with me to find the franchise that was right for him, his abilities, his time commitment, his investment parameters and most importantly, his long-term goals, both personally and professionally. 

If you are curious about what a franchise can do for you, contact me for a confidential conversation.  Call or text me at my direct number - (706) 736-0579. 

Veterans and the American Dream

On Friday we observe Veterans’ Day, a holiday I truly enjoy, and not just because I’m a veteran. It’s because I’m an American, and a patriotic one. One of the things I’m most proud of in my life is having served on active duty in the United States Air Force during the Persian Gulf War. 

What a blessing it is to be an American, and what an honor to be in her service.To others who served or who serve now, I salute you!

Do you agree that we owe a debt of gratitude to those who serve and have served to preserve our American way of life?

The American Dream is about owning your own home, and the cherry on top is owning your own business. 

We know why people want to provide a home for their families. Why do people want to own businesses, too? 

The answer is the same: FREEDOM

FREEDOM from want and FREEDOM from fear! FREEDOM to be captain of your own ship!

When you own a business, you can CREATE WEALTH AND INCOME for your family. 

As a franchise advisor for 20 years, my work gives me the opportunity to help people become BUSINESS OWNERS and LIVE THEIR DREAMS.

Here’s a shout out to all our veterans!  If you served in the military at any time, please respond and let me know when and in what branch you served.

Franchise Conference Takeaways

Last week I attended a private franchise conference with 800 attendees! The biggest representation was in the category of HOME SERVICES. 

These franchises are primarily maintenance and repair services which homeowners buy to keep up their largest single investment - the piece of real estate they call HOME.

I am a big fan of “STEADY EDDIE” BUSINESSES like these. Here are some things they have going for them:

• Mostly essential services

• Constant demand

• Nice profit margins

• Lower cost than retail

• Fast ramp-up times

• Huge customer base

• Homeowners insurance covers storm damage

Realize that industry experience is NOT required. BUSINESS ACUMEN and BUSINESS SKILLS are NECESSARY. 

Franchisors want franchisees who UNDERSTAND BUSINESS.  Their training programs teach owners what they need to know about roofing or insulation or window replacement. 

As a BUSINESS OWNER, your ROLE is not that of your technicians. The owner HIRES employees or SUBCONTRACTORS WHO REPAIR, PAINT, AND/OR INSTALL. 

No Experience Necessary - Really?

As you explore franchises, you’ll see the phrase “No Experience Necessary” often.

How can this be?

Experience isn’t what franchisees are looking for in a franchise candidate. As a matter of fact, franchises provide training programs designed to help people with no industry experience.

Three things matter most to franchisees.

The first is a person’s FINANCIAL QUALIFICATIONS.

The second is a person’s UNDERSTANDING OF BUSINESS AND GENERAL SKILLS. Does the person get things done, follow through, and talk with people effectively?

The third is someone’s WILLINGNESS AND ABILITY TO LEARN.

Solid financial standing, business know-how, people skills, and the ability to learn, these are what tend to indicate future SUCCESS AS A FRANCHISE BUSINESS OWNER - not industry experience.

Repeat, Loyal Customers

There are variety of ways to keep customers coming back - again and again! There are loyalty programs, regular sales and promotions, special packages, bundled services, etc.

In franchising there is good representation of business that utilize memberships. This business model keeps

• Customers coming back and

• Cash flow at regular intervals

Most people think of a gym for this kind of model. However, in franchising, there are different types of businesses that also offer memberships.

• Beauty salons for waxing or facials

• Medical spas for IV vitamin drips and related services

• Dog grooming - yes, dog grooming!

• Therapeutic massage

These are repeat services people desire on a regular basis. They are also “affordable luxuries” that don’t get cut from the budget like a vacation cruise does.

A concern about this business model is the attrition of members. Most personal services like these are about the experience the customer has. This is where customer service can be THE differentiator that has clientele coming back again and again or going to a competitor.

Dogs Go Wild Over AI

One of the huge ADVANTAGES OF A FRANCHISE is its application of TECHNOLOGY. The two standout areas are OPERATIONS and MARKETING. 

Technology is where franchises can be a smashing success and offer a significant DIFFERENTIATOR in a crowded marketplace. 

The best franchises embrace technology, invest in it, and apply it throughout their organizations

• To drive operational efficiencies, 

• To enhance data collection and analysis as well as

• To drive marketing and sales

As a franchisee expect to have proprietary software that helps you manage and analyze your business. 

For example, there is an amazing dog grooming franchise that uses AI as the basis of its technology. The proprietary software acts like a general manager - in the moment - to maximize staffing, operational efficiency, and profitability.

I’m not talking about analyzing historical data but using the technology IN REAL TIME to assign staff to MAXIMIZE PRODUCTIVITY AND PROFITABILITY!!
To learn more about use of technology in franchising, check out this Franchise Alert.

Click here to stay informed about the latest and greatest in franchising on our YouTube channel.

How Franchisors Drive Customers To You

After franchise candidates ask financial questions, next is, “How do I get customers?” 

Getting customers is a combination of both marketing and sales efforts.

One of the BIG ADVANTAGES of a franchise is its MARKETING expertise whether it's 

• Branding

• Traditional

• Online or 

• Social media strategies and know-how!

When it comes to sales, that is the domain of the local business owner.  However, some franchises have U.S.-based national CALL CENTERS that make both OUTBOUND AND INBOUND SALES calls for its franchisees.

As you select a franchise, understand if the owner is to HIRE A SALES TEAM or be the main salesperson.

Just be sure to select a franchise that matches your skill set and desired role in your business.

To get an in-depth look at how franchisors drive customers to their franchisees, check out this Franchise Alert.

Franchise Exit Strategies - What Are They?

When I advise people on franchises, we focus a lot on selecting THE right business investment for them. We also discuss exit strategies.

The most common exit strategy for franchisees is to sell their businesses. This can be done as an inside sale to a family member like an adult child or a key employee like the General Manager. 

Naturally, it can also be sold on the open market. 

Getting into a business venture is a process.  It is also a process to exit one.

• Start by knowing WHEN you, the owner, want TO EXIT. 

• Then GET the business READY TO SELL, and do this well in advance of your planned departure. 

• Normally, your CPA and franchisor help you DEVELOP THE SALES PRICE. 

• When you and your business are ready, MARKET THE BUSINESS for sale. 

For more information on Exit Strategies, check out this Franchise Alert.

Stay informed on franchising by subscribing to our channel. CLICK HERE!

What are growth strategies for franchisees?

Once someone becomes a franchise business owner, the first goal is to break even and generate positive cash flow.

After that, adjustments to marketing, operations, and personnel are often made to tweak the business and have it reach a steady state.

Then many franchisees are ready to grow or scale their business. What options do they have?  There are several.

They can REINVEST in their existing business to add more vehicles, equipment, technology, and/or team members to grab additional market share.

After this, ADDITIONAL TERRITORY may be opened. Owners of multiple territories are called multi-unit owners.

Some franchisees expand their business portfolio by adding another brand. This can be from the parent company or another franchisor. This strategy is called STACKING.

To learn more about Growth Strategies in franchising, check out this Franchise Alert.

Learn more about franchises by subscribing to our 15-minute weekly podcast.

I'm A New Franchisee: Now What?

The answer to “Now What?” is franchise Training and Support. These services kick in once a franchise candidate signs a franchise agreement and pays the franchise fee. These SERVICES and SYSTEMS are main differentiators between franchises and other business ventures.

Not only does the new franchisee get a 

• Proven business model but also

• Training for learning and operating the business. Plus  

• Support throughout the entire tenure of the franchise term. 

For a new service franchisee, getting scheduled for a training class is near the top of the To-Do List. 

For a new retail franchisee, training is generally done after the real estate site is secured and occurs before the Grand Opening.

Every franchise will have its own level of training and support so evaluate these important aspects during your discovery process. 

To learn more about Training and Support, check out this Franchise Alert.

What Is Meet-The-Team-Day?

It has nothing to do with sports. It is related to business. It is specifically related to franchised businesses. The "Team" is the leadership team of a franchise. Meeting this team is the last step in the franchise discovery process.

Another name for "franchise discovery process" is the “franchise award granting process.” 

Near the end of it, a franchise candidate is invited to "meet the team."  The agenda typically includes dinner out the night before to get to know each other on an informal basis. The next day may include presentations by marketing, finance, and operations. A site visit to one or more local franchisees is also a nice touch.

After the Meet-The-Team-Day, the franchise leadership team makes a decision. Within a day or two, a franchise candidate will learn if he or she has been awarded territory. If so, then it’s up to the candidate to either accept or reject the award.

This Franchise Alert walks you through a Meet-The-Team-Day. This 60-second Franchise Minute video gives you an overview.

To learn more about franchises, SMASH this link to subscribe to our YouTube channel.

See Both Sides of the Franchise Coin

Let’s say you are interested in learning about a franchise.  You don’t want to get “sold” by a sales rep working on commission. How do you know what you are hearing is accurate?  Is it really as good as it sounds?

An important part of the franchise discovery process is called VALIDATION.

This is when you VALIDATE or confirm all that you have learned about the business from the franchisor WITH FRANCHISEES. 

Who better to learn about the franchise than from franchisees who have already invested their hard-earned money?

I recommend you focus on 3 areas during validation: 

1. Training and support provided by the franchisor

2. What a day in the life of a franchisee is like and

3. The financial aspects of the business

For more great tips on validation, check out this Franchise Alert.

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How Do Franchisers Assess Someone For Their Opportunity?

The franchise granting process is referred to as the Franchise Discovery Process. This is how a franchise candidate learns about a franchise. In turn, this is how a franchisor qualifies a candidate for their opportunity.  

This process takes place over several weeks (six or more). 

Key aspects of it include

• Brand overview

• Franchise Disclosure Document (FDD)

• Operations and business format

• Technology and systems

• Marketing and customer acquisition

• Training and support

• A day in the life of a franchisee

• Validating with current franchisees and

• Attending a Meet the Team Day

Both parties assess each other throughout this time. If there is a mutual match, then a new franchisee joins the system.

To understand the Franchise Discovery Process in detail and to learn tips for being a successful franchise candidate, check out this Franchise Alert.

Remember to SUBSCRIBE to @BeWildlyWealth to learn what you don’t know but NEED TO KNOW about making a franchise investment.c

Know Where To Dig For Gold!

Part of every franchise discovery process is receiving the Franchise Disclosure Document or FDD. FDDs are goldmines of information about a franchise. 

Each franchise in the US has its own FDD, and they are updated annually. Each FDD provides the same 23 sections. These sections are called Items.

Here are just a few of the topics covered in an FDD:

📌Fees and costs

📌Obligations of both the franchisee and the franchisor

📌Territory

📌Exit Strategies

📌Financial statements 

📌Contracts and other good stuff!

To learn more about the gold found in FDDs, check out this Franchise Alert.

Do subscribe to our @BeWildlyWealthy YouTube channel to be informed and ahead of the curve in franchising,

Franchise Jargon - Are You a Zee or a Zor?

When I joined the military, I had to learn a lot of jargon - FAST. Confusion was rampant until I understood it. To help you better understand franchising, here are some commonly used terms.

To start, let’s distinguish between who is the FRANCHISEE and who is the FRANCHISOR.

The franchisee, or ZEE for short, is the person or business entity that owns the local franchise. This person was awarded TERRITORY, usually a defined geographic area.  

Once the person pays the one-time FRANCHISE FEE and signs the FRANCHISE AGREEMENT, he or she becomes a franchisee or OWNER.

The franchisor, or ZOR for short, is the company that owns the intellectual property and business format of the brand. 

When people are learning about what a franchise offers, they are referred to as “FRANCHISE CANDIDATEs.” 

The learning process is called the “DISCOVERY PROCESS” or the “FRANCHISE GRANTING PROCESS.” 

Other common franchise jargon is covered in this Franchise Alert. Check it out! 

What exactly is a Franchise?

There are national chains like Kroger grocery stores and Walgreens drug stores but they aren’t franchises.  Most franchises like Subway and Ace Hardware Stores are national in scope. So what’s the difference between a national chain that is a franchise and one that isn’t?

Look at who owns the business.  

Can a person wholly own a Kroger or Walgreens?  No. A person can buy shares of their stock and be part owner.

Can a person completely own a Subway or Ace Hardware Store?  Yes.  

How does someone get to own a franchise?

The person buys a LICENSE to use the branding, trademarks and business format of a specific franchise. 

There is a one time payment for the license called the FRANCHISE FEE.

The key is to be AWARDED a franchise by the franchisor. A geographic area or TERRITORY is typically included.

For the past 20 years, I’ve helped people select and vet franchises that are a great fit for them.

If you long for an  EXIT STRATEGY from your job, need a FINANCIAL BRIDGE to or through retirement, or wish to DIVERSIFY YOUR ASSETS and create ANOTHER INCOME STREAM, let’s set up a time to talk. 

To be informed about what a franchised business involves, check out this Franchise Alert. 

SUBSCRIBE to our @bewildlywealthy YouTube channel to learn more about franchises.

In HIGH demand: Eco-friendly Franchises!

One of the hottest categories in franchising is ECO-FRIENDLY or GREEN businesses.

These franchise opportunities are found across many industries. 

Let’s start with businesses that help homeowners and business owners REDUCE utilities consumption and thus LOWER operating COSTS. 

Think insulation, HVAC services, plumbing, irrigation systems, door and window replacement, window treatments, and roofing.

Another group of businesses are those that REPAIR, RESTORE OR RENOVATE.

Think resurfacing of bathroom tubs and showers, redooring cabinets, wood restoration and other renovations that ELIMINATE tons of construction debris.

Consider cleaning services and pest control that use NON-TOXIC ingredients that are SAFE for people, pets and plants.

Anything that REDUCES waste, and RECYCLES or REUSES things is also a big winner. Think estate sales, consignment of clothes, furniture or sporting goods. 

There are also textile recycling and junk removal businesses that keep millions of pounds from hitting landfills. These services often DONATE goods, or a portion of their profit to worthwhile organizations which makes them especially attractive.

This Franchise Alert has the latest Need To Know info on GREEN FRANCHISES.

Note the change in the name of our YouTube Channel from “Anna Wilds” to “Be Wildly Wealthy.”  This puts the emphasis on you and what you want. Subscribe to it here.

Take the Trash Out and All Your Junk, Too!

When my husband and me downsized, one junk hauler made three separate trips to remove MASSIVE piles of stuff from our home, garage and lives. We had to wait several days for each scheduled haul because the company was so busy. 

What an amazing feeling of freedom, relief and exhilaration to let 15 years of accumulated things go that were no longer needed, in good repair or never even used! 

Want to get into a business that can be 

• Lucrative

• Immune to world events

• Unaffected by politics

• Robust in any economy?  

Then, let’s talk trash AND junk removal!

There’s MONEY in removing, recycling, reducing, and reusing trash or junk.

To learn more about the potential to PRODUCE WEALTH from trash or junk removal franchises, check out this Franchise Alert.

Remember to subscribe to the Anna Wilds YouTube channel to avoid FOMO on other great money-making “Steady Eddie” businesses.

Good Businesses That Are Good For Children

What’s exciting are the SPORTS FRANCHISES that can MAKE both A DIFFERENCE AND A DOLLAR for the business owner. 

Most sport franchises are focused on HELPING YOUTH LEARN SPORTS and the IMPORTANCE OF FITNESS. 

Some are broad in nature helping young athletes in a variety of sports GET TO THE NEXT LEVEL in competition. 

Others focus on one sport like basketball or soccer or martial arts or baseball to TEACH the mechanics AND ENHANCE CHARACTER DEVELOPMENT and LIFE SKILLS.

s an athlete growing up, I can attest to the LIFELONG VALUE of getting youth involved in sports. They made me my BEST SELF as a PARENT, a SPOUSE, and a BUSINESS OWNER. 

This FRANCHISE ALERT has exciting information about Sports Franchises as does this 60-second VIDEO. 

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