Kathryn H. was referred to Great Clips by FranNet’s Mike Martin of Toronto. Mike helped Kathryn determine that Great Clips was the best fit for her to achieve her business and financial goals. 

Kathryn and her husband Ray have a lot to smile about.  Kathryn’s been in the pharmaceutical world managing and leading groups with expertise while Ray has been keeping the neighborhood smiling, one tooth at a time, in his dental practice. With three grown sons, Kathryn and Ray needed something else to sink their teeth into- to bring their managerial experience to the table and achieve their long-term business goals. After exploring their options they realized Great Clips allows them to continue their current careers and permits them to grow at their own pace.  Kathryn’s goal is to open 6-10 salons in the next 5-8 years, and she already signed up for three! We anticipate Kathryn and Ray’s smiles will be even bigger after their salon goals are met.  

If you are thinking about starting a business, you can lower the risk by looking for businesses with certain market characteristics and thrive even in difficult economic times. People still need their hair cut no matter what condition the economy is in. Hair salons are an essential service and always in demand.

If you would like to be matched to the right franchise for you and your goals like Kathryn did please complete this request info form.

It sounds a little strange, but one of the first things to consider when starting a business is how to exit that business. In fact, a franchisor will want to know your plans for leaving the business before you even sign on the dotted line, to ensure that your plans for the future are in line with theirs. It brings to mind the adage, “If you don’t know where you are going, any road will get you there.”

Decide When You Want To Exit the Business

No one wants to think about the end when starting a business, but this is precisely the time to put your plan in place.  Most franchise agreements are for a term of 10 years. So, you need to ask yourself some important questions:

• What do I expect to accomplish from this business and what is my timeframe for doing so? 
• How long do I want to operate the business?
• Do I want to build the business to sell?  If so, at what point am I going to do that?
• Do I want to keep the business, but just step back and let someone else operate it for me?
• What about my family – are they interested in owning this business when I leave it?   
• If I have partners, what will happen to them when I leave the business?

Developing the Exit Plan

Once you have answered these questions from your vantage point, you now need to check with the people who may be involved in your plan: family or partners.   If their goals are in line with yours, put your plan to paper.  Make sure that those involved, including the franchisor, know how you plan to exit the business…and when.

And remember, things change.  Ten years is a long time. Revisit your plan periodically to make sure that your goals are still in line.  If, during the course of your franchise ownership, these plans change, update you plan and let others know.

At FranNet, we help people from across the country find franchise business opportunities that meet their personal and lifestyle goals.   If you are interested in learning more and live in the Tampa Bay area, please contact me at pdeering@frannet.com  (813)281-5473.  www.frannet.com/pdeering.

Written by Patricia Deering, Owner, FranNet of Greater Tampa Bay

Landing a job after graduation can be hard anytime, but especially during a recession. When the job market is bad enough some people figure they have little to lose dropping out of it for a couple of years. That would explain the 12% increase in the number of business school admission tests taken in 2009 over 2008. 

On the other hand, a bad economy makes it more difficult to get a good return on your investment on the cost of going to school. A mere fifty percent of the class of 2009 was offered a job three months before graduation, down from 62% last year, according to the Graduate Management Admission Council. Unemployment is a tough pill to swallow when tuition and two years of forgone salary at an elite program put one out $250,000. 

Business schools have responded by creating programs that offer more “real life” experiences to support traditional textbook- and case-study-based offerings. John J. Fernandes, president of the accreditation body the Association to Advance Collegiate Schools of Business, says that the pressure is on schools to produce a graduate who is not just smart and knows the subject matter but knows how to apply it in a typical work environment.

Called experiential learning programs, many top schools have been putting the programs in place over the last two decades. Northwestern’s Kellogg School of Management started one of the first almost twenty years ago. Today, it offers 19 courses with more than 500 students participating annually. Michigan’s Ross School of Business has been putting students to work since 1992. Emory’s Goizueta Business School made experiential learning part of the core curriculum last fall. The University of Minnesota’s Carlson School of Management will require students to take such a program this fall. MIT-Sloan started its Global Health Delivery class last year, placing 53 students in six countries in sub-Saharan Africa. 

By giving students real life experiences, some say they will have skills relevant for consulting jobs. Companies report that students from these programs come with more creative ideas and different problem-solving skills.

 If going back to school to advance your career is not the career alternative you are looking for then maybe you should explore your option in business ownership.

Over 60 prospective business owners attended a free Meet the Franchisor event in June, as plans unfold for a similar event on September 1. 

As the doors opened for the June Meet the Franchisor event, people flooded in, leaving no chair unclaimed. That’s where over 60 people learned about five national franchisors that are looking to expand in the Colorado market. 

“We were very excited about the turnout on June 16,” explained Stacy Swift, owner of FranNet Colorado which hosted the event. “So much so, that we are planning a similar event on September 1. This time we are inviting franchises that focus on specialty customer service.” 

MEET 5 FRANCHISORS EXPANDING IN COLORADO!

WEDNESDAY, SEPTEMBER 1, 2010
FranNet Colorado Presents “Meet the Franchisors”
Get up close and personal with select franchisors.

Two Sessions to Choose From, 1:00pm to 3:00pm or 6:00pm to 8:00pm

Centrally Located:
Chase Bank Building
2696 S. Colorado Blvd., Ste. 220
Denver, CO  80222
Focusing on Consumer Service Franchises in:

• Personal Services
• Health & Wellness
• Retail
• Automotive
• B2B

 SEATING IS LIMITED, so register NOW! Reservations REQUIRED. Please call (720) 261-4391 or e-mail crayfield@frannet.com. (Include your phone number.)

FranNet is a national franchise consulting firm, providing free guidance and support to people interested in career alternatives through franchised business ownership. With consultants in most major U.S. markets, FranNet consultants specialize in helping clients find the right franchise through a franchise matchmaking process. 

“We know there is a demand for franchise ownership among executives and managers who are transitioning out of current positions due to the economic downturn. We were overwhelmed by the response, and are glad to offer this type of event to help people learn about franchising as an alternative,” said Swift. 

Potential franchise owners are invited to attend either session to get up-close and personal with representatives of these select franchise companies.  Attendees will have the opportunity to learn about each franchise concept, plans for expansion in Colorado, investment requirements, and more. 

The Meet the Franchisor event is open to the public, but reservations are required as seating is extremely limited. To make reservations online, link to http://frannetcolo.eventbrite.com.  If you have questions, contact Cindy Rayfield at 720-261-4391 or crayfield@frannet.com.

Angela Loëb and Jay Markunas, career experts and host of the Job Search Boot Camp radio show will host Merri Cronk, franchise expert and owner of FranNet of Central Texas, to discuss career alternatives in business ownership on Saturday, August 21 at 10am.

“This is very timely, considering many people are having trouble finding employment in the city they live in and the pay scale they have had in the past,” said Cronk. “With the right skills and ability to follow systems, for many starting an independent business or franchise will give them the security and control they had hoped their corporate careers would have supplied.”

Numbers released in the last few weeks show the U.S. unemployment rate at 9.9%, and, though some signs point to a waning recession, many experts say it is a “jobless recovery.” 

“We have found that many of our listeners and personal clients are eager to explore other options during their job search.  If they’ve always put off that dream of becoming a business owner, this is the time when they usually ask themselves ‘What do I have to lose?’ so they will look into what it takes.  We’re very excited to have Merri on the show to educate our listeners about the alternatives,” says Angela Loëb, co-host of the show and author of the book, What You Need To Know To Get A Job Now!

Angela Loëb and Jay Markunas, career experts and creators of a program called The Job Search Boot Camp, have already helped hundreds of job seekers throughout the recession.  Drawing from 35 years of combined hiring-insider experience and perspective, they teach the tactical skills needed to get hired in today’s competitive market.  Listeners can hear the show live through Blog Talk Radio at http://www.blogtalkradio.com/jobsearchbootcamp or tune in later to download a free recording of the show.

Merri Cronk of FranNet offers a no cost franchise consulting service matching individual goals, skills, and financial qualifications with carefully screened franchise opportunities.  Please visit www.frannet.com  to learn more about this free service.

FranNet, an industry leader in advising clients in business ownership options and matching entrepreneurs to franchise opportunities, announced that the company was named to the prestigious Inc. 500 list, an exclusive ranking of the nation’s most entrepreneurial and fastest growing companies in America. The list represents the most comprehensive look at the most important segment of the economy—America’s independent-minded entrepreneurs.  This is FranNet’s first time appearing on the list.

Inc. magazine announced its annual Inc. 500 ranking of the fastest-growing private companies in the United States and spotlights companies in the September issue. The Inc. 500 list represents the top-tier businesses in America today.  FranNet has ranked in the top 400 of the list at # 335, with an extraordinary three year growth rate of 886.4%. Making the list, FranNet joins the ranks of past honorees such as Microsoft, Visa, Zappos, Timberland, Intuit, Jamba Juice, Oracle and Under Armour and many more household names.

FranNet’s President and COO Jania Bailey announced, “It is an honor to be recognized by Inc. magazine and to be listed among the strongest and most innovative companies in the nation. Receiving this honor clearly shows that staying focused on providing quality service, educating clients on their business ownership options and holding our consultants to our high ethical standards has been a big factor in our success. Our success can also be attributed to the hard work of the FranNet team and their passion for the business, as well as the value we continually deliver to clients, partners, franchisors and each other.”

One of the reasons behind FranNet’s continued success is that this organization helps people to take charge of their professional lives and financial futures. As the US recovers from corporate layoffs, a tightening job market, and the great recession, business ownership becomes more appealing to people who want new career opportunities.  By continuing to connect people with a variety of affordable franchise business opportunities, from senior care to home repair services, FranNet is able to provide a unique service to thousands of clients every year.

For more information about FranNet visit www.frannet.com.

About the Inc. 500/5000 list
The 2010 Inc. 500/5000 list measures revenue growth from 2006 through 2009. To qualify, companies must have been founded, and must be generating revenue, by the first week of 2006, and be U.S.-based, privately held, and independent—not subsidiaries or divisions of other companies. The companies of the Inc. 500 represent the top tier of the Inc. 5000, which can be found on Inc.com.

About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today’s innovative company builders. With a total paid circulation of 712,961, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology. Visit us online at Inc.com.

About FranNet
FranNet provides education and support to individuals who are interested in exploring self employment as a career option through franchised business ownership. Our role is to provide education on the franchise industry and help our clients find the right franchise for them and their goals. Our services are 100% free through our entire process. If you are thinking about starting a business, there is a significant benefit for you to talk to a franchise expert and get the facts first! We can give you tips, advice and help you make the right decision for yourself, your family and your goals. http://www.frannet.com

Changes in the economy tend to send people scurrying for the safety of education. In an interview with CIO magazine, Thomas MacKay, the assistant director of IT at Christopher Newport University, in Newport News, Va., describes the extra support an MBA gives to a management career.

• Learn to read and interpret business statements
  An MBA curriculum teaches students to understand and interpret financial statements, marketing plans, market analyses, audit reports and business development plans – all important skills in business.
• You have chance to develop technical expertise
  Students have the chance to evaluate the application of different technologies in business through writing papers and other research.
• Day jobs
  As an MBA student, you can apply what you learn in school to your day job. .
• Become a better writer
  Like any master’s-level academic program, students generally have to produce a 20- to 30-page report for each class subject. Being able to research business topics and develop written comprehensive analyses quickly can be very useful.
• Organizing activity and managing processes
  It goes without saying that an MBA offers the tools, techniques and resources you need to run a business: everything from risk management plans and performance plans to project management methodologies and process maps.

These skills can certainly be gained from years on the job or alternate training. An MBA is expensive and requires a huge commitment – emotionally, financially, and personally. You can be distracted from your regular routine. But an MBA can provide all of the above benefits in a condensed amount of time within a comprehensive framework and offers lasting credibility.

 Business ownership is not for everyone but furthering your education with an MBA to advance your career may be the best option.

Many people, including myself at one point, believe that in order to be a successful business owner they have to come up with an idea for something new. Do you want to know a secret? Not everyone has to be Steve Jobs and develop the amazing line of products that Apple has introduced to be a successful business owner. There are many people in your own community that are operating what seems to be unremarkable business and making a lot of money doing it. There is an excellent book that talks about this: “The Millionaire Next Door” by Stanley & Danko.

In the franchise industry, I like to use maid services as an example. Franchised maid services have been around for decades and have proven to be successful in all economic conditions. Many people will dismiss something like maid services immediately because they will think to themselves that they do not want to clean someone else’s bathroom. You know what? The franchise owner does not clean the bathrooms, he or she manages the marketing, operations, training, hiring, etc. for the business – just as Steve Jobs manages Apple and does not assemble iPhones.

Over the years many people have left mid and high level positions in the corporate world and opened businesses like maid franchises because they determined that they can meet their goals as well, or better than, they could when they worked for someone else.

So do you need the next great idea? No. You only have to find a business that is a great fit for you and have the drive and determination to be successful.

Changes in the economy tend to send people scurrying for the safety of education. In an interview with CIO magazine, Thomas MacKay, the assistant director of IT at Christopher Newport University, in Newport News, Va., describes the extra support an MBA gives to an IT management career but it can apply to any potential MBA student. For this and the next post, we will present his argument in favor of earning a MBA.

• Credibility
  Getting an MBA shows how committed you are to business, that you’ve invested in your skills, learned new technologies, and gained a certain amount of knowledge about business.
• Learning to think like a business person
  Becoming skilled in strategy, value, human capital, and planning cannot be undervalued.
• Big picture
  With an MBA, you learn to see problems and opportunities holistically. You also have analytical frameworks, such as risk assessments, cost-benefit analyses and strategic plans, to any problem or opportunity you encounter.
• A Golden ticket
  An MBA might be your ticket to a certain inner circle – you’re seen as having more to offer than someone without an MBA.
• Improved communication with business colleagues
  Business professionals use a lot of jargon. Business school teaches you distinct languages for all the business functions you will encounter.
• Solving business problems
  Because MBA students study a variety of business problem-related material; they can assist with a multitude of solutions.

These skills can certainly be gained from years on the job or alternate training. An MBA is expensive and requires a huge commitment – emotionally, financially, and personally. You can be distracted from your regular routine. But an MBA can provide all of the above benefits in a condensed amount of time within a comprehensive framework and offers lasting credibility.

Business ownership is not for everyone but furthering your education with an MBA to advance your career may be the best option.

Entrepreneurs are a little better, a little smarter, a little more naturally endowed with the attributes of a winner than most people. They are more handsome, they are taller and thinner, they have more time than you, and their life is perfect. If you believe that…well you know how the old saying goes. Perfection? I laugh at the notion. Why just yesterday I CC’d all of my Outlook contacts on an email that was intended for a specific group of associates and spent the next 3 hours explaining to people that the email was not intended for them (I hope to be laughing about that one in a few weeks).

The fact is that most entrepreneurs are more like you than you could ever imagine. We started our small businesses because something happened to us not for us. We are refugees from corporate, either by choice or by force, and we’ve have decided that we are not going back. We don’t walk around in a in a red cape and tights or swing majestically from building to building saving the world. In most cases, we get up in the morning and go to work just like everyone else. Some days we dread it, some days we love it. Some days we want to call in sick and some days we walk in with bells on. There are deadlines, customer complaints, shortages, overages, successes and failures. We were absolutely scared to death the first time and every time thereafter that we started or bought a business.

I have a meeting with the CEO of my company every single morning when I look in the mirror. Sometimes he’s pleased with my performance and sometimes he’s not, but one thing that separates our meetings from the ones that I had in the corporate world, is that today, tomorrow, and everyday moving forward, we can decide to do something that will make an impactful and measurable difference to our shareholders (who were also at the mirror meeting).

I guess what I’m trying to say is that most entrepreneurs are, in essence, you……two or three layoffs from now. They are not perfect, far from it, they probably strike out more than the average person, but they keep getting in the batter’s box and taking swings. And when they hit a homerun, it’s THEIR homerun! Are you in the game?