FranNet Action Plan for Recovery in a Down Economy
Can't trust the market, trust in yourself
What recession? Want to be able to be secure enough to say that? Then you need to use FranNet's Action plan, says Jania Bailey, president and COO of FranNet.
People are being bombarded with news about bad times, financial meltdowns, huge deficits, and the worst economic problems in their lifetime. Many have lost equity in their homes, lost substantial portions of their stocks, lost their jobs and are not sure where they will find the next one. Additionally, many well known industries are being transformed, reshaped, and perhaps replaced altogether. Can you count on stock/equities to build for retirement safety? You need to make your action plan and use your entrepreneurial spirit to thrive in a down economy.
"Even though you are facing many fears, fear should not be part of your action plan," states Bailey. "With proper research and education, you can make a sound decision and eliminate the fear factor. The first step in our action plan is to educate yourself on the basics of the franchise industry."
Is working for someone safe? In the short term yes, but can you be sure your job will always be there and can you meet your long-term financial goals of security and retirement? At first, owning your own business can be scary, but if you succeed no one can take it away, Bailey said. You can't be downsized, transferred or fired. You can grow the business at the pace you see fit. The longer you own your business the safer it becomes (unlike a job).
Understanding Market Characteristics
If you are concerned about starting a business during poor economic times, Bailey says you can lower the risk by looking for businesses with certain market characteristics and thrive even in difficult economic times:
- Growing markets driven by demographics
- Ex: Senior Care, Residential Repairs & Cleaning, etc.
- Essential services
- Ex: Hair Care, Automotive, Damage Restoration, etc.
- Businesses that help other small businesses thrive
- Business Coaching, Expense Analysis, Sales Training, etc.
We are not suggesting that everyone quit their day jobs since business ownership is not for everyone, Bailey said. Many people keep their day job and own a franchise and let their spouse manage it. Semi-absentee ownership is very popular right now, Bailey added. If you evaluate your goals, have family support and think that you have to do something but just not sure what that “something” is yet, then business ownership could be a great fit for you.
Why Own a Franchise?
Let’s dispel some myths about franchising. Franchises are not just fast food and retail. The fact is there are over 3,100 different franchise companies in more than 80 industries with over 900,000 operating units and bring in over $1 Trillion Dollars each year. Also you don’t necessarily need a lot of money to invest in a franchise. Many people think franchises are expensive but in actuality most franchises cost less than $100,000 and financing is still available with a good credit score. What's more, you don’t have to have a high investment to have a high return. The fastest growing segment in franchising is service businesses which often require less capital investment.
Why own a Franchise? If you pick the right one it is a strategy for gaining strategic advantage in the market place and you reduce risk. A franchise provides a proven system. Franchising works because it offers a proven, systematic approach to starting and staying in business. When starting a franchise you are not alone and you gain:
- Experience
- Simplicity
- Initial Training & Ongoing Support
- Name Recognition
- Sales, Marketing & Operations Systems
- Culture of Teamwork
Franchises are all about their business system: marketing, sales, operations, and accounting systems. Successful franchises emerge in basic industries with effective systems to dominate the industry and gain disproportionate market share. The franchisor will teach you the technical aspects of the business but you will use the systems to successfully operate your business.
When you make the decision to go into business for yourself, you want your decision to be a good one, not just for the short term but the long term as well, Bailey said. You need to have a plan that will allow you to achieve your goals. Some things, if ignored, could result in a bad decision and you need to recognize those to make the best decision for yourself.
- A business that you may like emotionally may actually be totally unsuited to help you achieve your real goals, and therefore may not be a good business for you to own.
- A business that on the surface, might not seem appealing to you, may turn out to be the ideal business to help you to achieve your long-term goals.
- The key to making sure that you don’t get fooled by #1 and #2 is to look at businesses after you have thought through a strategic plan for yourself.
“When I work with clients, I suggest to them that the first thing to decide is not which business they think they would like to own, but rather what they would like to achieve through business ownership”, explains Bailey. "You can do the same thing for yourself. Start your search for the perfect business by first asking yourself this question: 'If I am successful in the business that I select, what do I want to achieve, and what do I want my life to be like?'"
The FranNet Action Plan
Your FranNet Action Plan should include a list that includes your goals, styles, preferences, needs, wants and desires. Matching your personality and goals to the right choice of business is vital to your success as a franchise owner as well as the franchisor’s entire system, Bailey said. FranNet can help buyers ask themselves the right questions to develop their list. "We’re often amazed at how quickly prospective franchisees change their search patterns once they develop their own personal list or model," Bailey said.
The following is a quick list of the FranNet Action Plan steps:
- Watch the educational video – Introduction to Franchising by visiting http://basics.frannet.com
- Meet with your FranNet consultant to discuss goals
- With your consultant, evaluate your lifestyle goals and determine your unique business model
- Be open to your options and investigate all matches thoroughly
- Invest in yourself and thrive in a down economy
You can’t control layoffs, the stock market or fuel prices. The only real control in a down economy is YOU. You control your destiny so why not invest in yourself and see the real return on investment through your happiness, Bailey said.
To get started on your action plan, contact FranNet and make an appointment at a time when you and your significant other or business partner can meet with your FranNet Consultant. FranNet consultations are at no-cost to you ever!
For more information about FranNet, visit www.frannet.com.
About FranNet
FranNet provides free guidance, information and support to individuals who are interested in purchasing a franchised business. FranNet works with many of the best franchises in the industry and FranNet consultants specialize in helping their clients find the right franchise through their exclusive matchmaking process. Meetings with clients face-to-face are preferred but FranNet consultants also advise clients via the phone and Internet. FranNet also hosts numerous informational seminars and educational programs that are open to the public each month throughout the country and online. To learn more about opportunities with FranNet call 1-800-FRANNET and visit www.frannet.com.
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