Entrepreneurship can be made less stressful through mentorship with a leading franchisor
Franchising relieves some of the most arduous aspects of starting up a business, much like getting help as you try to sort and put together a giant puzzle. You are relieved of the strain that comes along with laying claim to your entrepreneurial endeavor and trying to market it on your own, as well as formulating an untested business model on your own dime. At this point, you have exhausted your investigations into business ownership and come to embrace the genius of franchise ownership for the strong foundation it grants to you, upon which you may build a satisfying and impressive business with a staff and culture that is all your own.
Bob Heimbuch, Minuteman Press Regional Vice President located in Washington DC/Maryland/Virginia, is fully versed in all aspects of the process of buying new and existing franchises. He enjoys using his expertise to help people sort out what they need to attain their entrepreneurial goals even before they come to terms and sign an agreement for the right franchise opportunity.
Bob shares “square-one” advice, “The process of buying a franchise starts with matching a franchise model to your personal and financial criteria. Going into business is like putting together a giant puzzle and there are a lot of pieces to the puzzle floating out there. So, you need to be sure to take your time and do your due diligence, research and soul-searching on a franchise that interests you. A successful franchise company with a good track record will have the wherewithal to assist you in identifying and putting together the pieces of the puzzle we call entrepreneurism and will assist you in getting your franchise running in a comfortable step-by-step fashion.”
First, know how franchising puts you “elbow to elbow” with experts and allies
After you sign your franchise agreement, it will be time to catapult your efforts and take on the industry of your choice with the command presence of a big-name brand. This alone is something that would take millions of dollars, lots of trial and error, and many years for you to even try to replicate.
Christine McGroder, owner of International Minute Press in Concord, NC, is a fantastic presence in her community. She is able to serve her clients’ needs with the expertise and enthusiasm that comes only when a franchisee has the right kind of training and support. Her efforts are accentuated further by a general culture of camaraderie among franchisees that has been so well established by Minuteman Press International.
Chris expands on some of the reasons she knows franchising eases business owners’ burdens, “Buying a franchise allows you the opportunity to be in business for yourself but not by yourself. As a franchisee, you are taught how to manage, operate, and grow your business by using a proven pattern of success. By following this proven pattern, you have the benefit of avoiding common mistakes and becoming profitable more quickly. In addition to the support of the franchisor, you also get the support of your fellow franchisees. If I have a particular question about my business, I have several other franchise owners I can call who are willing to help or offer advice. There’s a feeling of camaraderie that provides that support and feeling that I’m not in this alone.
Minuteman Press International is a seasoned franchisor with the foresight needed to adapt to the needs of the times all while providing its franchise owners with fresh presentations of their widely known and respected brand. For instance, with green and orange a continual thread of familiarity since the 1970s, the corporation released a new slogan in 2015 which has been embraced by the public, “We Design, Print and Promote…You!”
Chris continues, “Owning a franchise allows you to capitalize on the brand and the familiarity and confidence that comes along with that. I’ve had several new customers contact us because they had used another Minuteman Press in another location. The built-in trust in the brand and familiarity gives new
customers’ confidence to do business with you. It’s much easier to grow your
business with that brand recognition. Owning a franchise also provides buying power with vendors and suppliers that you don’t have as an individual.”
Royalty caps matter and so do other ways prestigious franchisors keep the money in YOUR pocket
To help decide if a franchisor is worth the money, absolutely compare royalty charges. Royalties are the percentage of monthly sales you will be paying to your franchisor and your growing bottom line will thank you later if you can find and secure an alliance with a franchisor who offers a cap on their royalty expectations. If you can find yourself an industry that isn’t trendy, and a franchise opportunity that features a neat royalty cap, you will absolutely be putting more money in your own pocket. It really lights your motivation on fire to know that if you meet or go over the royalty cap, you are rewarded with even more of the fruits of your own business building efforts with additional cash.
- Be sure to take a peek at what you’ll be contributing to services that are shared among your fellow franchisees, such as advertising.
- The size of the franchise system really does matter. If you’re going to do this thing and give it your best shot, know that systems with less than 50 or 60 units may just not have all the kinks worked out of their model – and that could cost you. At the very least, be prepared to shoulder more operational and business risk than you would have to with a system that boasts a larger community of successfully running franchises.
Please be aware that many franchisors will ask you to fork up money for training at their headquarters so that you can learn the skills you need to get your business off the ground. You definitely do not need that! Look further and find an industry-leader with a stellar training program that is provided to you at no additional charge because that is a strong indicator of the level of dedication to your success that you deserve. After all, many people move on from managerial positions because they are tired of corporations taking extra money out of their pockets. The best franchisor for you will liberate you from greedy corporations and will have enough experience to know that as you build your business, so you help build the brand which is the ultimate objective of a trustworthy franchisor.
Putting the puzzle together so you can move towards entrepreneurship for real
Each time a prospective client encounters the colors, logo or any other numerous representations of branding for the franchise that is soon to be your own, YOU are gaining the full-force of what should be an excellent reputation. Independent businesses and less-experienced or trendy franchises simply cannot compete at this level. So now that you have come to terms with the truth of the supremacy of franchising at the industry-leading level and want to invest in a proven, time-tested model, exactly what is the process of buying a franchise?
Bob Ylinen, Regional Vice President located in Northern California for Minuteman Press International, states, “The first step in buying a franchise is to assess your own personal strengths. You must also realize the area(s) where you need improvement as this will help in determining what sort of franchise best suits your personality.”
Bob Ylinen has 8 critical questions to help you sort and connect the pieces of franchising:
1. How long has the franchisor been in business?
2. Do they have a good reputation?
3. Does the franchise offer training and is there a fee?
4. What is the support system like? Talk to existing franchisees about the support they receive, find out how often they receive support, and see if there is any cost.
5. Is the model a sustainable business or a recent fad?
6. How are the sales generated and who are the customers?
7. What percentage of monthly sales comes from repeat customers? A good follow-up question to ask is, “Can the business support my lifestyle?”
8. What happens when you decide to exit your business? You should find out if the franchisor assists with the selling process and has an exit strategy in place.
The final steps to purchasing your franchise include making sure you have the right location, if one is needed and financial considerations.
- Does the franchisor assist in the research of the area and negotiation of the lease and is there any obligation on your behalf to begin this process?
- Are there financing options available from the franchisor or other sources?
Once these and other questions have been answered, you will know with confidence that you have chosen the right franchise model and the process of buying a franchise is no longer a puzzling one.
Ron Rubin, Regional Vice-President located in New England for Minuteman Press International invests great time and energy into assisting prospective franchise owners align their goals, hopes and personal inclinations with the most realistic prospects for a rewarding entrepreneurial venture. He represents a respected franchisor and as such, serves as an example of what to look for in terms of quality and potential when you isolate an existing franchise opportunity for sale.
Ron invites you to “get your hands dirty” and be personally involved in every step of the research phase. As he says, “The best way to research a new or existing franchise opportunity is to look at the opportunity first hand. For example, an existing franchise requires you to know what the assets are, whether you have the right equipment, whether the business is positioned for growth, whether the staff is knowledgeable and well trained, and find out if the owner has been working ON the business or IN the business.”
Ron Rubin assures those in the midst of sorting and connecting the pieces of the puzzle that leads to entrepreneurship, concluding, “Minuteman Press will help you every step of the way on your research and due diligence so you can gain a clear picture of your options and choose what you feel is your greatest path to franchise ownership.”
To learn more about joining the #1 rated Minuteman Press franchise family, call us at 1-800-645-3006 or simply fill out the contact form on this page.