Career Change Advice: Buy a Business or Franchise?

Posted by Matthew S on Tue, Jan 13, 2015 @ 13:01 PM

careerchangeBuying any business or franchise can be an exciting and rewarding adventure, but success won’t come overnight! You’ll likely spend a great deal of time, energy and financial resources in order to help ensure the success of your business. And in a way, because you’re making such an important investment, you’ll find yourself putting a little bit of “you” into your business too. Therefore, it’s good to take a step back before starting the whole process and ask yourself the following: Does the franchise you are considering really fit with who you are as a person?

Following are several tips to keep in mind when investigating a franchise.

Personality – Does the franchise you are considering fit with your personality? Do you consider yourself an introvert or an extrovert? Do you enjoy leading, or would you rather be behind the scenes? Are you outgoing, funny, regimented, or reserved? Because there are so many different kinds of franchises that provide a large variety of services, you’ll want to look at areas that suit your personality.  For example, many people who choose Shear Madness Haircuts for Kids are generally a more outgoing personality type who enjoys the fun atmosphere our stores have. They also enjoy working with kids, and like the thought of being able to provide a service that seeks to bring a little more happiness into the world!

Lifestyle – Many people consider investing into a franchise system because of the unique challenges and opportunities that running your own business represents. But it’s important to remember that the kind of lifestyle you have (or appreciate) is an important factor in considering a franchise opportunity. Forcing yourself into a system that isn’t really “you”, can quickly lead to feeling burned out and unhappy.  For example, if you enjoy getting up early and going to bed early, certain types of franchise systems that are open late hours (or 24 hours) may not be ideal for you. Or maybe you don’t really like the thought of having to wear a suit everyday, or prefer more low-key environments over fast-paced high energy work spaces. All of these are important lifestyle preferences to take into consideration.

Skills – Think of looking for the right franchise as looking for the right job. If you have 10 years of experience working as a chef, it probably wouldn’t be a good idea to look for a job as an architect. You simply wouldn’t have the right skills to effectively do the job. Or, if you’re someone who really doesn’t have a lot of experience in managing people, a job that requires management of entry-level staff may not be a good fit. Similarly, when making a decision on a franchise, don’t be afraid to perform an honest look at what your skills are. You can do this through looking at your resume and seeing what you’ve demonstrated an excellence for over the course of your work history. Or you may additionally want to consider what you may enjoy doing in your free time as well. Either way, in order to help ensure success as a future franchise owner, be sure to focus on what your talents and abilities are!

Tools for Assessment - If you would like a little help in figuring out who you are and what really motivates you to get through each day, you might want to the following online resources. The Keirsey Personality Sorter is an online personality assessment that can be done for free at http://www.keirsey.com/ (more detailed reports are available for a fee). iPersonic Career Test also has an online personality test available at http://www.ipersonic.com/career/ that may help you more clearly define your work values.

Exploring a Children's Salon Franchise

Topics: franchise, kids salon franchise, franchise buyers, buying a franchise, franchise opportunity, career change, how to begin a business, how to franchise, reinvent your career, Business Tips, Free Resources for Businesses, successful franchisees

Reinvented: The Modern Career Shifter!

Posted by Matthew S on Fri, Nov 21, 2014 @ 10:11 AM

careershifter

The global recession that took place in 2008 caused many Americans to lose their jobs. Many people lost their homes, their careers, and their sense of security. "We were starting over in a competitive job market with people half our age and experience we didn't have," says a couple who lost the majority of their income in the construction business when the economy tilted on its side three years ago. Many small businesses folded under the same financial hardships, their owners returning to school or another fallback career. Many of these individuals took a long look at their situations and concluded they must RE-INVENT themselves.

Career Shifters: Whether or not you are an entrepreneur, when it comes to diversifying your income or perhaps shifting careers, there are some important decisions to make. What are my likes and dislikes? What are my strengths and my weaknesses? It can be very helpful to take a career/personality assesment test in these early stages to help determine what you might do best and best match your lifestyle goals with your career. We recommend the PRO-D from TAI, Inc. assesment test. This test will connect your motivations, talents, AND your personality with your best career matches. Many career shifters are looking for a lifestyle change as well. The ability to set your own hours and do something you love is actually what attracts many of these shifters into the world of franchising.

We find it interesting that studies show women make up the largest percentage of career shifters in the last four years (over 70%). Many women are starting up businesses or buying existing businesses and running them successfully in a fine balance with their own family and personal lives. It is suspected their social flexibility (often gained as mothers and as wives) allows them to reinvent themselves more readily in the professional arena.

Freedom to Choose: MOST mid-life career changers will choose entreprenuership or small business ownership to ensure financial freedom and a successful future for themselves and their families. It's a point when all acquired knowledge and professional skills come together in an orchestra of Passion, Performance, and Hard Work. The owner and founder of Shear Madness Haircuts for Kids, Paula Thurman was a fiery entreprenuer back in 1997 when she opened her first kid's salon. Her fantastic concepts and relentless work ethic is now reaping the benefits as Shear Madness grows rapidly across the United States. Paula says her only key to success has been “totally believing in the concept and never giving up.” But it doesn’t hurt that she passionately pursues new, innovative ways to bring clients in and help Shear Madness™ grow.

Career Shifters are Franchising

If considering a new career, buying an existing business, starting your own business, or buying a franchise, career shifters can expect a significant impact on their lifestyle and finances for the first year (at least!) Hopefully, initial investment does not outweigh the long term benefits of making the career change. Many career shifters are opting for Franchise Ownership because the professional groundwork has already been laid and a successful business model has emerged. When buying a franchise or mutiple franchises, shifters can choose exactly what type of business they wish to own and what their income will be. Some of the most popular franchise options (especially for women over 40) today include:


8 Suggestions for Career Shifters

1. Self Assessment - Conduct a thorough self anaylysis of strengths, desires, abilities and goals. There are lots of career assesment tools readily available online for a small fee, sometimes for FREE!

2. Research - Talk to others, read articles (like this one) and process the information with family and friends - research has proven itself most helpful for successful shifters in deciding the best career path for themselves.

3. Take Inventory of your Transferrable Skills

4. Get Training and/or Education - many career shifters begin by returning to school.

5. NETWORK

6. Gain Experience

7. Find a Career Mentor

8. BE FLEXIBLE

For more information on Shear Madness Franchising opportunities please contact Jim Otto jim@shearmadnessfranchising.com or download this excellent FREE resource on the Advantages and Disadvantages of Franchising and begin researching (possibly) your new career! To Download the Whitepaper CLICK Here!

We're having a great day at Shear Madness, we hope you have one too!

The Franchise Buyer's Toolkit

Topics: franchise, kids salon franchise, salon franchise, kids salons, franchise buyers, buying a franchise, franchise opportunity, Shear Madness Haircuts for kids, career change, how to begin a business, reinvent your career

Own a Franchise - What about Royalties & Fees?

Posted by Matthew S on Mon, Nov 17, 2014 @ 09:11 AM

RoyaltiesFeesSo, just what exactly is a Franchise fee? How about Royalty fees? What does a franchisee get by paying a franchise fee or royalty fees? For those who are investigating a potential investment into a franchise system, these are important questions.

Think of a franchise fee as the right to use a brand that has been built up over the years, and has many tried and true systems behind it that are designed to help a new franchisee succeed in running their business. Most new businesses go through a period of trial and error when building a following.  This period uses lots of working capital and time.  When buying a franchise you are avoiding many years of this learning curve.  Many times the Franchise Fee may seem expensive, but in the long run it may actually be a bargain for the time and money it will save you!

Royalty fees are those payments a franchisee might send each month in order to continue receiving the benefits of belonging to the franchise system.

For example, these fees not only pay for the rights to use the logos and trademarks of the franchisor's system, but also access to services that are designed to help a franchisee develop their location (demographic information, architectural assistance, site visits, fixtures, signs, and sources for equipment). Franchisees also may receive training, access to software to help run their business, access to advertising outlets (social media, publications, etc.) and access to the franchisor's marketing and graphic design department (which can help deliver customer flyers, ads, artwork and more).  The royalty also gets you the keys to contacting other business owners who are trying to do the same things that you are trying to do - which can save you time and effort.  For example: What is working, what isn't, how can we take something and make it better?  New ideas are sometimes being tried throughout the system, and you'll have access to the success and failure rate of those new ideas.

A good franchisor will also use these fees to grow the system through research and development (in order to stay competitive), monthly meetings, and the continued development of training and operational resources.  Software programs, management and cost saving systems are additional areas where the fees are used.

It's also important to remember that every franchise system is a little different. Depending on the industry, the types of services a franchisor may provide could vary. Also, size could play a factor. For example, while a smaller franchise system may not be able to offer some of the services much larger franchisors can offer - a smaller system can provide a level of personal service that the bigger systems can't.

However, if you really want to understand what you're receiving from the franchisor, be sure to read your franchise agreement. This will detail exactly what the franchisor will provide for you. And if there's something the franchisor said they would do, but it isn't a part of the franchise agreement, you may want to discuss it with them. Also be sure to refer to the Item 11, a document that outlines services the franchisor provides.

In the end, a franchise fee could be looked at as a kind of investment into the future success of a new business. By having access to years of knowledge and experience, a franchisee may take comfort in the knowledge that they won't be wasting time and money or processes that just don't work. And even more importantly, they'll have a friend in the business who is there to help them succeed! 

If you are wanting to learn more, our Franchise Buyers Toolkit in an excellent resource - and it's Shear Madness Haircuts for Kids free gift to you! Click below!

Exploring a Children's Salon Franchise

Topics: franchise, franchise buyers, buying a franchise, franchise opportunity, how to buy into a franchise, career change, how to franchise, successful franchisees, franchise definition, what is a franchise fee

RE-INVENTED : Career Shifters Part 3

Posted by Emily Drake on Mon, Oct 1, 2012 @ 11:10 AM

Attention Entreprenuers : Reinventing your Career is Easier than you Think

Buying an existing business such as a franchise, is one of the smartest choices today's entrepreneurs can make. Let's face it, MOST new start up businesses FAIL within the first year. Why is this? Let's be brief:

1.  If you ask most successful entreprenuers the most difficult part of getting their business up and running is implementing the systems. With a franchised business all the systems are already in place for you to follow.

2.  Inadequate Knowledge and Experience - There is no substitute for knowledge through experience. Usually when entreprenuers start a business they can expect years worth of struggle to aquire the learning curve necessary for success. Buying an existing business that has already safely overcome that learning curve can eliminate a LOT of trial and error that buries most entreprenuers within their first six months.

4.  Poor Money Management - If this needs further explanation then you are not prepared for entreprenuership.

5.  Spreading yourself too thin - Running any business is difficult. The first tendancy for most new business owners is to save money by doing everything themselves. Your mantra should be Do what you do best and outsource the rest!

Buying an Existing Business such as a Franchise

 
Investing in a franchise system can be a great opportunity for entreprenuers. And NO, it doesn't mean you need to go spend a million dollars to open a McDonalds!

In the franchise world there are many options. Choosing among all the categories alone is a challenge! However, one category that many times is worth evaluating is the children's hair salon business! Why? Well, every kid needs a haircut now and then! Most sectors of the salon industry are flooded with competition, but not the children's salon industry! - AND it does not appear that the internet is going to be able to replace haircuts anytime soon!

If you would like to receive a FREE whitepaper designed to help when evaluating ANY franchise click HERE!

The Top 4 Considerations

Visit our NEW store coming to The Village at Stone Oak in San Antonio, TX this MONTH!

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Buy a Franchise

We're having a great day at Shear Madness, we hope you have one too!

Topics: franchise buyers, buying a franchise, career change, reinvent your career

RE-INVENTED : Career Shifters Part 2

Posted by Emily Drake on Thu, Aug 30, 2012 @ 13:08 PM

Career Change Advice

A couple of years ago I attended a seminar at Johnson County Community College in Overland Park, Kansas. The students had the privilege of meeting Dr. Pankaj Ghemawat , a Harvard professor of over 30 years. Dr. Ghemawat received his Bachelor’s degree in Applied Mathematics and his Ph.D. in Business Economics from Harvard University from which he entered at the age of 16, was accepted to the Harvard Business Ph.D. program at age 19, and graduated three years later. Ghemawat has also been the Anselmo Rubiralta Professor of Global Strategy at IESE Business School in Barcelona since 2006. This particular evening however, he talked about globalization & the growing need for higher education. He explained how different cultures are experiencing economical shifts and how globalization is playing such a key role in our futures as countries, businesses, families, & individuals. This word globalization was new to me. Globalization can be described as ‘…a widening, deepening, and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritual’ (Held and McGrew 1999: 2) Gone almost are the days when people had a specific set of skills their job required and they performed them with little variation over a long period of time. Today's technology, global commerce, and increasing energy demands have pushed individuals to possess more skills, be more flexible, and somehow manuever a smaller carbon footprint all simultaneously. These shifts can seem overwhelming and exhausting, especially to a student who may or may not know what color shirt they have on, much less what their career path is. So what advice is there for people starting a new career or RE-Inventing one they thought they had?

Career Change Advice

After global economic crisis many people expected to bounce back - against competition, consumption, and change. How though? What does one do when RE-INVENTING a career or life for that matter, after the game is well underway? It's recommended you start by taking a thorough inventory of your professional skills & accomplishments. By making a list of ALL the things you are great at and why you have an essential tool for success. If there are skills you wish to have, write those down too!

The truth is there is no secret formula to inventing your ideal career match. Lifestyle, financial needs, and personal tastes change over time. Assessing where you are presently is crucial when shifting careers!  After taking your personal inventory begin assessing your personal needs. What are your business goals? What are your financial requirements? What kind of work schedule will fit for you and your family? I found a very helpful career assessment resource available from K-State University here!

ReInvented 2

Don't Box Yourself In

Depending on your position and experience, talking to a career counselor may be very helpful when shifting. The goal of career counseling is to help individuals identify multiple career areas which reflect the person's values, interests, and ambitions.

Interesting Fact: Nearly half the careers that will exist in the year 2025 don't exist today. To prepare for the unknown is a process. It requires learning about yourself, what you are most passionate about and how that fits into the world we live in. This will likely change over time. And that big word globalization... is key in product and services exchange now and in the future. This is the "widening, deepening, and speeding up of worldwide interconnectedness.." Get inspired. Think Big.

Projected: The Top Careers of the Future

Digital Identity Planners
Global System Architects

Digital Archaeologists

Online Community Organizers

Terabyters and Wiki-Writers
Bio-Botic Physicians

Brain Signal Decoders

Environmental Health Nurses

Green Careers Coach

Chief Experience Officers

Talent Aggregators

Global Sourcing Managers

& Kids Hair Salon Owners!!!

The Top 4 Considerations

We're having a great day at Shear Madness, We hope you have one too!

Topics: franchise buyers, career change, reinvent your career

Changing Careers : What Franchise Buyers Want

Posted by Emily Drake on Mon, Apr 23, 2012 @ 15:04 PM

Income, Lifestyle, Brand & Equity

boyandgirlI recently attended a webinar hosted by Lisa Powell, the Marketing Resource Manager for The Entrepreneur's Source. “In a Commoditized World Make Your Brand Stand Out!” Over 30 proffessionals attended the meeting and discussed the importance of Brand Differentiation in today's franchise market. When it comes to attracting, engaging, and closing sales, having a substantial and attractive Brand becomes imperative. There also was discussion of the challenges many franchisors encounter when it comes to gathering leads, making sales, and standing out among your competition. Let's face it, most every potential franchisee has already heard all about 'developed systems, excellent training, and benefts of the model'. So we are left asking, what DO today's potential franchise buyers want? Many franchise prospects now are making a career shift, perhaps because the job they've worked their entire lives no longer exists or is no longer fulfilling. Many franchise prospects are looking for a career that can meet their income and lifestyle objectives in a fresh and sustainable way. Most importantly, they are looking for a business that fits in with their lives, families, personal and professional goals.

In short, franchise prospects really want to buy an improved lifestyle & income. They are also looking for a strong Brand & Equity or value. How is this kind of sale accomplished you ask? We answer, most importantly you want to:

1. Define what sets your Brand apart from your competitors.

2. Explain how customers are recieving your product or services.

3. Become a expert in your field and a resource for information.

Transparency & Trust is paramount to attracting, engaging, and closing sales in this internet age. People are researching business models for themselves and finding information online. This is where you will intersect with your best prospects.

The differentiation between commoditization and value is in your BRAND DNA.

Roger Griffin writes a fantastic article on Brand development you can view here  3 Keys to Successful Brand Development: Segmentation, Differentiation & Positioning

To read more about what potential franchisees are looking for you can download our FREE whitepaper here!

 

Topics: franchise buyers, buying a franchise, career change