When you are getting ready to open your new business finding the right location is your first major decision, and one that you need to get right. You probably have heard the saying location, location, location, that may be even more true when finding a location for your new business. We are going to focus on retail and service businesses and three things you need to do to find your ideal location
1) Define What Your Looking For Before You Drive Around - What are your key ingredients? What are your must haves? These most likely will include things like visibility, foot traffic, Drive-by, parking. But what about synergistic businesses, are they close by? Another factor may be things like Density and easy in and out. So before you go out looking clearly define what your looking for, or more importantly what your customers are looking for.
2) Our There Enough Customers In Your Market - You know I am amazed at how many people buy a business and haven't counted the number of potential customers in there area. Use the demographic research available and get a good idea and how many potential customers there are for you to be successful.
3) Growing vs Graying Areas - What is the age demographics of your customers and where are they congregating? In real estate terms this is called growing vs graying areas. You know a funny thing happens in most markets. Young people like to hang out with young people, older people like to hang out with there age group, ever heard of a young couple moving into a retirement community?! Find out where your age demographics are congregating, and focus your search there.
At Shear Madness Haircuts for Kids we do lots of that demographic research for you BEFORE we come for site selection. Because finding the right location is the first step on your road to building a successful business. If you would like to explore our opportunity then just fill in the link below and someone from our executive team will give you a call to discuss your next steps!
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Many of you may have seen a show on TV called Shark Tank. If you haven't, entrepreneurs attempt to convince 6 highly successful business people as to why they should invest their money in the next great business idea. Most businesses start this way and unfortunately it's probably one of the biggest reasons for business failure!
Many people start their search for a franchise without measuring the most important thing: are there customers for the franchise? More importantly - and don't miss this - is doing what you are doing so PAINFUL (so-to-speak) for the customer to do themselves, that they have to come to you? In business we call this the Shark Bite (no correlation to the Shark Tank). If your customer can do it themselves or go to you, well that may be like a mosquito bite - and it may be a nuisance that they are willing to live with. However if the customer's pain feels something like a shark bite, then customers will be eager to pay you to ease their pain!
Great businesses and franchises begin by solving a customer problem. This is why it's so important to try and figure out if the franchise that you are buying solves the pain your customers are feeling. For example, take our Shear Madness Haircuts for Kids salon franchise. I know that many of you reading this may be parents, and let's be honest...have you ever tried to cut your two year old's hair? Trust me, it's a shark bite, and our customers are more then happy to have one of our award winning stylist ease there pain vs. trying to do it on their own. And with our TVs and XBox games at every station to help provide a positive distraction for their children, they end up coming back for years!
So before you select a franchise, focus on the BIG pain point. Remember that any big problem is a big opportunity, and customers will be more then happy to pay you to ease their pain.
Award Winning Care!
Shear Madness Franchising franchises our award-winning Shear Madness Haircuts for Kids salons (FranCompare™ Best in Child Hair Care 2018). We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challenges that might arise for franchisees. Additionally, we work to present options that can help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD
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Of all the reasons to choose a franchise versus going it alone, ramp-up time is one of the most import. I get called from time to time and the conversation typically goes something like this, "Hey, I found you guys online. I have a GREAT children's salon and I really think you guys might be interested in buying it!" I will tell you from experience the two phrases, "great business" and "I want to sell it" don't really go together. Typically when I am presented with the numbers, there's one thing that stands out: the business took a long time to ramp-up, which caused the business owner to burn through a lot of his working capital. In a well run franchise system your ramp-up time should be greatly accelerated for the following reasons:
* Build Out Assistance - If the franchise that you are looking at is "turn-key", then all of your furniture, fixtures, supplies and architectural plans are provided. This allows you to get open sooner! And when you get open sooner you start to produce revenue faster, which allows your working capital to last longer.
* Training - Think about it, can you think of ANY job that doesn't take some training? Then why do potential business owners make the mistake of thinking they can open a business and run it on the fly without any knowledge of how it works? And one more thing...doesn't it make sense to drastically reduce your learning curve? If it does, then I would strongly consider a franchise vs going it alone.
* Ongoing Support - As a business scales it needs to be able to handle more and more volume without harming the customer service or experience. Being able to call your Franchisor for guidance with questions (like when to add additional staff and other important issues) when your business is growing is a big advantage of being part of a franchise system.
* Marketing - Almost always when you research on some of the reasons that businesses fail, you'll probably discover that ineffective marketing comes up in the top 5. A well run franchise should be able to tell you the most effective ways to get your customers through the door and get people talking about your business.
One of the biggest challenges that you will face in business is ramping it up quickly! When your business starts off strong and ramps up quickly, it will take a lot of the stress off of you as the owner and will allow you to scale the business. Because of the past experience and systems that are associated with a well run franchise, franchising offers a huge advantage over going it alone!
Our Experience, Your Success!
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challenges that might arise for franchisees. Additionally, we work to present options that can help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD!
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ramp up time
Many of you may never have seen this before, but the Social Security Administration used to send you in the mail what your monthly Social Security benefit would be at retirement (this info can now be accessed online on their website). What always stuck out to me was a statement on the front page, " Social security should not be your only source of retirement income, you will need to have other sources of income at retirement".
I was recently asked the following question on a social media forum that I was participating in: "Is a franchise a good way to create additional retirement income?" My answer is both "yes" and "no".
- Yes - If you do your homework and you understand the time commitment that it's going to take to own and manage a business.
- No - If you are looking for a totally passive income opportunity like a rental property. Most franchises will require you to have business skills and the ability to manage people.
- Yes - Because most franchise's earn between 10 and 15%, well above current rates that banks and bonds are paying.
- No - If you have a low tolerance for risk. There is no guarantee that if you buy a franchise you will be successful.
Creating retirement income comes down to diversifying your portfolio into as many income producing assets that you can find. Because of the return and the limited options in this low yield environment, a Franchise may be the perfect option for you.
Make a Positive Difference Today!
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challenges that might arise for franchisees. Additionally, we work to present options that can help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD
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The idea of owning multiple stores when you buy into a franchise is appealing. So why do so many people fail at it? Here are some guidelines for economy of scale that we use in our children's salons:
- Never open multiple stores at one time: Your steepest learning curve will be at your first location. If that location is successful, number two, three and four become easier.
- Find the right people and trust them: At Shear Madness Haircuts for Kids we call these people “charismatic connectors”. They have the organizational skills, leadership skills and understand numbers - and the ability to manage multiple locations for you!
- Make sure the numbers work: At our children's salons we have a number that tells us how many services a day you should do before you even think about opening another Shear Madness Haircuts for Kids salon. You should never move forward to opening another salon until you hit those metrics.
- Know your customer: After your first location you should have a rock solid idea of who your customer is: where they live, how much money they have and WHY they are your customer. This should give you a blue print for your second location.
- Never stop learning: They say in business that the only constant is change. Now more than ever that holds true. Ways of marketing change daily, customers are fickle, and brand awareness is vital. If you like a challenge, you should do well!
Owning multiple locations is an exciting way to build a future income stream for yourself and your family. Just remember one thing, business is a marathon and not a sprint!
The Shear Madness Franchise Advantage!
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challengean help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD!
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best kids hair salon,
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hair salon business
I was recently on a website where franchisees can go to complain about there franchisors. The common theme amongst the complaints was that the franchisor made a lot of promises that they didn't keep, the numbers weren't adding up like the franchisor said they would and they weren't being trained properly.
Of course, it's important to understand that when you buy a franchise, you'll need to wear a lot of hats! Not only are you the head of operations, but you will need to recruit the best employees and constantly train them, give customers great service, track the numbers and watch your expenses and keep your finger on the pulse of your business.
There are lots of reasons that franchises fail. Running a business is not for the faint of heart. But if you bought into a franchise, you bought into a system or process that has succeeded at some level. So my suggestion is if your franchise is not performing like you want it to, make sure that you are following the system! Franchisees often get their business up and running and then begin to change or modify existing services, advertising, products and even the quality and consistency of the customer service that they are delivering. This not only can lead to poor franchise performance, but can unfortunately be a violation of the franchise agreement as well. Yikes! So long story short, you'll definitely want to be sure to follow the franchise system you invested in, as it's a proven model for success!
The Shear Madness Franchise Advantage!
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challengean help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD!
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business success,
franchise success,
business ownership,
best kids hair salon,
small business success,
owning your own business,
franchise agreement,
franchise system
There are lots of moving parts to a franchise, including your franchisor's opening assistance, training and ongoing support. All of the aforementioned are important to your success as a franchisee, and the best way to measure these are to talk to current franchisees.
As important as all these factors are, many people looking to buy a franchise fail to look at what is arguably the most important component of all: the customer. More specifically, how many customers are there for your concept where you want to open? Or, how many times will they come back in a given year, and how long can you hold on to them? This is called customer long term value, or CLV, and it can be the difference between your success or failure.
Think about this, would you rather own a business where your customer comes back twice a year, or 8 times a year? Will they come back for the next 2 years, or the next 8? Will you be able to create a loyal customer or one that only needs your service once or twice per year?
Customers are fickle! Make sure that you have lots of them in your trade area, and that the franchise you are looking at can hold on to them for a long time.
The Shear Madness Franchise Advantage!
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challengean help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD!
Would you like to sign up for our Monthly newsletter? If so, click HERE!
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business success,
kids hair salon,
business skills,
franchise success,
business ownership,
best kids hair salon,
smart investments,
small business success,
owning your own business
I was floored recently when I talked to a friend of mine about the franchise she bought. You see this wasn't what I would call your "typical" franchisee. Jane (as I will call her for the sake of this blog) has been in the franchise consulting business for 25 years. She has trained and taught both franchisees and franchisors about what to look for in a franchise, how to run a successful franchise business and what makes franchisees successful.
After years of consulting and teaching, Jane had decided about a year ago to buy into a franchise. Unfortunately, it failed after less than a year. With all of her expertise, all of her knowledge and all of her coaching, she forgot to ask herself one of the most important questions, "Can I see myself in this business?" People tend to look at franchises by how much money they can make and the cost of the franchise without ever stopping to look at what their day-to-day lives will look like.
Most of us are creatures of habit. We pretty much follow the same daily routines like planning vacations in advance, or trying to schedule our lives the best we can. As humans we get into our "comfort zones". The problem is that when you become a franchise owner, your comfort zone becomes disrupted. That's what happened to Jane. She told me she was surprised at how hard it was to manage the people and how much time she spent working on her business.
When Jane went from consulting to ownership, she experienced "where the rubber meets the road" if you will. Her comfort zone was disrupted, and the very things she had taught for 25 years she could't apply to herself. Now, try to picture what your day will look like in the franchise that you are considering. Call existing franchisees, as they are your best source and can give you an accurate assessment. And don't forget to ask yourself, "can I see myself in this business?"
The Shear Madness Franchise Advantage!
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challengean help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD!
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I recently attended a webinar with one of the largest franchising financing lenders in the United States. I would like to explain all the graphs that they showed us but the bottom line was this: all the signs point to the next recession hitting sometime in the next 24 months.
- Credit Card debt and margin buying of stocks are back to record levels.
- The small business optimism indicator is at record levels (this is a contrarian indicator).
- Retail rents are at extreme levels causing over building, even though demand is decreasing for retail space!
But what I was most interested in was a chart of the top 15 franchises according to the SBA. I can't tell you those names, but what I can tell you is some commonalities they had.
- Four of the top 15 were child related.
- Most all were recession resistant.
At Shear Madness Haircuts for Kids we feel like we combine both of these traits. As most parents look at a haircut as a necessity and not an option, and a haircut will never be replaced on the internet! Parents will always spend money on their children. They will cut out a lot of luxuries and services for themselves, but never a service that makes their children look better and feel better about themselves!
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challenges that might arise for franchisees. Additionally, we work to present options that can help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this hair salon business opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD
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Shear Madness Haircuts for kids,
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growing a small business,
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franchise research,
evaluating a franchise,
franchise, franchise success, franchising,
franchise ownership,
business success,
kids hair salon,
franchise success,
haircuts for kids,
best kids hair salon,
small business success,
owning your own business,
hair salon business
I often
get contacted by people who want to buy a franchise or business to be their own boss, take control of their destiny and live the American dream! Well, that's all well and good. But I'd like to take a moment and add a small bit of wisdom from one who has been there and has interacted with lots of people who who have also been there.
It takes time. Three years to be precise.
While some can do it a little faster and some might do it a little slower - on average it's going to take you about three years. If you were to pin me down, or get upset with me, or even tell me I'm crazy, I wouldn't mind. As a matter of fact, I really can't explain it other than to to tell you that after countless observations, research, and doing it myself, three years is about what it takes to create a business that gains enough traction for the owner to rightfully claim their business is on it's way to being successful.
So the bad news here is this: If you're going to quit your job, make sure that you have lots - and need I say it again - LOTS of working capital. Because you may have a long runway. The other option is to keep your job and run your business on the side. This option will test your business skill, your ability to manage and find the right people, and trust them.
The good news here is: owning your own franchise or business can allow you to be your own boss, allow you to control your own destiny and allow you to live the American dream.
But like I said, it's going to take you about three years to get there.
Shear Madness Franchising franchises Shear Madness Haircuts for Kids salons. We have worked with franchise stores in providing franchisee support (in order to encourage continual growth and business success), and have sometimes seen the unexpected happen! When it does, we help by identifying and helping with challenges that might arise for franchisees. Additionally, we work to present options that can help prevent these events as well. As many franchise owners may not have opened a business before, having someone who can advise them is a significant advantage of franchise ownership!
Are you interested in learning how YOU can join the Shear Madness Haircuts for Kids family and run your own successful small business? We are one of the fastest growing kids hair salons in the industry today! If you would like to learn more about this franchise opportunity or small business marketing, great marketing strategies, resources for small businesses, franchise success, how to grow your small business or how to become a successful owner of your own kids hair salon franchise business, please click below or call 1-888-98 GONE MAD
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