Avoiding Franchise Funding Mistakes – The Top 3 Pitfalls

avoiding-franchis-funding-mistakesA potential franchisee seriously interested in becoming an entrepreneur will take several demonstrative steps throughout the ownership process. In this post, we focus on the financing options available to the franchisee. It is our hope that you will be able to avoid potential mistakes and find a suitable solution which matches up perfectly with your own financial position.

Allow us to introduce to you the Top-3 Pitfalls of franchise funding. Take heart, because making the right decisions will illuminate a path to success and growth. A costly mistake could jeopardize your break-even possibilities and even hamper your effort to achieve viability in the marketplace. Some of what you are about to read is just plain common sense, but you may find just find the “gem that keeps you out of a jam!”

Pitfall Number One – “Pump Your Brakes”

You’ve spent the requisite time in choosing to meet with a qualified franchise consultancy like FranNet, whose sole focus is matching the right opportunity with the right option just for you. You believe in the franchise concept, and you did your due diligence through the Franchise Disclosure Document process. You have arrived at this point because you were both cautious and prudent with your time in researching the development of your soon-to-be franchise. It’s time to explore financing options, not hit the gas and floor it. Stay as focused and patient as you have been up to this point, never let your emotions override the necessity for exploring any and all financing options – even if you do feel close to the finish line.  (more…)

Entrepreneur Found Calling, Now Calling on Others

Oregon-SBDC-FranNet-SuccessSandy, Oregon Woman Opens Oasis Senior Advisors with Help from the SBDC and FranNet

As many people do, Breanna Nickila geared her education toward a career in corporate America. After starting on her MBA, however, she began to realize her life might point in another direction, as the allure of business ownership and the struggle to find a quality job in eastern Portland created a new opportunity. Ultimately, her path landed her as one of the newest franchisees with Oasis Senior Advisors, a senior care advising company.

Nickila, a graduate of Portland State University, initially delayed her leap into the entrepreneurial world as she stayed at home for 11 years to raise her daughter. What she realized is that corporate life had changed and that her true calling was that of a business owner.  (more…)

Yes, There Is Life After Corporate Downsizing

life-after-corporate-downsizinglCorporate executives create new lives for themselves with franchise ownership after layoffs and business closures.

It’s not a pleasant position to be in, especially for a six-figure-generating corporate executive – unexpected layoffs and downsizing. According to ExecuNet (a networking group for outplaced Executives in the $100K+ salary bracket), corporate executives can expect to be in the same job for only 2.7 years, and with the same company for only 3.3 years.

That means mid-level and executive-level managers are looking for new jobs every couple of years. It’s an employment cycle that puts a lot of stress on finances and family.

But many former corporate executives are now choosing another option after facing numerous corporate layoffs and reorganizations: business ownership.  (more…)

FranNet Consultants Offer Guidance On Franchise Ownership Options

Franchise-OptionsFor some, the idea of getting off the corporate treadmill and becoming their own boss is the attraction. For others, retirement allows them to fulfill a life’s dream. And recently, unemployment may have brought the alternative of business ownership into sharp focus for many.

FranNet brings together franchisors and individuals who are interested in exploring self-employment as a career option. FranNet consultants provide both information and guidance at no charge to prospective franchise owners to help them assess their aptitude for business ownership and to identify the best franchise options for their background and interests.

To make it easier to connect with a local FranNet consultant, the “Find a Consultant” feature on FranNet’s website prompts users to enter their zip code. The website displays a complete profile of the local FranNet consultant, including contact and background information.  (more…)

Diversify Your Portfolio With A Franchise Business

diversity-your-portfolioIn this week’s blog edition, we’re going to tackle the issue of using a franchise or small business to diversify your portfolio of investments. As you’ll see, there are several advantages for doing so, the least of which is the creation of a figurative safety net. This safety net is designed to do two things:

  • To prevent the depletion of wealth in the event of a severe downturn in the economy—something we all became familiar with beginning in 2008.
  • To provide a fall-back source of income should your current job or position be eliminated.

While signs of recovery continue to aggregate, arming yourself with additional information will be a helpful exercise in diversification.

As an investor, if you have a healthy portfolio, you are always looking for ways to diversify your holdings. Owning a small business or franchise opportunity can be a smart addition which gives you the option to stay engaged in the semi-absentee model of operations while keeping your day job, so to speak. As we have covered before, the semi-absentee model allows you to run the business from afar, typically with a smooth “manage the manager” philosophy.  (more…)