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THE DO’S & DON’TS OF PURCHASING A FRANCHISE

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THE DO’S & DON’TS OF PURCHASING A FRANCHISE

By; Myeshi Briley,MS,HS-BCP

If the idea of launching a business from scratch seems overwhelming, a franchise with a well-established company might be more appropriate for you. With a franchise, you’ll gain the practical experience necessary to one day run your own company. However, there are a few Do’s and Don’ts to think through before deciding if a franchise is a suitable option for you.

Do your homework.

Buying a franchise is a piece of cake, it’s picking the right one that’s tricky. Stay thoughtful and alert when investing. To minimize risks, obtain as much current information on the franchise as you can. As the Spring-Klein Chamber President, I’ve learned how vital it is to research the franchise and ensure proven turnkey operations with a productive operating history are currently in place. Decide if you have the kind of capital needed and if you’re willing to take any risks that come your way. With thousands of franchise opportunities available, the only tactic for choosing the best one is by studying your preferred pick in full. Go to trade shows held by the franchise or get in touch with a franchise agent. Look for a franchise where both owner-operators and absentee owners are successful, because that demonstrates that it’s concept is strong and sustainable. Talk with and observe other franchise owners to discover how their franchise is doing, if it has it been a good investment for them. Find out what their profit is like. What kind of training does the franchise offer? What level of support, technical and otherwise, do they offer. Ask the owners as many questions as you can, without getting on their nerves, of course. And, compare as many franchisees as possible. Also, if you already own a business don’t pick a franchise that would compete with your current clients.

Don’t rush your decision.

All sound business decisions entail planning and accurate computations of the risks involved. Take all the time you need to make an informed decision. Don’t let anyone pressure you to rush through a franchise process. Ethical franchise consultants proceed at the pace you set, not the other way around.

Do develop a business plan

Before you buy a franchise, you need to create a feasible business plan. You can access information online to help you get started such as the business plan resource pages of the U.S. Small Business Administration or their video on franchising.

Don’t shy away from Memberships

Many consumers like using membership subscriptions, paying a flat monthly fee in return for unlimited services. Membership-driven businesses decrease cash flow issues and help you build customer loyalty with your core customers.

Do find a franchise offering above-average profitability.

You want a profit in the double digits, but are realistic, don’t expect net margins to span 30% or more.

Don’t just choose a regular transaction-based business.

Find a franchise that fulfills a need and lends itself to repeat business. In other words, go with an ongoing, necessity-based business that focuses on the consumer experience. You want to provide a unique, memorable experience not readily available elsewhere.

Do get professional help.

Get a good lawyer to review the legal documents, don’t do it yourself. And, have a good accountant review the franchise’s financial statements and projections. Check for any pending litigations, lawsuits or cases against the franchise. Also, make sure you fully understand the UFOC and your purchasing contract. And, read your Franchise Disclosure Document thoroughly, it’s there to protect you from unknown variables.

Don’t buy a franchise that demands an initial franchise fee of $200,000 or more.

The one-time initial franchise fee might be as low as $5,000 or higher than $100,000. The average fee for a single unit is $20,000 to $30,000. Make certain there is minimal build-out time. Low cost and fast speed-to-market are crucial. Don’t spend more than you have. Though well known established franchises have less risk, the investment costs are high. You need to know if you have that much money, and if you do, then you need know when you’ll be able to make it back.

Do have an exit strategy for your franchise Have choices in order such as willing the business to a family member, selling it or expanding to multiple franchises.

Don’t…ignore your instincts.

Trust your intuition. If anything doesn’t make sense to you, ask questions until its clear. It’s your future and your hard earned money, go the extra mile to protect yourself during this intricate process.

Do think into the future with an open mind

Be creative, choose a franchise with the potential for synergistic product line additions, and think of what the concept could evolve into.

Don’t Trust people too easily.

It’s your money and time. Don’t just listen to what other people say, make sure you thoroughly understand the business you want to get into. Also, don’t settle; don’t jump at the first opportunity that comes your way. Choose a business you really want with a concept that speaks directly to you.

Do give back to the community.

Franchises that give back to the community have the best chance of lasting. Franchises that are involved in their local Chamber of Commerce do very well. Choose a franchise that is socially responsible, consistent with the needs and interests of your target demographic. Look for one that encourages activities like volunteering, and sponsoring programs like youth sports teams, and charity fundraising marathons and other events.

These guidelines will help you make an informed franchise decision. Without thorough research and preparation, you can run into unexpected obstacles and risks. It’s important you understand what you’re getting into and believe in your franchise concept. Franchising isn’t for everyone, but if you do your homework, and know what to expect, owning a franchise can prove to be a rewarding experience both financially and professionally.

December 1, 2017 |

WHAT DOES IT TAKE TO CREATE A BUSINESS EMPIRE

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By; Myeshi Briley,MS,HS-BCP So, What does it take to create a business empire? Most millionaires and billionaires didn’t inherit wealth. They labored over the course of a lifetime to build a remarkable and enduring business empire. Here are eleven vital steps to take to read more

November 8, 2017 |

UNDERSTANDTING THE YOU ECONOMY

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By; Myeshi Briley, MS,HS-BCP It’s life changing to discover the You Economy is where the world is going. And building the wealth in your world is based on more than a 401K plan at a job where you worked to help others realize their dreams instead of following your read more

April 17, 2017 |

ADULT BULLYING

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BY MYESHI BRILEY Adult Bullying in the work place is a persistent emotional assault that endangers people’s health and careers. It’s relentless hounding and sabotage by bosses and co-workers. If you’ve ever worked with grown-up bullies, you know they’ll turn a dre read more

March 17, 2017 |

RT is the new SUCCESS

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By Myeshi Briley,MS,HS-BCP Are you a risk taker? Do you play it safe or take the long shot? You’ve got to fall or fail to get great. Sounds crazy but it works. Not all ventures pay off, not all risks are good risks, and even wisely calculated risks can fail. It’s read more

February 10, 2017 |

Millennials have a lot to offer & CEO’S/ Presidents Diverse in Business know it

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Millennials have a lot to offer & CEO’S/ Presidents Diverse in Business know it

By; Myeshi Briley,MS,HS-BCP

President Spring-Klein Chamber of Commerce

Millennials today make up most of the labor force (one in three American employees). Consequently, corporate leaders need to start today to develop the leaders of tomorrow are their companies won’t have much of a future. Most upper executives reached mid-management positions by their mid-thirties, which fast-tracked them to C-level roles later in their career. These same top leaders must in turn develop the talent of millennials, who possess the ability but not the experience. Engage senior leaders to align millennial talent with a shared cohesive vision and direction for your organization.

Millennials Want Mentoring

Millennials would rather be leaders than followers. They find the opportunity to learn from a mentor enticing. By teaming upper management with millennials in ‘reverse mentoring’ you offer the younger generation career path guidance directly from senior executives. They gain a precious peek into the world of top-level management. Plus the firm gets a chance to transfer corporate knowledge to their younger talent.

This generation is eager for training. Consider assigning projects to millennials that allow them to network. Another thing is cross-training on a quarterly basis. Invite professors or business coaches for presentations on various types of management or leadership fundamentals. This will help employees understand the company’s strategic course and its organizational issues.

In addition to career development, you need to tap into this generation’s strengths. For that, you must encompass the way millennials engage, grow and learn. You need to work with them and not discourage them. As the president of the Spring Klein Chamber of Commerce, I cater to young entrepreneurs in the area. Half of our board is made up of millennials. I encourage them to bring their ideas to the table.

Listening to millennials and taking their ideas seriously is the best way to motivate and retain them. Create activities and venues where they can voice their ideas and they’ll propose inspired solutions to issues. Brainstorming meetings allow them to get to know other employees and gain visibility. Give your millennial employees varied responsibilities, propose projects that include a learning component. This generation works harder when challenged.

Outdated, Rigid Work Styles Hold Them Back

The millennials’ enthusiasm will have a positive influence on your firm. Their connection with social media along with their adaptation to the latest technology is key to your organization’s future. This will prove vital to your company’s development as you look for new, innovative ideas. Keep in mind, they were raised in a digital world and communicate electronically…rather than face-to-face. Relying on mobile platforms: phones, tablets, laptops for work and projects…they collaborate in open gathering spaces and often work from home.

Personal time is important to them. Millennials pursue a balanced life and flexibility. With a focus on results not hours, they don’t have a clocking in and out work style…they might work from home or a coffee house. Set deadlines for them and if they complete their work to your standards, they are finished for the day.

Offer Rapid Progression

Career advancement traditionally depended on seniority, but millennials value results over tenure. Create a strategic plan that illustrates what their future looks like at your firm. Let high achievers, who have the potential to rise up the ranks quickly, do so. Otherwise they’ll get frustrated.

One reason millennials want to rush up the career ladder is compensation, because they begin work with an average debt of $20,000 in student loans. Also, they don’t think they’ll ever see a pension or social security check, so they expect they’ll have to create their own financial independence in retirement. Basically, this generation merely wants to get paid what they’re worth. If you can’t afford raises, offer them more vacation time and flexibility—a day off for a job well done goes a long way with millennials. They are also the most educated generation in history and they are continuous learners, so offering tuition reimbursement programs will increase retention rates.

A Stimulating Career

Millennials want to contribute something to the world and they have a passion for international settings. Most want at least one overseas assignment during their career. They also want to be proud of their employer’s corporate values. They want to work for a company that strives to improve its community. This generation looks for employers with good environmental and social records, and many will leave a company if they find the firm lacks values.

Frequent Feedback

Owning to social media, millennials like instant feedback. A yearly review isn’t enough for them. They require frequent, honest feedback in real time. They expect praise for a job well done. Regularly highlight their positive contributions.

Set well-defined targets for millennials and touch base with them often. A transparent management system, detailing how performance is rewarded gives them a feeling of value, and the motivation to work hard. Millennials prefer open communication, so have an open door policy and make yourself accessible. When employees offer constructive criticism, invite them to present a business solution and give it serious consideration.

The Latest Technology

Millennials assume the technology that empowers their personal lives will drive communication and innovation in the workplace. Update your IT plan and provide state of the art technology. However, this generation is more effective at work when they also have access to their own personal technical devices.

Diversity

The millennial workforce is composed of more minorities and women than any other generation. Consequently, they bring in fresh ideas and contrasting perspectives. Workplace diversity is important to millennials and it helps eliminate challenges stemming from gender and diversity gaps that currently effect many corporations.

Millennials are an asset as they are the future leaders. But their greatest resource is previous generations who went through the same things they are facing: a bad economy and a tightening job market. And the older generation can learn from the younger one as well. Both offer attributes that complement each other. This is important, as the baby boomers leaving the work force will be replaced by the millennials. So now is the time to prepare for that future. As a CEO I have been a huge leader in understanding the market and changing to help support future leaders. Loving change is one of my best qualities, when others hate change.

 

Resources:

http://www.miamiherald.com/news/business/biz-monday/article78789262.html#storylink=cpy

http://www.forbes.com/sites/ashleystahl/2015/06/04/managing-millennials-6-musts-for-ceos-who-want-to-get-ahead/#c79fc7f6997e

http://fortune.com/2015/03/01/the-perks-of-hiring-a-millennial/

http://www.forbes.com/sites/taitran/2016/02/21/a-millennial-response-to-an-open-letter-to-yelp-ceo-takeaways-for-millennials-and-companies/#3dbae339433a

http://www.miamiherald.com/news/business/biz-monday/article78789262.html#storylink=cpy

How One Gen X CEO Cultivates Her Millennials

July 1, 2016 |

Government Updates/News Congress Passes New ABLE ACT Dec 17th 2014

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This is new information below from Congress; It’s the ABLE ACT which is important for people with disabilities and  legal care takers of people with disabilities.

CONGRESS PASSES ABLE ACT: MAJOR VICTORY FOR PERSONS WITH DISABILITIES

For first time in nation’s history, federal government recognizes added costs associated to living with a disability 

 

In recognition of this unprecedented legislation, NDI has created a list of 10 items about ABLE accounts that individuals with disabilities and their families should know:

ABLE Accounts: 10 Things You Must Know

  1. What is an ABLE account?

ABLE Accounts, which are tax-advantaged savings accounts for individuals with disabilities and their families, will be created as a result of the passage of the ABLE Act of 2014. Income earned by the accounts would not be taxed. Contributions to the account made by any person (the account beneficiary, family and friends) would not be tax deductible.

  1. Why the need for ABLE accounts?

Millions of individuals with disabilities and their families depend on a wide variety of public benefits for income, health care and food and housing assistance. Eligibility for these public benefits (SSI, SNAP, Medicaid) require meeting a means or resource test that limits eligibility to individuals to report more than $2,000 in cash savings, retirement funds and other items of significant value. To remain eligible for these public benefits, an individual must remain poor. For the first time in public policy, the ABLE Act recognizes the extra and significant costs of living with a disability. These include costs, related to raising a child with significant disabilities or a working age adult with disabilities, for accessible housing and transportation, personal assistance services, assistive technology and health care not covered by insurance, Medicaid or Medicare.

 

For the first time, eligible individuals and families will be allowed to establish ABLE savings accounts that will not affect their eligibility for SSI, Medicaid and other public benefits. The legislation explains further that an ABLE account will, with private savings, “secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, Medicaid, SSI, the beneficiary’s employment and other sources.”

 

http://www.realeconomicimpact.org/News.aspx?id=460

 

 

Congress Updates

Myeshi Briley,MS,HS-BCP

President of Spring-Klein Chamber of Commerce

January 31, 2015 |

Spring, TX 2015 Healthcare Options

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We now have options in Spring TX without going far from home. “It get’s better and better everyday to help enrich the Spring-Klein area”. The Houston Chronicle has an amazing story of the options right in our on backyard in Spring, TX. Live, Work, Play is my motto for the Spring-Klein area.  I would like to welcome Dr. Marc Boom, President and CEO of Houston Methodist to Spring-Klein Chamber of Commerce and Mika Roa, spokeswoman for Spring Central Hospital. Once again welcome to Spring-Klein Chamber of Commerce and thank you for your membership.

http://m.chron.com/neighborhood/spring/news/article/Growth-brings-more-medical-options-to-Spring-area-6014647.php

 

 

Myeshi Briley,MS,HS-BCP

President of Spring-Klein Chamber of Commerce

 

 

January 29, 2015 |

The New Live, Work, Play Area of 2015 Spring, TX

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I believe that Spring, TX has become the next new Live, Work, Play area. Community Impact Newspaper speaks about the Commercial Development booms that are happening in Spring, TX.  It goes into details on calling Spring, TX the Energy and Commerce area. Just to name a few of things happening;  Exxon Mobil campus, Springwoods Village, Southwestern Energy headquarters, Baker Hughes Western Hemisphere Education Center, Grand Parkway Town Center, Noble Energy Center Two, Restaurant Village, Cypress Preserve Park, Hardy North Business Park. I would like to Thank Patty, Matt and Valerie for Community Impact news on how it keeps us informed in the Spring-Klein area.

http://impactnews.com/houston-metro/spring–klein/commercial-development-booms-in-spring/

 

Myeshi Briley,MS,HS-BCP

President of Spring-Klein Chamber of Commerce

 

January 27, 2015 |
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