• Winners subscribe to Company standards & consistency.  Losers only care for product cost and shop independently for short term savings.
• Winners ask: “How can I make customers happier?  Losers ask “How can I make more money?”    
• Winners look inward to solve problems, make PLANS & execute.  Losers look to others for solutions, make excuses & blame.    
• Winners understand that advertising is an investment.  Losers think advertising is an “expense.”
• Winners know they have to “get out” and promote their franchise in order to lure customers.  Losers are shy, stay confined to their business and HOPE that customers will walk in.    
• Winners look for the BEST location for their franchise.  Losers look for the cheapest & most convenient location.
• Winners are more concerned with offering customers VALUE!  Losers are only concerned with business efficiency and cost savings.
• Winners “push” the biz at every opportunity and are constantly SELLING.  Losers only “manage” the biz.
• Winners understand their product & labor costs and monitor continuously.  Losers have only a general notion of their cost structure.
• Winners truly APPRECIATE customers and let them know at every opportunity.  Losers believe that customers are constantly trying to “beat them” and they look to protect themselves
  

So, be honest – Do you have the mindset of a Franchisee Winner?  If not, you can easily change your path.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

1. Know How Blessed You Already Are.  Open up your eyes to see how lucky you are to have your family, your health, your company/job, your house, a car that works, food on-the-table, and just continue building your “I’m Blessed” list.  When you understand just how blessed you already are, you are filled with gratitude and you’ll feel less pressured because you’ll understand that anything else you accomplish or acquire in life is just gravy.    
2. Acknowledge Your Challenges.  Forget about “denial” and personal ego!  A positive person acknowledges their problems, and sets out an Action Plan to solve them.  They understand that identifying specific problems is a wonderful opportunity to take the business (and their personal development) to the next level.  So, develop your Situation Review, formulate your Action Plan and empower your people to find creative solutions.   
   
3. Show Appreciation to Others.  A positive person capitalizes on every opportunity to thank and acknowledge others even for the smallest gesture or accomplishment.  And then two incredible things happen, 1) folks bend over backwards to help you, and 2) YOU feel more positive because you are more connected to people.  Hey, surely you realize that you’re NOT the only person who loves a pat on the back.
4. Connect With Family & Friends.  There’s no greater source of positive energy than family & friends, but ONLY if you’re connected.  So, get beyond the apprehensions and “mental baggage” from your past, and start loving on the people who really matter.  Offer quality time to your kids, set up a “date night” with your spouse and reach out to your friends.  Be the loving parent, spouse and friend NOW that you HOPE they will describe later when you’re gone. 
5. Focus on Your Physical Fitness AND Diet.  If you really want to feel positive and confident, then stop dreaming about having the body you want, and just go get it.  How?  Start out by eliminating all empty calories, eat healthy food, eat smaller quantities, and find a fitness program that works.  And as you stick to it, you will start to see a younger, healthier and more powerful person in the mirror…..and nothing will churn out positive energy more than that.   
   
6. Eliminate Wasted Time & Money.  The quickest way to feel more positive is to “lighten the load”.   So, review your budgets and drop all unnecessary spending, withdraw from advisory boards & groups that you aren’t committed to, stop making personal plans with folks that you don’t even like…..and simplify your life.  It’s time to focus on what really matters!
7. Surround Yourself ONLY With Positive People.  Associating with positive people will fill you with hope, ideas, and confidence.  But negative people will do just the opposite – they’ll rob you of your energy & enthusiasm.  They are speed-bumps for your success.  So, decide now to choose your relationships accordingly.    
   
8. Keep Your Problems to Yourself.  A positive person knows NOT to wear their problems on their sleeve.  Customers and co-workers have their own problems and don’t want to hear yours.  If you need to unload your problems, call your spouse, your business partner, your best friend, or your preacher…..but keep a happy face in front of your staff, and certainly in front of customers.    
9. Give of Yourself, and Help Others.  Do you truly want to feel positive and connected to this world?  Then reach out and help someone less fortunate than you.  This simple and voluntary act of kindness will fill you with positive energy, hope and confidence that you have made the world a better place. 
   
10. Develop New Skills.  From e-marketing, to social media, to everything being re-engineered, we ALL need additional skills and knowledge to be successful.  So drop all fears and dive right in.  You’ll feel more positive and empowered when you do.  Remember the old adage:  In business, the only thing that is consistent is “change”…..so embrace it!   

It’s time to refine and improve our “positive skills” so we can be the awesome leaders that our businesses and families need.  But as you do, remember to be easy on yourself.  Rome wasn’t built in a day, and nor were your problems or your (previous) less-than-positive disposition.  It will take some time to fix your problems and reorient your perspective.  So, be gentle.  But one thing is for sure – when you become a positive thinker, that winning attitude will vibrate through your business, creating an environment where good things are more likely to happen.  And isn’t that what it’s all about?

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

The Good

There are literally thousands of Franchise Concepts out there, and all of them claim to be the absolute best Franchise opportunity under the sun.  How can you know which Franchises are “money”, and which are total losers?  Knowing this can make the difference between living a prosperous life and toughing out a financial disaster.  And that’s where a quality Franchise Broker can help you.  They are students of Franchising, and may even come from a Franchise Company.  A solid Franchise Broker is constantly researching the Franchise Industry, attends Franchise seminars & trade shows and is always speaking with Franchise professionals.  As a result, they know A LOT about Franchising, which Franchises are successful and which new Franchises have the best Franchise chance for success.  But even more basic, they can help you understand what Franchising is, what it requires and whether this business formula is for YOU.  And a Franchise Broker can also help you understand the various Franchise Categories (i.e. food Franchises, auto repair, painting, hotel, etc.) and what skills, personal traits and lifestyles each requires.  This can help you avoid the huge mistake of choosing a category that you’re not suited for.  All of this is incredibly valuable information that most first-time Franchise Seekers could never amass through traditional sources.  So, that’s the “Good”, and if you’re lucky enough to find the right Franchise Broker, it can be very good. 

The Bad

So what’s the “Bad”?  How about working with a Franchise Broker who is more into selling (and making money for themselves) than helping you make a good choice?  Or even worse, how about a Franchise Broker who knows very little about Franchising at all?  Many Franchise Brokers have never been involved with Franchising in any way whatsoever. The only reason they are able to “pose” as a Franchise Brokers is that their Broker Companies equip them with so much material, scripts and “process” that they are able to come off as an expert.  In fact, if this is your first time looking into Franchising, you probably wouldn’t be able to tell just how LITTLE these rookie Franchise Brokers know.  When that happens, the Franchise Broker isn’t focused on what’s best for you.  Instead, he/she merely parrots Franchise recommendations that are sent out from Headquarters, and these recommendations are often based on how much commission the “featured” Franchise is paying for a “Converted Lead” (that would be YOU).  Regardless, please assume that the Franchise Broker will NEVER recommend a Franchise (even if it’s perfect for you) unless that Franchise Company has agreed to pay the hefty commission that the Broker dictates.  All of this can be very bad. 

The Ugly

You want the “Ugly” about Franchise Brokers?  OK, here it is….and it IS ugly!  More times than any Franchise Broker Company will admit, their Brokers will recommend Franchises strictly based off HOW MUCH MONEY a Franchise is willing to pay that Broker.   Even more “Ugly” is this:  Franchises will routinely offer special financial bonuses or lucrative prizes in addition to the high commissions to provide extra incentive to recommend THEIR Franchise, REGARDLESS of what’s right for you.  That might be fine IF you knew this was going on.  But you surely won’t.  Amazingly, the Government doesn’t require that Franchise Brokers or the Franchise Company disclose how much “payola” changed hands to get you to bite.  In fact, just this year, the FTC changed the Disclosure Laws so Franchises no longer have to disclose which Brokers they work with or how much they have paid them in the past.  You may want to know these things to make sure that the Franchise Broker is NOT placing his/her short-term commission ahead of making the right recommendation.  After all, that recommendation just may determine your LONG-TERM success and happiness.  

So, now that you know the “Good, Bad & Ugly” of Franchise Brokers, you can set your sights on experiencing only the GOOD.  Find an experienced Broker that knows a lot about Franchising, and do not entertain any Franchise options until you are convinced that the Franchise Broker fully understands your lifestyle, interests, timeline, financial situation & ability and life goals.  Tell him/her that you want to see many Franchise options regardless of how much commission the Franchise Companies are paying.  In fact, ask her/him to disclose how much commission they will be paid.  He/she doesn’t have to do this, but an honorable Franchise Broker knows that to foster a positive & open relationship, they need to establish a straight-forward tone from the start.  A “Good” Franchise Broker will simplify and expedite the Franchise process, and help lead you in the best direction possible.  But if you believe you are in the presence of the other two types of Franchise Brokers (i.e. the “Bad” or the “Ugly”), there’s only one thing to do……Run!

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

1.      How do you like the Franchise?  This is an open-ended question, and will bring out general likes and dislikes about the Franchise.

2.      Do you feel the Franchise supports you?  Again, a very general question that allows the Franchisee to identify strengths and weaknesses.

3.      Do you feel that your customers truly appreciate the Brand?  You want to see if the Franchisees see value in the Franchise Brand and products they sell.

4.      Was the Franchise helpful in getting store open?  You’ll want to know how much support you get during the (very hectic) development stages.

5.      How would rate the Training you received from the Franchise?  You want to know if the Franchise provided comprehensive business building & management training, or did they just teach technical “how-to” stuff.  

6.      Did the Franchise have an effective Grand Opening Package?  The Winners always help their Franchisees open their business with a bang.  They know the value of making a great “First Impression”.  

7.      What Marketing Support does the Franchise provide on an on-going basis?  Marketing is critical, and you want to how/if the Franchise helps you.

8.      How does the Franchise support you with supply-lines?  You need to know if the Franchise provides superior buying power, OR whether they actually cost you more because of rebates and other hidden costs.

9.      How often do you hear from the Franchise?  The battle-cry of Franchising is that you’re in business “For Yourself But Not BY YOURSELF”…..so make sure this Franchise lives by that creed.  Do they routinely visit or call Franchisees?  Do they send out newsletters, e-mails, text messages, carrier pigeons, etc.?  You want to see Leadership in the Franchise and feel that they are with you all the way through.  

10. Do you feel that the Franchise really cares about Franchisees?  This is a “Corporate Character” question, and it’s really critical.  Here’s what you really want to know:  Does the Franchise care MORE about the performance of its Franchisees, or its own Company profits?  The Winners know that the Company is only successful when Franchisees are successful.

11. How much money do you make?  Oh, there it is….the key question you’ve been waiting the whole phone call to ask.  Franchisees can tell you things about performance that the Franchisor is prohibited by the FTC from disclosing.  But don’t stop at profit….ask about sales, product cost, labor cost, how much rent do you pay, utilities, local marketing (in addition to standard ad royalty), etc. 

12. If you could start over again, would you go with this Franchise?  It’s the classic “Would you marry your spouse again” question…..and the answers will be very telling.  Don’t forget to ask why, or why not.  

Investing in a Franchise may very well be the largest business commitment you’ll ever made, and you need to know as much as you can BEFORE signing the Agreement.  So, open up the FDD (Franchise Disclosure Document), select 5 Franchisees and start calling.   Hey, we’re talking about your financial future here, so this is no time to be shy.  Some Franchisees will be forthcoming about their experience, and some will not.  That’s life.  So, if you reach some Franchisees they aren’t that helpful, call more Franchisees.  But when you reach that fabulous Franchisee who just loves to talk, go through the above questions and don’t hang up until he/she says “Uncle”.  Franchisees can give you some of the best information on assessing a Franchise……and you can bet that it will be far better than any smooth talk and glossy paper the Franchise pushes your way. 

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

1. The Franchise Company is Responsive.  Here’s the deal:  If the Franchisor is responsive during the exploratory stages, chances are better that they’re always going to be responsive…. and that’s critical.  So, take note from the very first inquiry call.  Example:  You asked them about construction time-lines, and you get an e-mail about approved construction suppliers.  Did they just send you “Form Letter #24” instead of “#23”?!!  They might have been fast, but they weren’t listening!  But when the Franchisor responds quickly AND is truly laser-focused on your needs, those are signs that you might be dealing with a Franchise Winner. 
2. The Franchise Royalty and Fees Are Fair.  We all feel better aligning ourselves with “Givers” than with “Takers”….and that’s certainly so in Franchising.  So, take a hard look at the royalty & fee structure to decide which one you’re dealing with.  Perhaps there’s a good reason why one Franchise charges 8% royalty, while others in the same Category charge only 5-6%.  But perhaps there’s NOT a good reason, only greed.  A Winner leaves money on the table for their Franchisees.   
3. Existing Franchisees Stand Behind the Company.  Listen, Franchisees will always have routine complaints…..NO Franchise is perfect.  But you’ll quickly see that Winners have earned the respect of their Franchisees.  Franchisees need to know that the Franchise Company is “watching their back”.  To verify that, ask Franchisees this question:  “Do you feel that the Franchise is truly concerned with your success?”  If you get a positive response, and other good feedback as well……you have a potential Franchise Winner on your hands. 
4. The Franchise Keeps the “Brand” Strong.  Long-term, your success will be tied to the strength of the Franchise Brand MORE than most other factors.  So, look closely at how they treat their Brand.  Are the graphics fabulous?  Do all the elements revolve around the same idea/theme?  How often does this Franchise update and refresh the Brand look?  If they aren’t good at Branding now, WHO’S going to keep your franchise current, meaningful and successful in the future?  Answer – no one!
5. The Franchise Supports You All the Way Through to Opening.  Be leery of this overused pitch:  “Our Opening Manual provides everything you’ll need to get your Franchise open.”   The Franchise Winners never hide behind their Manuals.  They help you search for a good location, they help you negotiate your lease and they have a dedicated Store/Business Development Manager to help you deal with every element of design, bidding and construction.  This is critical hand-holding, and Winners invest in this type of support because they KNOW you’re going to need it.    
6. The Franchise Assures You the Lowest Store Opening Cost Possible.  You won’t believe this, but some Franchises make money on your Store Opening by collecting rebates on the items you buy from your required suppliers.  Franchise Winners don’t look for this type of money because they know this makes your store carrying cost harder to carry.  Successful Franchises bend over backwards to get you open at the lowest possible price, and never worry about padding their pockets.
7. The Franchise is a Strong Marketer.  I’m not saying the Franchise has to have a gazillion dollar national budget.  Truth is:  They can waste that as easily as not.  You want to see/feel a genuine commitment to (and understanding of) increasing sales in your area via Company marketing programs.  Look at past programs, and see if they maintain a consistent flow of marketing materials to the stores.  If marketing is all fancy talk, or they relegate the marketing totally to you…..run away. 
8. The Franchise Offers Stellar “Business” Training.
   Franchise Winners not only train you to run the functional operation, but they go the extra distance by training you how to generate sales, control costs, train your staff and address routine problems that may come up.  They train you to power a money-making franchise business, and not just serve as the Operations Manager. 
9. The Franchise is financially Strong.  Franchise Winners can show you how to make money, manage debt and invest in infrastructure, because that’s how they run their business.  Their Financial Statements (found in the FDD) will tell the tale.  So check them out with your accountant, and ask lots of questions.
10. The Franchise Units Make Money.  This is where the “rubber-meets-the-road”.  Many Franchises publish an “Earnings Claim” in their FDD, but these calculations are usually a “rig” and carved out to look good.  I highly recommend that you view Earnings Claims with a huge grain of salt.  Franchise Winners will insist that you verify sales and profit performance in the ONLY way possible….ask their Franchisees directly. 

The Key to finding a “Franchise Winner” is to investigate beneath the surface, and certainly beyond the sales rhetoric….and all that’s needed is a little determination and some research.  If that research leads you to a Franchise that delivers on the above 10 attributes, you just might have a “Franchise Winner” on your hands.  What happens after that?  I can’t say, and there are surely no guarantees…..but going with a Franchise Winner will assure you stronger Franchise Support every day.  And that will give you a huge market advantage.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

1. Re-set Sales Goals, and Make a Plan!   Set realistic sales goals by month, week and day, and they’ll probably be lower than in prior years.  The key here is closely monitor how you’re doing relative the Plan, and develop specific marketing & operational plans to keep you on track.  In tough times, you’ve got to be more aggressive and creative, but it always starts with a Plan.    
2. Fight the Urge to Scrimp On Quality!    With economic challenges, there is always temptation to cut back on quality or portion sizes.  Don’t do that!  Customers are forking over their precious resources, and they expect quality.  Look to save in other areas, but never compromise quality.     
3. Make Sure Your Store reflects a “Happy Face”!   Here’s the deal: Your customers have their own financial problems, and they don’t want to hear your sob-stories.  So, regardless of your woes, make sure you and your staff keeps a “Happy Face” in front of customers.  If you need to vent, call your spouse, friend or preacher — but for the sake of your business, stay positive!      
4. Protect Your Product and Labor Costs!   Your product and labor costs are your largest expenses, and they drive your profits!   So be relentless in controlling them.  Monitor everything from your product supplier bills, to waste, to “honesty issues”, and conduct more frequent inventories to track product cost.  And definitely assess every employee slot to see if any positions can be combined, or eliminated all together.  Since there are a lot of skilled people looking for jobs now, perhaps it’s time to upgrade your staff.  These are tough decisions, but your business and financial well-being are on-the-line.   
5. Stay Committed to Local Marketing!   The temptation will be there to eliminate local marketing to save money…..and you should eliminate any programs that have not worked.  But at the same time, you’ll need to replace some lost sales, and that will require local marketing.  So, use the Headquarter Marketing Programs as a base, and then seek out effective, new marketing opportunities around your store.        
6. Make Sure You’re Getting Maximum Franchise Support!   It’s time to re-commit to your Franchise, and use the power of the Group to power through these tough times.  Avoid any temptations to be a “Maverick” and alter the Franchise Formula to save a few pennies.  And now is the time to get involved with your Franchise Advisory Board to register ideas and find solutions.     
7. Approach Your Landlord About A Rent Concession.   Landlords are hurting too, and do not want you to go out because it would be hard to replace you in this market.  So, if you’re having difficulty, develop a full proposal for the Landlord complete with what rent package you propose.  Most important, if you want the Landlord to be reasonable with you, make sure your request is reasonable.  
8. Scrutinize Every Expense Item.  From payroll services, to cleaning supplies, to in-store music, to light bulbs, you can definitely save some money by re-bidding everything.  Your suppliers are eager to keep you, and competing suppliers would love the chance to compete for your business.  So, let the “Supplier Games” begin, and eliminate ANY expenditure that isn’t absolutely necessary.    
9. Have a Source For Capital.   Cash Is King….especially in a tough economy.  So, stay lean and try NOT to take on any additional debt.  But also know where you can get cash if the business is pinched (e.g. line of credit, parents, wife’s shoe-box money, etc.).  
10. Stay Strong & Healthy!   This economy is causing a lot of stress, so you need to be strong & healthy to handle it.  Commit to eating better, get more exercise (even if it’s just a walk after dinner), find a way to clear your mind (e.g. take up yoga or listen to classical music) and get enough sleep.  

Yes, it’s extremely tough out there and the best way to deal with it is to have a Strategic Action Plan to build your Franchise Business.  Many folks are losing sleep because their business is being affected by things they cannot control.  So, focus on the things that you CAN control, and the above 10 Action Steps are a great place to start.  Most important, have faith that the American Market is the greatest economy on earth, and that customers will always appreciate and seek out quality products.  You just need to reach new customers during this period AND control your costs.  And with some extra focus, you can!

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

So, you return to the essential question, “How Much Money Can I Make with YOUR Franchise”.    And the game of “cat & mouse” begins.  You see, although this is the question you most want to ask……it’s also the question that the Franchise most wants to avoid.

Why?  Read on, because this is something you need to understand.

The most basic explanation of why Franchisers cannot tell you what you’ll make is that they simply CANNOT KNOW what you’ll make, and they last thing a Franchisor wants is for you to have unfair expectations of how you’ll do.  In addition to the moral issues of making realistic representations and “keepin’ it real”, the Government takes this matter very seriously.  The Federal Trade Commission (The F.T.C.) has very tight guidelines for what a Franchisor can and cannot disclose to a perspective Franchisee.  That makes it impossible for Franchisors to share any performance directly with Franchise-seekers.  That protects everyone from the emotions, disappointments and yes, ridiculous lawsuits that results from Franchisees not making the money they expected to make.  And all legitimate Franchises comply with this law.  Some Franchises may provide an Earnings Claim in their FDD (as specified by the F.T.C.), but you’ll notice in the small-print that these calculations are mostly manipulated (albeit legal) to make the Franchise look good.  I recommend that you take all Earnings Claims with a grain-of-salt.

Most Franchises have strong historical data and could show you how other Franchisees perform in similar locations with similar demographics, but they can’t even do that.  Why?  Because once you’re open, the Franchise can never be sure what happens after they leave.  Perhaps the Franchisee is not quite the operator that everyone expected,  Will they follow Company standards consistently, offer stellar customer service, hire a capable staff, portion correctly, conduct local marketing and keep your business clean & orderly?  Most Franchisees do, but some don’t.  Yes, the Franchise will monitor your store at intervals and compel you to uphold standards, but (incredibly) I’ve seen more than a few Franchisees dodge Company standards and ignore the need to market their business.  Or perhaps the operation is stellar, but the demographics around the business change significantly or perhaps a strong competitor (or three) opens in the area.  That’s why a Franchise cannot predict how a Franchisee will perform.  There are just too many variables.

And the most important variable in Franchising and the key to success is the Franchisee’s level of passion, commitment to standards and determination to building sales are the keys to success.  What is your level of passion?   Are you willing to commit yourself 100% to the Brand, the Franchise Team and marketing your business?  Will you LOVE the customer and offer stellar service?  When you KNOW how you’ll perform, it’s much easier to predict how your store will perform.  The Franchise cannot know this because there will never be a Crystal Ball……it’s all up to you.

If you’re convinced that you will be an awesome Franchisee, then it’s time to ask, “How much money can I make with YOUR Franchise?”  Now, you’re talking!  There ARE definitive ways that you can project how you will perform, and it’s critical that you pursue this so you can determine if the Franchise you’re looking at can bring you the financial returns you’re looking for.  So, how can get this information?  Be relentless by doing the following:  Call current Franchisees, call Franchisees who have sold their stores in the last two years, closely examine any Earnings Claims that the Company does make (but with a grain of salt), and keep asking the Franchisee questions about performance measures (i.e. food & labor cost Goals, average store volume, volume by daypart, breakeven volume, operating costs, etc.).  As mentioned, Franchises are not allowed to make performance representations, but you CANNOT proceed with confidence until you have a fair idea of how the Franchise will perform.  Hey, who’s going to place their family’s financial future on-the-line purely on faith alone - you need numbers!.  So keep pushing for the answers because despite all the government restrictions, you CAN get this information if you know what you’re looking for.  And if you have any questions about that, just let me know.  The Franchise Coach is here for you.

Or is your decision based on some article you read that said that Franchising is the best business model ever created, the safest way to control your destiny and perhaps the easiest way to achieve financial independence?  Well, there’s no doubt that making money is high on your priority list.  But still, how can you know if operating under the Franchise Formula would make you happy?

Check out these 5 Franchise requirements before going any further:

1. Franchising Makes You the Boss…..Well, Sort Of!
   Yes, you own the business, but many decisions have already been made for you, like following Franchise standards and buying approved products……and there are no if’s, and’s or but’s.  Most are thrilled to follow a proven Franchise formula and avoid the risk of trial & error.  But, if you are a “Maverick” and need the freedom to tinker and re-create the wheel, then think twice before signing that Agreement.
2. Franchising Works, As Long As YOU Do.
   Franchising provides a proven business system, but it’s YOU that powers that system……and that requires a 24/7 work ethic, at least during the first 18 months.  Just like any business owner, you’ll work hard…..but with a Franchise you’ll also work smart.
3. Franchising Involves Lots of Selling.
   Franchising provides a powerful business formula, but it still requires old fashion selling.  Successful Franchisees are people-people, and they love selling and being the local “Brand Ambassador”.  Are you willing to get out there and sell the Franchise?
4. Franchising Requires Passion.
   Successful Franchisees are passionate about their Franchise Brand and products, and that positive energy spreads to every level of their business.  They know that Franchising goes beyond making a quick sale….it’s more about providing a consistent Brand experience for every customer that is truly special.  Can you generate that level of passion?
5. Franchising Demands Loyalty.
   Successful Franchisees are loyal to their Franchise and their Brand.  They would never shortcut the procedures, customer service policies, or product quality.  In fact, they remain in total compliance even when the Franchisor isn’t looking.  That’s because they understand that their actions reflect the overall Brand Image AND the future success of the Franchise.  Can you see how important it is to stay loyal to the Franchise?

So, is Franchising for you?  Only you can make that decision.

Just understand that not every successful Franchisee necessarily reflected the above 5 items when they first started looking.  Still, they felt a powerful resolve to make the leap into this type of business ownership, and they were committed to doing whatever it took to be successful.  They ultimately discovered that if they would commit to the above 5 requirements, then Franchising would be their ticket to success. Are you willing to make these commitments for the sake of Franchise success?  If so, then Franchising is definitely for you.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark’s is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

1. Franchises Minimize Risk. Risk-of-Failure is usually what keeps most of us locked in our Joe-Jobs. A Franchise greatly reduces the risk because it provides you with a proven Brand and business formula. It’s a fact that Franchises are far more successful than Independents after 5 years. With an Independent, you’re simply out there with no map, no support and “no net”.
2. Franchises Have Stronger Brands. Operating with a strong, constantly updated Brand is the hallmark of a successful Franchise. Independents seldom have the time, experience or market research to maximize their Brand. That why Independents are always vulnerable to strong competitors moving into the market.
3. Franchises Provide A Proven, Turnkey Business. Franchisees start out with a comprehensive “roadmap” for running their business which includes thorough Training prior to opening and on an on-going basis.  Independents have to ”fin for themselves” and are forced to work out all marketing, operations and administrative issues/problems as they arise.
4. Franchises Negotiate Better Prices. Here’s the sad truth: Independents will seldom get respect when sourcing product for their business. That’s because suppliers reserve their best support (and prices) for large group buyers, like Franchises.
5. Franchises Continuously Fine-Tune the Business. Franchises are constantly re-discovering and re-inventing the Brand to keep their Franchisees successful long-term. The Independent is hard pressed to continually research the market and develop new products, graphics, technologies and marketing programs to keep their business fresh and competitive.
6. Franchises Provide Strong Local Marketing Support. Franchises are committed to local marketing, and can often pool resources from Franchisees to develop effective, local advertising programs. Independents stand alone, and their funds won’t buy any significant marketing.
7. Franchise Know How to Open Your Business. Going with a Franchise gives you a proven road map for designing, building, equipping and permitting your store/business. This saves you many of the hassles, mistakes, cost overruns, and supplier problems that can cripple the Independent before they even open.
8. Franchises Provide You With A Community. With a Franchise, you feel the power of the Group, and receive a steady flow of encouragement, coaching, training and best practices. The Independent has to stay self-motivated which is hard to do.
9. Franchises Are Easier to Finance. With the lower risk factor, banks are simply more willing to lend money to a Franchise than an unproven, Independent. And in this tight credit market, that’s a big deal!
10. Franchises Are Easier to Sell. Eventually, many small business owners choose to move on, and here’s the deal: Selling a successful Franchise will be easier and more lucrative than selling an Independent.  Buyers know that Independents are riskier, and they know that they are all alone in navigating the business to remain competitive.

When considering any business venture, most of us focus on two things: Minimizing risk and maximizing returns. The research is very clear that going with a Franchise will empower you to achieve BOTH goals better than pioneering an Independent business. Yes, there there is the matter of ongoing royalty that must be paid under the Franchising formula, and those costs should be carefully considered to make sure your financial projections work. But from a Big-Picture perspective, I recommend that you view those Franchise costs as “insurance premiums” towards your long-term success.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

But where can you find support like this?  There’s only one answer – FRANCHISING.  Franchising enables you to own your own business, be the boss, control your destiny and make as much money as your potential and circumstance allows.  Franchising makes it possible to change-your-stars, develop your business potential and build personal wealth beyond your dreams.

Yes, there will always be unexpected bumps along the road, and you have to be prepared to navigate your Franchise business through thick and thin.  But to a great degree, Franchising gives YOU the power and the means to drive your business-success through any economic situations and as far as you’re imagination can take you.  Those who are successful in franchising will tell you that with franchising, anything is possible.  If you experience limitations, they would say that they are most often self imposed.

Yes, you need to be thorough in your Franchise exploratory, be patient and pick the right Franchise that fits your situation and chemistry.  But when/if you do, Franchising offers you a shot at the greatest gift of all…..”Financial Freedom”.  Good luck in your search.  I’m here if you need help.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark’s is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

1. Giving Up the Perfect Job. You may already have a great & well-paying job, and not appreciate how good you already have it when compared to the added risk, responsibility, work-load, stress level and administrative hassles of business ownership. And consider this: Many jobs (unlike the early years of a start-up business) can spin off excess income to feed a healthy investment & retirement account.
2. Wrongly Concluding That You’re An Entrepreneur. Just because someone wants to own their own business does not necessarily make them an Entrepreneur, and Entreprenural skills will bring the greatest level of success. If you mistakenly conclude that you are an Entrepreneur, the demands of running your own business may prove overwhelming. Some of us are manager-types (can manage, but lacks vision), some of us are technicians (can execute, but can’t manage) and some of us are Entrepreneurs (has vision and relentless leadership).  It’s critical that you know what skills you bring to the party.
3. Choosing the Wrong Category. It’s critical that you pick a business category that reflects your interest, skill level, values & lifestyle and ability to sell. If you wind up in the wrong category, it could make coming to your business a chore. That would be a huge mistake.
4. Under-Estimating the Capital Requirements. Hey, we’ve all heard that “it takes money to make money”. But here’s the next cliché on the horizon: “Too much debt will destroy your business”. Make sure you understand how much money is required for the Franchise (including working capital), and make sure you don’t borrow more than 60% of the funds.
5. Not Calling Enough Franchisees. The best source of information about a Franchise (good, bad and horrible) is their Franchisees…..and you desperately need this information to make a good decision. So, not calling a bunch of them is a massive mistake. Come on, if you’re too shy to engage a few folks about the most important decision of your life, it might be a sign “from above” that you’re just not ready for business ownership.
6. Not Researching Enough Franchises. Franchises are different, and you need to understand that by researching many of them. The key is to get beyond their rhetoric and glossy paper, and understand their track record for success and their philosophy on supporting Franchisees. Until you research several Franchises, you won’t know how to research ONE Franchise.
7. Not Meeting With the Headquarter Staff. Before you sign on with a Franchise, you must get some face-time with their key Managers (and ideally the CEO) not only for basic information, but to form a gut-feeling over this critical question: “Is this Franchise as interested in MY welfare as they are with THEIR welfare?” That cannot be determined over the phone or via e-mail. That plane ticket will be the best investment you can make.
8. Not Working Hard Enough to Develop Projections. You must go through the numbers to make sure the potential is there. And don’t get too excited by the results of your “best scenario” projections. You need to consider a few bumps in the road, because they will certainly be there (e.g. delayed opening, 10% construction cost overrun, higher labor costs, 4 months without a paycheck, etc.). And don’t forget to consult your accountant, lawyer and brother-in-law.
9. Buying a Franchise For Your Kid. Almost certainly a big mistake! You just can’t be sure that your son or daughter will want to stick with the Franchise after the Honeymoon is over. Young people can shift their attention and dreams like the wind. Don’t let that happen on your dime.
10. Wrongly Assume that Your Family Will Help You. I’ve seen many Entrepreneurs wrongly assume that their dad, wife or children will help out in the business, only to find themselves completely alone after just a few months. Hey, they have lives too, so don’t make their participation “do or die” for your business.

The biggest mistakes made before signing the Franchise Agreement are caused by shortcutting the research process. You need to understand your own skills & business aptitude, which business category is best for you AND which Franchise holds out the best opportunity. All of this requires lots of homework, and you cannot afford to skip any of it. So, get to it, and if you need help, give a shout. The Franchise Coach is here for you.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.

Franchising can provide you with an awesome Concept and products that people really want, a Branded look that will make you proud and efficient operational systems that will help you maximize your returns.  A solid Franchise will help you achieve your dream of business ownership, as well as surround you with constant & dependable support that addresses just about every problem you can possibly face.  Doesn’t that sound great?  Well, it is…..but ONLY when you fully understand what Franchising is and make the right decision on which Franchise to join.  That’s why I’ve launched this website - to help you identify what you need to know about Franchising.

You see, when folks DON’T fully understand what Franchising is, and (Heaven forbid) choose the wrong Franchise, there can be huge financial loss and personal upheaval. I HATE THAT……and it’s so unnecessary. That’s why I want to help people understand their own unique situations, what Franchising offers and which Franchise Companies may be best for them. When you match your passion, interest and skills with an awesome Franchise, it’s a beautiful thing!  The research has shown that Franchise Owners are significantly more likely to succeed than their Independent Business Owners who are all alone and have no one to help them through the risks, unknowns and loneliness of running a business.

So, what qualifies me to offer you information and advice on Franchising? Well, I have a unique blend of experience that offers me an interesting vantage point into Franchising. I started out in Corporate America, spending a couple of years with a huge Wall Street Bank, and then 6 years in Brand Marketing with three Corporate Giants – Coca Cola, Nabisco and Colgate Palmolive, managing such powerhouse Brands such as Sprite, Wheat Thins Crackers and Baby Ruth Candy Bars. Those experiences gave me deep insights into high-level Branding, Corporate Finance and Marketing.  And then came my true calling – Franchising. For the last 20 years, I have been the CEO of Great Wraps, an awesome Wrap Sandwich Franchise.  In this role, I’ve seen just about every Franchise situation imaginable, and I continue to do so daily.

I’m a Franchisor, and I know how Franchise Companies operate and how they think….and I can help you understand that.  But more important, I love to coach and help folks understand how to maximize their success with Franchising, and in all aspects of life.

Where do I suggest you begin any Franchise Exploratory? It all starts with figuring out what YOU want in a Franchise and what skills you bring to the party.   And then comes the hard part.  And that’s getting beyond their glossy paper and fancy sales talk to determine how strong their Franchise Brand really is and what other strengths does that Franchise bring to the party.  I’ve sat accross the table from countless prospective Franchisees who were ready to sign without any regard to the above issues.  That’s mind boggling, and I am determined to help you dig in, so you understand what it takes to succeed in Franchising and you know how to pick a Franchise “Winner”.

So, that’s what I’m all about.  What are your goals and how are you going about achieving them?  If it’s all under control, great….you’re clearly ahead of the pack.  But if you need some help pulling it all together (like most folks), check out this Blog and consider sending me a note from the Homepage.  I’ll definitely get back to you, and for FREE, too.  I’m the Franchise Coach, and I’m here to help you.

Mark Kaplan is the Franchise Coach, and editor of BestFranchiseInformation.com. Mark’s is also the CEO of Great Wraps, Inc., a rapidly growing Franchisor of Hot Wrap & Grilled Sandwich Shops. Mark has spent over 20 years in Franchising, and he has a no-nonsense way of showing Entrepreneurs how to be successful in Franchising. Prior to Franchising, Mark championed major, national Brands for Corporate powerhouses like Coca-Cola, Nabisco Brands & Colgate Palmolive.