There Is No Perfect Recipe For Success

“Although I now use the term ‘founder,’ that word didn’t exist for me nine years ago. At that time, I was known as, The woman stupid enough to open a restaurant that only serves chicken salad.” – Stacy Brown, Founder, Chicken Salad Chick

chicken-salad-chickThis week on Franchise Today co-hosts Stan Friedman and Paul Segreto welcome as their guest, Stacy Brown, Founder of Chicken Salad Chick. Stacy shares her story as a stay-at-home mother raising four children who turned her door-to-door meal delivery service into a multimillion-dollar restaurant concept despite a number of challenges that would have caused many others to give up.

“There is no perfect recipe for success. For me, it’s about good people and making good decisions for the right reasons.”

Franchise Today airs LIVE Wednesdays at 11AM CDT / 12PM EDT with on-demand access on iTunes, and is sponsored by FRM Solutions and Franchise Foundry.

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About Our Sponsors

FRM Solutions offers “best-in-Class, CRM and document Management software, designed specifically for franchising. FRM empowers real-time business intelligence, communication and collaboration between all members of the franchisor team and prospective as well as existing franchisees.  This enables you to simply and seamlessly track, access and manage all messages to and from prospective and existing franchisees, including text.  Legal and compliance is simplified too, with FRMs document management and even site visits can be digitally facilitated and scored with FRM.  Make today the day you give FRM a look and assure that all of your candidate and franchisee correspondence, including text messages, are being permanently tracked and stored in candidate and franchisee records. FRM even provides state of the art digital experiences for your prospective franchisees, replacing old style, virtual brochures. No long term contracts, multiple upgrades each year at NO ADDITIONAL COST each year, No Excuses, Just Solutions… On the web at FRMSolutions.com

Franchise Foundry has been bringing emerging brands to market, for more than 30 years.  The Foundry fosters healthy sustainable growth for their clients, the kind that comes from experience… Franchise Foundry provides both coaching and consulting, a hybrid approach, that delivers more effective solutions for both the franchisor’s Corp. Team, as well as for their franchisees. The Franchise Foundry team is rich in practical, hands-on experience and expertise with, General Business Management, Operational and Change Management, Digital Marketing and of course, Franchise Recruitment and Development. Plus, the Foundry team can also assist you with creating roadmaps for potential mergers & acquisitions and provide you with the guidance needed to navigate them.  Learn more about Franchise Foundry, along with an expanding list of clients, at www.franchisefoundry.com,

 

 

 

 

Posted in Entrepreneurship, Family Business, Franchise Founders, Franchise Success, Franchise Today, Franchising | Tagged , , , ,

Is Owning a Franchise in Your Future?

For many individuals that explore franchising as the next step in their career, as a way to control their own destiny or as a way to create a family business understanding the process can be quite overwhelming. Below are several articles by franchise experts that will help interested parties diligently navigate the process to help create a playing field that is best for them as opposed to seeing them aimlessly tiptoe through a minefield consisting of franchising’s good, bad and ugly.

If you’re thinking of becoming a franchisee, how should you prepare yourself?

franchise2Buying a franchise can be a great move for a would-be entrepreneur who doesn’t want to create a new business from scratch. In theory, franchisees acquire a model that already works on every level, from branding to pricing to marketing. A ready clientele eagerly spends on Dunkin’ Donuts, McDonald’s and 7-11. The market has tested the best recipes for glazed crullers, Egg McMuffins and the right combo of energy drinks to stock next to the register. But making a go as a successful franchisee can be a lot more complicated than simply finding an appealing brand and plunking down some cash. For a taste of what can go wrong, see Forbes’ piece about the problems at sandwich franchise Quiznos, which paid $206 million to settle a suit brought by franchisees who claimed the chain had oversold its markets and excessively marked up supplies.

Read more…

How to Buy A Franchise

Contrary to popular belief, the process of buying a franchise isn’t really difficult-but it is a process. I’ve found, (through working one-on-one with thousands of potential franchise owners) that it’s really important to tackle a major life decision like the purchase of a franchise business-or any type of business, in a very methodical way. (Even if you’re not a methodical person!)

But you need to realize that buying a franchise is a big deal. It could potentially be life-changing. That’s what you want, isn’t it?

After all, you probably wouldn’t be reading this if you wanted to just go out and find a new job -or keep the one you have.

With that in mind, kick off your shoes and grab your favorite beverage. In this article, Joel Libava, The Franchise King shows exactly how to buy a franchise.

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Why Owning A Franchise Business Is Good For Your Family

Many entrepreneurs choose to become small-business owners with an exit strategy of turning over the business to their children one day — a strategy that takes on more importance in an era where young people are struggling to find gainful employment. Children who begin working in the family business at a young age will typically start an ascension into management after college, with an eye on purchasing some or all of the family business as their parents head into retirement. Often, the parents will retain a percentage of the business as a revenue stream in retirement, adding an extra level of responsibility for the child as a steward of their parents’ nest egg.

Even if they don’t stay in the family business, studies show that parental entrepreneurship increases the probability of children’s entrepreneurship by about 60%. Children of entrepreneurial parents have already experienced many of the ebbs and flows of small-business ownership, which helps to mitigate their fears and raise their risk tolerance.

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Learning About Franchising

During research for Franchise Bible, 8th Edition, author, Rick Grossman found that the franchise industry had changed in many ways over the years. Technology has had the biggest impact by modifying buying behaviors. Not too many years ago, franchise buyers would find an opportunity in Entrepreneur magazine or by attending a franchise expo in-person. They would then go through the franchisor’s respective step-by-step process to qualify, purchase and launch their franchises. But today, buyers can find a plethora of information online about nearly any franchise they want to learn about. This has leveled the playing field for new innovative companies to compete favorably with the “big boys” in the marketplace.

Read more…

Are you ready to own your own franchise or expand your current franchise portfolio?

Posted in Entrepreneurship, Family Business, Franchising | Tagged , , , , ,