Right Franchising

Tag Archive: Family

What Our Family Learned From Harvey

Canva_DarkCloudsGraphic_HarveyHint: It’s Not About What You Do Before

Prior to August 25th, Hurricane Harvey was a nonevent for Texas and was elsewhere. Our world of business was focused on delivering to our clients, managing our business and occasionally enjoying life.

Then Harvey hit. It actually sprang up very quickly for Texans. First, it was crossing the Yucatan and then it was at our front door. There are many views from many people and with humility, I am expressing how we viewed our time under Harvey’s control.

My husband and I live at a Marina. We love being near the water! We have a condo on the 3rd floor, but look out on a beautiful little marina where our boat, Faith and Hope, is almost in sight. We presently are “dirt dwellers” that is what “Liveaboards” call people who live on land. We lived on Faith and Hope for 15 years. We understand Liveaboards and why they do it. It is simple living and it brings with it a serenity that provides a great sense of nature, peacefulness, strong bonds and beauty.

Needless to say, we have many friends that are presently Liveaboards. And, Harvey was more than a challenge…it was a nightmare! The water came up FAST and created almost an island effect. These Liveaboards could not get off and they had no electricity. We could only text and email them from our lofty perch three stories up surrounded by water. Although there were many more that were far worse off than our friends at the marina, my heart still went out to our friends coping with Harvey. Liveaboards are a different breed who almost hear a different drum. They want simple living where neighbors are true neighbors and one can stop over for a quick chat or a great meal whipped up for a crowd. We have often had 20 or more on one boat; and one time we fixed an entire Thanksgiving dinner (pies and all!) for many.

So what do you do? You have everything. They have nothing. Well, my husband and I focused on their possible needs…cell phone charging and food. Water is always on a boat so that was not a problem. But, how do you get it to them? Remember they cannot see the docks anymore or know where to step. Well, a miracle happened! The water calmed for just a small window of time. We walked down to the marina and contacted our friends. They decided to try getting off. Now, you can’t see where the dock is or where you should put your next step. My husband grabbed a paddle and our friend had a boat hook to gingerly try to find the next foot hole that is dock and not deep water! They worked together to get our friend off. This was not easy going with a pretty good current. He was tired and wet and wanted something hot. We made hot scrambled eggs with bacon; and I only had pita pocket bread but it worked! He was able to charge his phone and then, because his wife was still onboard and they have two beloved cats, he went back to his boat. We shared what food we had with them.

We were lucky but so many lost everything; some lost their lives. A good friend of mine was flooded twice. Once was the Tax Day flood in 2016 and now Harvey. We could only call her and tell her we will be there once we are no longer an island! We are grateful to Harvey in some ways because we had so many people reach out to us and were concerned about us. We were so touched. Unfortunately, we could only help a few.

Now, as Irma is churning through Florida, our thoughts turn to the many Floridians; we are sending our thoughts and prayers to them as they cope with Mother Nature at her worse.

Are You Seeking The Hottest Franchise?

(c) Can Stock Photo / alexmillosAs a franchise coach, I am often asked, “What is the hottest franchise?”

The answer is one that most people don’t like, “Well, it depends.”  What may be  a good franchise good for your brother Joe may not be good for you.  You may have different requirements, different dreams and different goals than your brother Joe.

So, how do you find the “best” franchise for you?  Most of our clients ask this question:

What is a good franchise that I enjoy, and that will work well in my market and for my life?

When I Googled, what is the hottest franchise, my search returned a lot of companies advertising all sorts of brands.  It was more gloss than substance.  You want to move beyond the gloss and ask these six questions:

  1. How much does it really cost?
  2. Will it work in my market?
  3. Can I still have the lifestyle I want?
  4. How much money will it make and when can I start making it?
  5. What type of support will I get?
  6. How stable is the franchise for long term growth and development?

Where Do You Start

To find a good franchise that works will in your market and for your life, start with yourself.  Write down the pros and cons of your last three jobs.  This will give you an idea of what you like.  Ask friends and family to help you understand your strengths and weaknesses.  You can also use our free business assessment to learn more.

Click here to start our free business assessment.

Funding

Visit with a good financial advisor, banker or 401K rollover specialist.  Learn what your options are for funding your new business.  It is always best to put together a plan of both your personal and business financial goals.  You want to be able to afford the business, as well as pay your personal bills, as the franchise starts to build and grow.

Your Market Area

Use data to understand your market better.  A good resource is www.citydata.com.  Notice the salaries in the area and the distribution of commercial versus residential.  Notice the average age of the residents in your area.

Family

Does your family support your decision to buy a franchise?  Most everyone has bought a house or car.  Buying this kind of business is a much bigger decision even though franchises are highly successful.  Your family needs to be involved and support you.  Ask these three questions.

  1. If we buy a business, will you support me?
  2. What type of support will we give one another to make this new business work?
  3. Who will do what if a family member wants to be actively involved in the business?
  4. And, finally, do you all agree on the overall budget for the business? Do your homework on funding.

Learn to Involve Subject Matter Experts (SME)

Are you an “Unconscious Incompetent?” Do you know what you don’t know? This is where SMEs can be handy.

Your SMEs should be a good franchise coach, accountant, franchise attorney and banker. Do your due diligence on the business. (Investigate the business long before you write a check)

There is a lot to due diligence.  But speaking with the other franchisees (owners) in the franchise system is where you will uncover a wealth of good solid information including true earnings, challenges and rewards of owning this business.

“Other factors to consider when deciding on a franchise: how long locations have been open, net
location
openings in any given year; and growth potential of the concept’s given industry. Finally,
investors should talk to established franchisees in the system.”  The Street

What is the hottest franchise?  It is one that fits you, one you can afford and one in which you have completed your due diligence.

Right Franchising helps our clients with finding the right franchise for them and then we provide all the tools to help them complete a thorough due diligence on the franchise.  We prevent costly mistakes.  And, most importantly, we help our clients make well-informed decisions.