The attraction of a good franchise is its proven system for making money. You plunk down your money, and the franchisor shares the secrets of the trade: follow these procedures and you, too, can have a successful business and earn a good living.
The tricky part is finding a franchise whose system is truly proven. This is why buying into a new franchise can be risky since they may still be working the kinks out of the system. After all, the franchise company learns more about the business model from the process of expansion.
By the time, they’ve got a dozen or more franchises that have been operating successfully for at least a few years, the franchise has a proven track record. But not before then.
And because we would never recommend buying a franchise where you didn’t have the opportunity to interview plenty of existing franchisees, this process tends to eliminate those systems that haven’t yet passed the test of time.
3 Simple Questions To Help You Separate The Winners From The Losers
How long has the franchisor been in business?
There are actually two parts of this question. First, when did the franchisor first start the business? They may have operated for years as a single unit operation. Or they may have originally started off with the idea of franchising. How long have they been franchising? What is their franchisee success rate?
How many outlets are there?
If the operation is mainly centered in the region around their headquarters, and you’re in a different part of the country, you may not want to jump into this without a lot more investigation. Learn about their process of expansion. If most of the expansion has occurred in the past year, their system may not be fully tested.
Are there regional differences in the system?
A good franchise is always experimenting. They may find some products or services are more popular in some places than others. For example, McDonald’s sells the McRib sandwich more often in the South than up North. Do you see evidence of creative flexibility?
Once you have a solid assessment of how well the franchisor’s system actually works, you can move forward with your next set of questions. First and foremost: Can you follow this system? Assess yourself honestly. Even though it works for others there may be a multitude of reasons why it may not work for you. If this is the case, walk the other way.
If, on the other hand, you like the system and it is a proven money-maker, you also need to know if you think you can you work well with the franchisor’s support team.
Whatever you do, as you go through your due diligence, don’t let wishful thinking and romantic visions of a particular business bias your thinking. In other words, don’t fall in love with a franchise before you learn everything there is to know about it.
Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-5489.
Disclosure: This post is sponsored by a CAREEREALISM-approved expert. You can learn more about expert posts here.Photo Credit: Shutterstock
The leaves are changing, the kids are back in school, and that familiar chill is in the air. You think it's the perfect time to look for a job, and it is! But are your job search fears preventing you from making that leap?
It's not uncommon to feel lost when embarking on your job search journey. After all, school teaches us everything except how to get a job. What should you put on your resume? What questions should you ask in an interview? How can you stand out in the hiring process when there's so much competition?
Are you feeling spooked yet?
Believe it or not, there's no need to be afraid of the job search process! You can land your dream job with the right tools and strategy. You can find a job that won't give you nightmares. Here are three spooky secrets every job seeker should know as they look for a job this fall.
1. An Effective Job Search Starts With An Interview Bucket List
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Despite your fears, you've decided to take the plunge and look for a new job. You might be asking yourself, "Where do I start?" The answer is simple: start by creating an interview bucket list.
An interview bucket list is a list of 10-20 companies you'd love to work for. Are you passionate about a company's products or services? Do you feel connected to its mission? Can you relate to its values and beliefs as an organization? If you answer "yes" to any of these questions, that company probably belongs on your interview bucket list.
Once you create an interview bucket list, you'll be able to conduct a targeted job search, one with direction and a foundation upon which everything else will be built. An interview bucket list helps you focus your job search and networking strategies on the right opportunities, making it easier to get your foot in the door at one of your dream companies.
2. Your Job Application Needs To Disrupt Hiring Managers
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In order to stand out in the hiring process, you need to disrupt recruiters and hiring managers. You accomplish this by doing two things: optimizing your resume and writing a disruptive cover letter.
A well-optimized resume includes keywords from the job description. This ensures your resume gets past the ATS and into the hands of the hiring manager. Once it's in front of the hiring manager, it needs to grab and keep their attention. Quantifying your work experience—adding numbers to your bullet points—will make you stand out from other applicants. Hiring managers will want to know more about you and your accomplishments, and that's how you land a phone interview.
Before that, though, a hiring manager will read your cover letter. To disrupt them, you need to write a disruptive cover letter (obviously!). A disruptive cover letter gives you the opportunity to tell a story about why you feel connected to the company you're applying for. It's that storytelling aspect that will stand out to hiring managers and compel them to pick up the phone and give you a call.
3. Employers Hire You Based On 3 Things
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You can't get hired unless you know what employers are assessing you on in the interview process. While your skills and expertise matter, companies actually hire for three things: personality, aptitude, and experience (in that order).
Most job seekers don't realize how important it is to demonstrate their personality, aptitude, and experience in an interview. You could have the right experience for a job, but if the hiring manager doesn't think your personality is a good fit for the company culture, you probably won't get a job offer.
Make sure you demonstrate your soft skills and learn how to answer behavioral interview questions to prove you're the best candidate for the job you're applying for, not just the most qualified.
Want To Learn More Job Search Secrets?
As you look for a job this fall, it might be helpful to know some more spooky secrets so you can get over your job search fears and finally take control of your career.
We know the job search process can be scary. However, it's important to get clear on what you want to do next and focus on conducting a strategic job search, or what we refer to at Work It DAILY as job shopping. This is the only way to effectively market yourself to employers. If they can't see exactly where and how you add value, then that's going to decrease your chances of landing the job.
The competition is fierce, and there are a lot of factors that are out of your control. But the one factor you can control is your job search strategy, the tools and tactics you use to land a job.
If you want to learn the secrets to conducting a strategic job search, sign up for our Job Search Bootcamp, a two-hour, on-demand video workshop that comes with a free workbook.
In this video workshop, you'll learn:
How to use backchanneling to get directly to hiring managers.
The secret to using a connection story to stand out against the competition.
How social media can be your secret weapon to get job interviews.
The resume format that is getting job seekers more job interviews.