Everybody wants to know “How much money am I going to make in this business?” That makes sense to me. If I was buying a franchise, I’d want to have a pretty good idea how much money I could expect to make? We’re taught that one of the advantages of a franchise is that you can learn all about it before you buy. So, what else should you want to learn? We give our clients two lists of questions: One to ask franchisors, and one to ask franchisees. These are just conversation starters though. Once you get into a conversation, you’ll start to think of all sorts of topics. Some of the things to ask the franchise companies are about the franchising history: How long have they been franchising, and how many franchisees do they have? One important question is about how many franchises have closed in recent years. If that is a high number, it is a warning sign – something you at least want to learn more about. And don’t forget to evaluate the franchisor’s health, too. They are required to give you a copy of their financial statements – so look at those and assess their likelihood of sustainability. You also want to ask about the training they provide. How long is it? What does it cover? What kind of follow up help do they provide? (Because you are certain to still need support the formal training process.) You’ll also want to ask about the investment. Be sure to find out both what the initial investment is, and what you’ll need in working capital after you open for business. Whatever sort of business your franchise is in, you’re bound to have competition. And, the better the business idea, the more competition you’re likely to have. Be sure to learn about the competition. Who are the major players? What advantages will you have in competing with them? Are there any areas you might have a competitive disadvantage? That’s a starting point for your conversations with the franchiser. What about the franchisees? What can you find out from them? A lot of your questions will cover the same areas as the questions you asked the franchisers. You’ll want to ask the franchisees about the training and support they received. Most importantly, ask about the quality. How good was the training? How strong is the support? When you need help, are you able to get it? Is the help good enough to actually be of help? Ask about their costs. You’ve already asked the franchisor how much your total investment should be. Now ask the franchisees what their actual investment was. Compare this to what the franchisor told you. Ask what the biggest challenges are in this business. Every business has some headaches. Find out what those are likely to be in your new franchise. If the franchisee is successful, ask them what makes them successful. Ask what the essential steps are to becoming successful. You can often learn more from someone who is struggling in their business. Ask those franchisees what issues they are finding. By the time you’re making these calls you’ve probably started to learn what the most important steps to success are. Is the franchisee taking these steps? If this business requires sales calls or advertising or hiring employees – is the franchisee doing these things? That will tell you a lot about what you need to do in order to succeed. This article opened with the question “How much money am I going to make in this business?” Now is your chance to find out. Ask the franchisees how much you can expect to make if you work hard and work smart. They’ll tell you, and you’ll gain an understanding of what this business is like in the real world. Then ask what I believe is the most valuable question to ask: If you had to do it all over again, would you invest in this franchise? You really can find out all about a franchise before you buy. How? By asking questions. The best question to ask? That’s easy: The one you want the answer to.
Is your job search turning into a grind with no end in sight? It may be time to take a step back and reevaluate your entire approach.
In cold weather climates, the beginning of spring is a time to clean the house and get organized—a practice known as spring cleaning. Through the years, spring cleaning has taken on a larger meaning with people using the time to organize and declutter things in their lives.
For professionals on the job hunt, a little spring cleaning (metaphorically speaking) could be a great way to reinvigorate your job search. Here are a few strategies your job search spring cleaning should include.
Reevaluate Your Job Search Approach
BigstockMake a list of the last handful of jobs you applied for and see if you can identify any positive or negative trends. Consider things like:
- How did I learn about this job?
- How did I apply for the job?
- Did I earn an interview?
- What was the ultimate result?
A lot can be learned about your job search approach just by answering these questions and identifying patterns. For example:
Negative Trends
You discovered five jobs through job boards, applied to all of them via the job boards, and never heard back from any of them.
The common pattern here is applying through job boards. This isn't to say that job boards don't serve a purpose in the job search process, but they have their limitations, and you can't run your job search entirely off of them. When you apply through a job board, there's a good chance that your materials will never get past the applicant tracking system (ATS) and never be seen by an actual person.
One simple fix is to research who the hiring manager or recruiter is that posted the position and email your materials to them directly.
The more efficient fix would be to take a proactive approach by putting together a bucket list of companies that you want to work for and start making connections on LinkedIn with people who work at those companies. You may already know some people who work there or have connections that can refer you to some individuals.
This is a great way to network your way onto a company's radar.
Positive Trends
You applied to three jobs via referral, were invited to two job interviews, and made it through multiple rounds of interviews for one of the jobs before being passed over for someone with a little more experience.
The pattern here is that getting referred to a job by a professional acquaintance is a great way to land a job interview. This indicates that you're leveraging your network well and you should continue to focus on your networking efforts.
The next step is to review the interview process and determine what went well and what needs to be improved. Sometimes the interviewer will provide feedback, and that feedback can be valuable. However, not everyone is comfortable with giving feedback.
Chances are you probably have a good idea about areas of improvement and the skills you need to gain. Put together a plan for addressing those shortfalls.
The good news in making it deep into any interview process is that it indicates that the company likes you as a potential employee (even if the timing just wasn't right) and the experience could be a roadmap to a job with that company at a later date, or another similar opportunity elsewhere.
Give Your Resume & Cover Letter Some Much-Needed Attention
BigstockAre you continuously sending similar resumes and cover letters to each job opening with only minor adjustments? If so, your strategy needs some serious spring cleaning.
Let's start with resumes!
Every resume should be tailored to the position in order for it to stand out to recruiters and hiring managers. It may seem like a lot of work, but it's actually less work than submitting the same resume over and over again and never hearing back.
The reason why it's so important to tailor your resume is that throughout your career, you acquire numerous skills, but the job you're applying for may only be focusing on 6-8 of those skills. In that case, those skills must rise to the top of the resume with quantifiable examples of how you successfully used those skills at previous jobs.
Remember, recruiters go through hundreds of resumes. They need to be able to tell from a quick glance whether or not you're a potential candidate for the position.
While updating your resume, you could also spruce up your LinkedIn profile by highlighting the skill sets that you want to be noticed for by recruiters.
As for writing a good cover letter, the key to success is writing a disruptive cover letter. When you write a disruptive cover letter, you're basically telling a story. The story should focus on how you connect with the particular company and job position. The story could also focus on your personal journey, and how you got to where you currently are in your career.
If your resumes and cover letters aren't unique, now is the time to clean things up and get on track.
Build Your Personal Brand
Just because you're looking for work doesn't mean that you don't have anything to offer. Use previous career experiences and passions to build your personal brand.
Ask yourself, "How do I want other professionals to view me?"
Pick an area of expertise and start sharing your knowledge and experience with your professional network by pushing out content on your LinkedIn and social media accounts. Good content can include blogs, social media posts, and videos.
By sharing content about your experiences and passions, you slowly build your personal brand, and others will start to notice. The content could lead to good discussions with others in your network. It could also lead to reconnecting with connections that you haven't spoken to in years, or making new connections.
You never know when one of these connections could turn into a job lead or referral. The trick is to get on people's radars. So, when you're cleaning up your job search, be sure to build a plan for personal branding.
Maintain Healthy Habits During Your Job Search
BigstockYour job search is important, but it's even more important to know when to pull back and focus on personal health and spending time with family and friends.
There are actually things that you can do for your own enjoyment that could help your job search in the long run, such as:
- Grab coffee with a friend - It's good to engage in light conversation with friends during challenging times. And if your job search does come up, remember that most people have been through it themselves and you never know when a friend may provide you with a good idea or lead on a job.
- Volunteer - Volunteering is a great way to get involved in the community and help others. In addition, if you develop a little bit of a career gap while looking for a job, you can always talk about how you filled that time volunteering, if you're asked about it during a job interview.
- Continue to focus on other passions - Are you a fitness nut? Blogger? Crafter? Continue to do the things that bring you happiness. And if you're in a position to profit from your passion through a freelance job or side hustle, even better!
Spring is the perfect time to clean up and improve your job search so you can land the job you want. If you're struggling to find a job, follow the tips above to reinvigorate your job search—and watch your career blossom!
Need more help with your job search?
Become a member to learn how to land a job and UNLEASH your true potential to get what you want from work!
This article was originally published at an earlier date.