Unpredicted Entrepreneur: Recent Episodes
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Welcome to Unpredicted Entrepreneur, a show dedicated to Franchising and Franchise Consulting.
Hosts,
Sara Waskow:
Twitter @FranNetSara
LinkedIn Sara Waskow
Roxanne Rapske:
Twitter @franchisegenie
LinkedIn Roxanne Rapske
The systems and support of a franchise are what makes it an attractive opportunity. Many of us in franchising are not trying to, nor do we want to, reinvent the wheel. We’re looking to join something that already has forward momentum. Once there is momentum, the runway is much shorter. We don’t know what we don’t know, and if we’re trying to figure it out by ourselves it can be daunting. Even with a franchise, it can feel overwhelming. You’re learning so much so fast, it’s like trying to take a drink from a firehose. But, the reassuring thing is that you have a team of people around you holding you up and supporting you. The right franchise opportunity is a healthy, mutually beneficial relationship. You both need each other and depend on each other for different reasons.
We cover many current and relevant topics. A few include:
◈Different ways to market yourself in a service-based business
◈The importance of a great cultural fit when choosing a franchise
◈Finding passion in not so obvious ways
Health and wellness franchises are on the rise. We’re living longer as a society and want to live healthy, active lifestyles. In order to do that, we must take care of ourselves. Post-Covid, there is more awareness than ever about taking care of our bodies. Over the next few years, you’ll start to notice more and more wellness-focused businesses popping up in your local neighborhoods.
The people buying these types of businesses are looking for ways to make a difference in their communities and in the lives of others. There are many ways to make money but for some, the ability to make an impact is a strong driver. This is just one example of the kind of business that could satisfy one’s desire to give back or be impactful.
We cover many current and relevant topics. A few include:
◈Empowering your employees
◈Leading by serving others
◈Why it’s so important to have a plan for your business
If you’re thinking about starting a business, it’s a good idea to begin thinking about what the business would need to do for you. What do you want and need out of that business? Everyone has a different “why”. Understanding your “why” will help you find a business that can give you what you’re looking for. The last thing you want to do with a business is buy yourself a job. Your business should feed your soul. We’re all fed differently. For some it’s money, for others, it’s making a difference in their community, others want flexibility and control over their schedules. This path is very personal and we customize it to you.
We cover many current and relevant topics. A few include:
◈Hiring diverse employees and upward mobility in a small business
◈Exposing your children to entrepreneurship at a young age
◈Understanding your “why” for wanting to be in business for yourself
We have a saying about the Golden Rule - ’”the one with the gold makes the rules.” When you’re thinking about finding an investor, we encourage you to talk about all of the points mentioned in this podcast, and then some, up-front. Please meet with an attorney and work everything out on paper. This can save you a lot of heartache in the future should anything not go as expected.
We cover many current and relevant topics. A few include:
◈Things to consider when going into a partnership
◈Understanding the expectations of each partner when forming a business together
◈Examples of legal issues one can avoid by having a written business partnership
Sales can be uncomfortable for so many people. If you look at sales as an art and learn to do it well, it can be a tremendous benefit to your business and your personal life. Good, honest, ethical sales is all about asking good questions and listening well. It’s really all about diagnosing a situation and determining whether or not you can offer or suggest a solution. If you can offer a solution, great. If not, the right thing to do is move on and not try to “sell” something that someone does not need.
We cover many current and relevant topics. A few include:
◈The art of sales
◈How the art of selling applies to your personal life as well
◈Pros and cons of buying a resale franchise - a personal experience
So many of us are programmed this way. We never think about our talents outside of the workplace. Many times it doesn’t dawn on us until we’re in a situation where we’ve been outplaced and we’re having a hard time finding our next step. For many of us, we would never have considered starting a business had our hands not been forced. For the people that think about this early on, they are in a much better position should a big layoff or transition happen. It softens the blow if you’ve already built a revenue stream separate from your corporate job. This can also be a great way to ease into retirement with a steady income flow. We all have skill sets that transfer well into business ownership - even if that business is not in our current line of work.
We cover many current and relevant topics. A few include:
◈How to build a 5-9 while keeping your 9-5
◈Creating your niche in business
◈Being strategic and disciplined when starting a side hustle
There will always be risk involved when starting a business. Al gives us some clear advice on how to do proper research to mitigate some of the risk. Ultimately, when you’re making an investment, it’s wise to never invest more than you’re willing to lose. If something does go sideways, can you recover? If the answer is no, then maybe the amount you are ready to invest should be reconsidered. We cover many current and relevant topics. A few include:
◈How the entrepreneurial spirit can hit you at any age
◈Great ways to create a culture that keeps your employees engaged, loyal, and motivated
◈Building a family legacy
We love the support franchisors provide for our clients. We realize that all franchises are not created equal. This is why it’s so important to perform proper due diligence when selecting which franchise brand you’d like to partner with. The amount of support provided by franchisors like Building Kidz is like having a built-in business coach. How great is it to have someone holding you accountable to your goals and keeping your best interests and your success in mind?
We cover many current and relevant topics. A few include:
◈Some of the personal reasons that drive people to look at being in business for themselves
◈How flexible some franchise models can be
◈Business and philanthropy
“Digital technology is growing at lightning speed. It's very hard to keep up. Even for someone like me that does this for a living, it's a lot. Without the resources of the franchisor, I would be constantly looking for help. How would I stay on top of everything that's going on with Google, Facebook, AI and ChatGPT?
As a technology person, I know how to go get this information but I wanted to be on the business side also. I didn't want to spend most of my time digging for information. I want to go meet new people, meet new business owners, learn about new businesses, new industries.
This is a whole different thing than just keeping up with technology. I still keep up with technology, but as far as implementation and project deployment, I have a whole technical team that does that for me. This gives me time to be client facing, which I prefer.”
With Kalpana’s background in technology, she could have chosen to go out on her own and consult in her area of expertise. She, like many of our clients, chose to partner with a franchise. She understood that there was a lot about running a business that she didn’t know. Kalpana wanted to run the business, not work in it. Partnering with a franchise gave her the resources and support she needed to hit the ground running. Not only did she trust the franchisor, she had trust in herself.
We cover many current and relevant topics. A few include:
◈Things to consider before buying a franchise
◈The importance of getting out of your comfort zone when starting a new business
◈The value of building relationships in business
Franchising is not for everyone. If you are super creative and entrepreneurial, you may want to carve your own path and create your own wheel.
We cover many current and relevant topics. A few include:
◈The ‘why’ of business ownership
◈How to properly own multiple brands
◈What franchises are looking for in potential franchise owners
Franchising is not for everyone. If you are super creative and entrepreneurial, you may want to carve your own path and create your own wheel.
We cover many current and relevant topics. A few include:
◈The ‘why’ of business ownership
◈How to properly own multiple brands
◈What franchises are looking for in potential franchise owners
Businesses take a while to ramp up. Starting a business from scratch or buying a franchise is not a get-rich-quick effort. It takes time and persistence. There will be times when you find yourself extremely frustrated because things aren’t going as planned. Everyone has days like that. We believe starting a business should be a five-year plan at a minimum. The more money your business is making, the more you’ll be able to get for it when you sell. Selling a business in year two or year three may not give you what you feel it’s worth, considering all of the time and financial resources you’ve invested.
We cover many current and relevant topics. A few include:
◈What it looks like to become an entrepreneur at age 15 and never look back
◈Putting proper infrastructures in place to run and support multiple businesses
◈The importance of surrounding yourself with good people
There are over 700,000 operating franchise locations in the United States. Many franchise agreements have been signed and then signed again when a franchisee decides to renew their agreement for another term. Franchise agreements can be daunting, but there is a way to get clarity and understand exactly what you’re signing up for. We always recommend having a Franchise Attorney review your agreement with you before you sign it. This way, you go into your business with your eyes wide open and there are no surprises later on.
We cover many current and relevant topics. A few include:
◈Why franchise agreements are one-sided and non-negotiable
◈The importance of having a Franchise Attorney review your franchise agreement
◈The extensive disclosure provided in a Franchise Disclosure Document
There is never a perfect time to start a business. There will always be reasons not to do it. For those that are serious about owning their own business, it will be uncomfortable, you will feel fear, and people will think you are crazy!
We cover many current and relevant topics. A few include:
◈How a founder of a business prepares for and works through the process of becoming a franchisor
◈The growth of the pet industry and the demand for services
◈The benefit of having employees that love what they do
We are the first to admit that franchising is not for everyone.
There are pros and cons to every type of business ownership and everyone needs to figure out which route they feel is best for their personal situation.
In this episode, we get to hear from seasoned independent business owners about why they chose to invest in a franchise for their second business.
We cover many current and relevant topics. A few include:
◈Husband and wife teams in business ownership
◈Why one would want to diversify their revenue streams
◈Some of the differences between owning an independent business and owning a franchise
"I remember my family and close friends being concerned about me leaving a well-structured, well-paying job. I was 30 years old. I wanted the challenge of being my own boss to increase my freedom, increase my wealth, and to be able to grow something that I can either sell or pass on to my family."
The resale industry is a great opportunity for those interested in a sustainable business.
There is actually a day committed to consignment awareness. National Consignment Day is the first Monday of every October and is designed to promote consignment in the apparel industry as a way to reduce waste. More than 80 billion pieces of apparel are manufactured each year and 75% of those wind up in landfills.
“National Consignment Day is a way to raise awareness about the circular economy, especially as it applies to the luxury market”, According to Julie Wainwright, CEO and Founder of The RealReal.
We cover many current and relevant topics. A few include:
◈Growing a business in a recession
◈Why someone would choose a franchise over building a business from scratch
◈The support of a franchise family
Believe it or not, this is a VERY important step that many people, who are doing independent research, either don’t do well or skip all together.
This is such an important piece of proper due diligence! The franchisor will tell you what it's supposed to be like, but the franchisees will tell you exactly what it's like in the day-to-day.
We cover many current and relevant topics. A few include:
◈Transitioning out of the military and into franchise ownership
◈Reasons someone would pick a franchise over an independent business
◈What it’s like being in business for yourself, not by yourself
“Just do it. Jump in. Don't spend too much time analyzing different concepts; jump in and do it. I know a lot of people that say
‘Oh, you're actually doing a franchise? I almost did that, or I looked at that, but I'm still at my corporate job’
It's definitely nerve-wracking. It's still nerve-wracking almost a year in. But do it. And, worst case scenario, you’ll learn a ton.”
Watch the episode to hear more about:
-Transitioning out of the military and into franchise ownership
-Why Veterans make great franchisees
-Franchise incentives offered to Veterans
Let's go!
"There are so many opportunities in franchising. It's always fun to see what's up and coming, and partner with these companies to help our clients accomplish their goals.”
We cover many current and relevant topics. A few include:
◈Franchisors post-pandemic
◈New trends in franchising
◈Interesting new franchise concepts
Watch the full episode to get more great tips on how to get moving with franchising.
“Just do it. Jump in. Don't spend too much time analyzing different concepts; jump in and do it. I know a lot of people that say
‘Oh, you're actually doing a franchise? I almost did that, or I looked at that, but I'm still at my corporate job’
It's definitely nerve-wracking. It's still nerve-wracking almost a year in. But do it. And, worst case scenario, you’ll learn a ton.”
Watch the full episode to get more great tips on how to get moving with franchising.
Every bank will have different criteria for what they are looking to lend on. They also have different appetites for different loan amounts.
The bank that funds a McDonald’s is most likely not going to be the same bank that funds a painting franchise. This can be frustrating for the person looking for the loan.
Watch the full episode to get more great tips on how to work with lenders.
Scores of franchises have been in business for many years and have multiple locations before they ever decide to franchise.
We bring this to your attention because a fair amount of the brands we represent are what we call “emerging” franchise brands.
They may just be getting their start in franchising, but they have a proven business model with a proven track record.
For those that have a larger appetite for risk, want to to be first to market, or want an empire (multiple locations in the immediate area), this can be a viable option
Watch the full episode!
There are many emotions involved when looking into starting a business.
Fear and excitement go hand in hand. Sometimes, it’s hard for people to manage their fear in this process. They let the fear supersede the excitement which ultimately steals their dream.
Chris is a performance coach who helps people break through beliefs that are holding them back. He shares tools in this episode about how to keep your eye on the prize and achieve what you really want.
COVID changed the way a lot of businesses function and changed a lot of people’s minds about how they want their life/work balance to look.
Matt and Brittany’s story is just one example. Wanting control of your time to create wealth is a big driver for many of our clients, as well as wanting the ability to leave a legacy for their children.
Matt and Brittany were kind enough to share their story. Please tune in to hear the rest of their journey from being teachers to becoming business owners.
We frequently help prospective franchisees understand that a good franchisor is going to be very vested in the success of the franchisees they bring on.
For the franchisor, it’s not about collecting the franchise fee and sending you on your merry way. A solid franchise organization is going to work with you to help you meet your goals. Their success is built on your success. The ideal outcome is that you are wildly successful; that is a win for everyone.
Please listen in to learn more about Horsepower Brands and the steps they are taking to support the success of their franchisees.
We are all focused on the rate increases, but it’s easy to forget where we were pre-pandemic.
We’ve experienced such low rates over the last couple of years that any increase seems fairly dramatic. The reality is we are still substantially lower than we were just three years ago.
We cover many current and relevant topics. A few include:
◈The latest on SBA loans and the types of businesses that qualify
◈What the banks are looking for in a borrower
◈Financing multiple locations
The great thing about finding the “right fit” with a franchise is you get to design your life the way you want it.
It’s important to understand what your role as the owner of the new business looks like.
We work to help you understand what it is you truly desire, then to help you find it. It’s not just about income or just about lifestyle.
It’s about both.
It seems logical to try and do some things on your own to save some money when you’re getting started in business.
The issue with this is that there are so many legal documents available on the internet that may not be applicable to your company or the size of your business.
If something does go wrong and there is a lawsuit against you as an employer, it can be exorbitantly more costly on the back end to fix something that should have been done properly on the front end for much less money.
Please listen in to hear much more detail about employment law and how it can affect your new business or franchise.
We feel people go at this process backwards; they get online and they start looking for businesses they think they're attracted to for whatever reason.
These businesses may or may not be a good fit for them for a plethora of reasons. There are approximately 4,000 franchises out there, which can be daunting.
If you are using this process, you can end up feeling lost and frustrated.
One of the things that will make a business sell successfully is having a business that will run without you.
In this case, Bobby was not involved in the day-to-day because he had built a great team of general managers.
That was actually the response the buyer was looking for. It impacted him being able to get a higher multiple on his sale. If you are super hands-on, there is a huge void left and a steep learning curve when the buyer acquires your business.
Learn more about how to make a business more valuable in this episode!
The biggest changes we see are how much the franchisors are doing at the corporate level to support the franchisees. In this scenario, all of the brands and franchisees within those brands are part of the same family.
This format creates a lot of franchise experience at the senior level. We are seeing a lot of combined effort and technology implemented to take things off of the plate of the franchise owners which allows them to do what they do best - serve their customers.
Please listen in to hear more details about the latest and greatest in franchising.
Owning my own business gave me a chance to meet and know people on a level I never, ever had a chance to do before; all different types of people.
I was much more interested in small business owners and developing relationships with them than any of my former corporate people. They're more genuine.
That was a real nice positive in owning and running a business for 10 years. My background of really enjoying assisting small business owners made me grade A prime beef for becoming a SCORE mentor.
Find out more about how SCORE can help you in this episode!
When I started my company, I noticed that there was a need for just tenant representation.
The origin of it started when my family wanted to open a restaurant business in Southlake about 13 years ago. They couldn’t find anyone to assist them with site selection.
They ended up going into a pretty bad lease that cost them money and had other challenges.
That experience made me realize that there are other entrepreneurs and franchisees that need assistance with lease negotiations and building acquisitions.
If you are considering starting a business, buying a business or buying a franchise, America’s Small Business Development Centers (SBDCs) are an excellent resource for you.
The SBDC is a division of the Small Business Administration.
There is so much to know and learn as one navigates business ownership. Sara and I would like to encourage you to take advantage of these types of resources that are available.
These services are paid for by your tax dollars, so please reach out.
Janet’s children were grown and out of the house. She needed to figure out her next step.
Janet had the support of her husband who saw how hard she worked and the long hours she put in for other people and their businesses. He wanted their family to reap the benefits of Janet’s strong work ethic.
Now, as a business owner, Janet is pursuing growing her own business and being a servant leader in her community. Congratulations, Janet!
In this episode @Ruth Agbaji shares her very personal story about her WHY.
Her first goal was to leave where she was raised, which she did through education. She worked hard and came to the U.S. on a scholarship to complete her Master’s at Tufts University.
After landing a great job at Microsoft, she still wanted more. Listen in to learn how entrepreneurship weaved in and out of her life until she finally took the plunge and founded Code Wiz, which is now a franchise.
Ruth did this all while juggling parenthood and a special needs child. Ruth is the epitome of the American dream.
Naima is a pediatrician who decided to leave her career and open a franchise. Naima was juggling her career, being a mom, and taking care of other family members.
She realized that she wanted more control over her time and chose franchising to accomplish that goal.
Naima is a new owner of Challenge Island Franchise in southwest Fort Worth.
John explained why he looked at franchising to plan his second corporate exit. John left corporate America for a start-up once before.
About 15 years and several acquisitions later, he found himself in another corporate role in a very large national company. He wanted to go out on his own again - for good this time.
So, he chose to open Workout Anytime franchise locations here in DFW.
In this episode, @Matthew McCollum and @Kamille McCollum share their experience of becoming a franchisee of a pilates studio, then a master franchisee of a residential cleaning business, and eventually, a franchisor.
Matt & Kamille share their learnings as franchisees and how that led to them ultimately owning a franchise company of their own. They did this all while Matt held a full-time job and with three young children.
Thank you for taking the time to visit with us and share your insights with our listeners, Matt & Kamille!
In this episode, Nathan Beal addresses his experience regarding what it takes to be a business owner and shares the examples he received growing up.
In this episode we introduce you to Laura Canada Lewis, a Franchise Attorney. We asked Laura what the top three things are that a potential new franchisee should be aware of.
In this episode, Holly Caplan, a confidence coach shares the negative outcomes of staying complacent and not making life changes that could involve risks. Tune in to hear her address this topic!
In this episode we introduce you to a local family of business to business brands. Mark Jameson with Propelled Brands gives us an overview of their brands and we chat about how success looks different to each individual.
Tune in to hear what Drew Martin has to say about his experience becoming a #Fitness Machine Technicians franchisee. Drew shares a lot of insight about what it’s like to be one of the first franchisees in an emerging brand.
In this episode we introduce you to a local kids-oriented family of franchise brands. Our guest, Josh Wall, shares how he became involved in the franchise industry and what this franchisor looks for in potential future franchisees
In this episode we introduce you to a true entrepreneur who owns several different businesses. Hear his valuable insights about the world of entrepreneurship.
Tune in to hear from a locally based, multi-home-services-brands franchise company sharing about their history and their brands.
Episode 4 of Unpredicted Entrepreneur is now live! Tune in to hear from a former corporate executive turned franchisee who shares his personal experience with the real estate leasing process. You can also find us on your favorite podcast platform. What is something new that you learned from this episode?
Episode 3 of Unpredicted Entrepreneur is now live! Tune in to hear from two experts, FranFund, who share their vast knowledge on funding options for prospective business owners. You can also find us on your favorite podcast platform. Please tell us what you learned or ask any questions in the comments.
One today's episode we discuss some of the most frequently asked questions we hear from people who are thinking about taking the leap into franchising.
Welcome to our new podcast where we discuss all things franchising. In this first episode you will hear a bit about our backgrounds and how we unpredictably became entrepreneurs.