FOUR TIPS TO STARTING A SUCCESSFUL FRANCHISE

Have a successful model. It is impossible to create a franchise program without having at least one successful operation, a pilot, if you will. It is not feasible to think that if your core business loses money and is unsuccessful, that a franchisee will be any different.

INTRODUCTION TO FRANCHISING
FOUR TIPS TO STARTING A SUCCESSFUL FRANCHISE

By Cambridge Who’s Who Lifetime Member and Contributing Author Harold Kestenbaum

My name is Harold Kestenbaum, and I am a franchise attorney. Many of you may want some information about what a franchise attorney does. I realize that franchising is not a well-known sector of the legal profession unless you work in the industry as either a franchisor or a franchisee. Here is how I became involved in franchise law.

In 1977, at my third job out of law school, I worked for a solo practitioner in Manhattan who represented many corporate clients, some of whom were publicly traded. One company happened to find the opportunity to franchise their business. One day my boss said to me, “Kestenbaum, I need you to learn about franchising opportunities, so that you can handle our franchise client.” Not knowing what in the world he was talking about (I had done everything but franchise law up until then) I found every book I could on business franchising information (there was no Internet in 1977) and for the next four years I immersed myself in franchise law. When New York State passed a new franchise registration law in 1981, I decided that it was time for me to become a solo franchise attorney and resigned my position. I have been practicing franchise law ever since.

Based on my years of franchise experience, I wrote a book, So, You Want to Franchise Your Business, that delves into the opportunity a company embarks on the franchise path. It includes the dos and the don’ts of how to franchise your business. In my book, my co-author, Adina Genn, and I discuss what makes a company have the right opportunity for franchising and how to go about turning a successful business into a franchise company. Here are a few key tips from my book:

1. Have a successful model. It is impossible to create a franchise program without having at least one successful operation, a pilot, if you will. It is not feasible to think that if your core business loses money and is unsuccessful, that a franchisee will be any different. It is imperative that your franchisees be successful, otherwise franchising opportunities will not work.

2. Make sure your business model is replicable. You must be able to build clones of your operation, otherwise, the system will not work. Have you ever seen a McDonald’s without the infamous golden arches? That is just one example, but it goes beyond the look. It is the method of operation that must be duplicated in order to have the opportunity to franchise.

3. Attain capital for your franchise. You must have capital in order to roll out the franchise program. You cannot believe that franchising will cure your cash flow issues, you need to have money in order to roll out the program. Do not view the program as a way to fund an undercapitalized business model.

4. Prove your model works! The concept that you are trying to franchise must be lucrative. You must demonstrate that your concept works before you try to offer it to the public as a franchise. If the business model is a failure, your franchisees will inevitably fail as well. Franchising can be a wonderful business opportunity, but your initial model must work first, otherwise franchising will not be possible.

Why franchise your business? That is a very good question. But to those of us in the business, the answer is quite obvious. If you want the opportunity to grow your business beyond one or two stores, and you cannot afford to build more units at, for example, $500,000 each, then what better way to grow than to let a franchisee buy a franchise and build the unit himself or herself for that amount, and you simply receive the weekly royalty of 5% or 6% of gross revenues? Franchising is a vehicle for growth using the capital and human resources of someone else (the franchisee). How great is that? It is simple, yet complex. The franchising relationship goes much deeper than building the unit and collecting royalties. It is a starting place for companies that want to grow but do not have the internal capital or human resources, like Starbucks, to do it by themselves.
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Learn how to FRANCHISE YOUR BUSINESS and collect royalties! www.franchisegrowthsolutions.com

Why Qualifying For Timeline Is Important

As we got to the end of the call, I was positive I’d be getting on a plane in the next couple of weeks to work with this prospect. And that’s when I asked a qualifying question that I neglected to ask upfront: “What is your timeline for this training?” He told me, “Sometime in the Fall.”

Why Qualifying For Timeline Is Important
By Mike Brooks

Okay. So I’ve been in sales longer than some of my clients have been on the planet.

I’ve made thousands and thousands of prospecting calls, and thousands and thousands of closing calls.

I teach, train, write books on phone scripts, and develop customized phone scripts and inside sales training programs for sales teams worldwide.

You’d think that I would never get tripped up by or neglect the fundamentals of sales, right?

Wrong.

Just this morning (April 28, 2017), I was on the phone with a new prospect and he was asking me about my background, my training methods, etc. We had good rapport. He was an inbound lead. We really connected and he was interested. This was a slam dunk, right?

As we got to the end of the call, I was positive I’d be getting on a plane in the next couple of weeks to work with this prospect. And that’s when I asked a qualifying question that I neglected to ask upfront: “What is your timeline for this training?” He told me, “Sometime in the Fall.”

So, after a ½ hour on the phone, this call went….nowhere. Where did I go wrong? When he asked me what my process was when working with companies, I should not have assumed he was ready to go. Instead, I should have done what I teach: Qualify.

And the first thing I should have qualified for was his urgency to make a decision. By the way, I normally do this, but because the rapport was so strong, and, again, he was a call in lead, I assumed he was all set. He wasn’t…

Here are some ways to qualify for timeline:

For an inbound call, what I should have done (and will not be skipping again!) is ask:

“First off, I generally book several months in advance, so let’s talk about when you need this training – if everything goes well during your discovery process, when is the soonest you’d like to have this training delivered to your team?”

If he then told me it was six months off (“in the Fall”), I’d have given him an abbreviated pitch, and then told him I’d circle around with him in September.

If you are prospecting to set an appointment or a demo, then the following scripts to qualify for timeline are what you use:

“If you like what you see after the demo, what would be the next steps on your side?”

OR

“If you think this solution is what you’re looking for, what would be your timeline for putting something like this to work for you?”

AND

“If after the demo this is something you’re interested in taking advantage of, could you implement this in the next couple of weeks?”

Qualifying for timeline upfront is crucial to not only closing more sales, but also to avoiding objections at the end like, “I want to think about it…”

Use any of the scripts above, or rewrite them to fit your personality, product or service.

Take my word for it: It’s MUCH better to know in advance when your prospect is thinking of buying.


Mike is the go-to inside sales trainer and phone script writer in the industry. He is hired by business owners to implement proven sales processes that help them immediately scale and grow Multi-Million Dollar Inside Sales Teams. If you’re looking to catapult your sales, or create a sales team that actually makes their monthly revenues, then learn how by visiting: http://www.MrInsideSales.com

http://articles.submityourarticle.com/why-qualifying-for-timeline-is-important-372473

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Franchise your Business today! www.frangrow.com

LEARN MORE ABOUT THE EXPLOSIVE AND UNTAPPED LATINO MARKET

Franchises provide a stable foundation and guidance:
Franchises are a proven business model.
They have established brand identity, effective marketing, and consumer research.
You will have access to business reports and key performance indicators.
As part of a franchise, you will have the experience and knowledge of the franchisor backing you up.
As a Los Taxes Tax Center Owner you are part of a “family” of Tax Professionals who together serve the community with honesty and integrity, utilizing tools to operate their businesses within the ever-changing guidelines of the industry.

LEARN MORE ABOUT THE EXPLOSIVE AND UNTAPPED LATINO MARKET
By Gary Occhiogrosso

Watch and Listen to this video as we describe the explosive Latino Market and a unique franchise opportunity. Contact me at [email protected]

Become part of the nation’s First and Only Latino Network of Tax Centers in America

Los Taxes can offer you the following opportunity for Success:

Servicing the fastest growing population base in the country….the Latino population
An established and recognized brand in the industry
Hands on initial training and on-going training
Utilize state-of-the-art tax preparation software to service your clients
Ongoing technical support
Receive up-to-date advancements, adjustments and compliance guidelines within the industry
Have at your disposal a team of experienced staff to assist you in establishing and reaching your business goals
Experience the satisfaction of being part of a “Family of Businesses” that share the common goal of excellence in service to the client.

“Los Taxes helped me to take my home business with over 1,200 clients to a professional office and continue serving more clients.”

Santa Los Taxes Franchisee in Queens, NY

We partner with you to service the needs of a community that is ready to be serviced with integrity and honesty in relation to tax preparation.

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Why Los Taxes

Los Taxes is known as the fastest growing Network of Tax Centers with over 50 tax centers in only five years.

Firm Foundation

Javier Solis, Los Taxes’ Founder & CEO has been a tax practitioner since 1990. In 2000, Javier opened his first Brooklyn office where he started with no clients or support. During those years, Javier developed an effective and aggressive marketing strategy, as well as an administrative structure that helped him bring his practice over 5,000 clients in 8 years and to the national level it is now. These Marketing and Administrative strategies combined with a state-of-the-art web management system are the key features available to all Los Taxes Tax Center Owners. Javier strongly believes that education and expert guidance are the keys to a productive and profitable tax preparation business.

Constant Support

One of the benefits of being a Los Taxes Tax Center Owner is the understanding that “you are not alone” in your business. From the initiation of your Tax Center business a team of professionals are standing by to offer support as needed in all areas of tax preparation:

Tax business operations
Compliance guideline adjustments
Industry updates, community integration processes
Brand exposure techniques
Initial training and ongoing training
This support extends beyond the Tax Center Owner and encompasses the tax preparation staff and/or administrative staff working for the Tax Center Owner.
Year-Round Training

Los Taxes Business Support Team stands ready to supply support and assistance to its Tax Center Owners both in tax season, and throughout the year.

State-of-the-art tax preparation software
Regularly scheduled webinars
Training sessions
Tax schools
Assistance with IRS registration and certification
Boot camps and workshops
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Opportunity for Success

Our Success is Driven by Your Success, and we are equipped and ready to assist in Your Success.

Why the Tax Industry

As tax guidelines are continually being adjusted the need for the use of a Tax Professional increases. Quite simply, the Tax Industry is positioned for continued growth in years to come.

More than 240,000,000 individual tax returns are filed each year
56% of individual tax returns filed are filed by paid preparers
90% of individual tax returns filed are e-filed
Any tax preparation business that intends to file eleven (11) tax returns or more in a calendar year must use the IRS E-File System to do so
More than 120,000,000 individual tax returns filed in a year receive tax refunds
The average individual tax refund received was $2,872.00
27,900,000 individual returns received Earned Income Tax Credit
Individual Tax Return Filing is increasing by at least 1% per year

The Latino Market

Service the fastest growing population base in the country….the Latino population.

In addition to the above statistics, there are also over 12 million undocumented Hispanics who will request the ITINs (Individual Tax Identification Number) and file income tax returns as a sign of good faith in furtherance of any future amnesty possibilities. These individuals comprise an untapped segment of the market thereby resulting in a tremendously profitable opportunity for a business catering to the Latino Community.

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No one can guarantee success but when a franchise company supplies you with the tools and knowledge, all you need to do is follow the system.

Franchises provide a stable foundation and guidance:

Franchises are a proven business model.
They have established brand identity, effective marketing, and consumer research.
You will have access to business reports and key performance indicators.
As part of a franchise, you will have the experience and knowledge of the franchisor backing you up.
As a Los Taxes Tax Center Owner you are part of a “family” of Tax Professionals who together serve the community with honesty and integrity, utilizing tools to operate their businesses within the ever-changing guidelines of the industry.

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To learn more about this explosive market and untapped franchise potential, Contact me at [email protected]
www.lostaxes.com