Many Crosworks clients are interested in learning about industries outside their own. So, each month we will feature insight from a different industry, using connections with clients to helps others learn about various opportunities available to them. Our first spotlight is on Franchising. We picked Franchising for those clients who have expressed interest in business ownership. Franchising is one way to be an entrepreneur and a great option for those who benefit from proven systems and structure.
We asked a couple experts for their opinions. Meet Matt Stevens and Ted Fireman, two Franchise Consultants based out of Ohio. Matt is a consultant for FranChoice, and Ted works for FranNet. We asked some questions to both… Check out their advice and insight below!
What is your role in the Franchising industry?
How do you see the industry’s role in today’s society and economy, and how do you think it is changing?
(Matt) Good franchise programs provide franchisees with a roadmap, or a paint-by-numbers approach to business building and expansion. The true entrepreneur who wants to go it alone without boundaries or direction will likely be uncomfortable with a franchise business model, however there is a large market of interest for what franchising brings to entrepreneurial pursuits and the achievement of personal objectives that many people haven’t fully enjoyed even during decades of employment. The franchise industry has always responded to society’s changing needs. According to Statistica.com, the franchise industry employs more than 8 million people in nearly 80 industries. Known in the early half of the 20thcentury as consisting of mostly storefronts, restaurants and hotels, franchise wealth-building models have expanded well into the non-retail, fitness, personal services and property services industries over the last several decades. Today, the small majority of new franchisees consist of downsized corporate executives and managers who possess numerous interpersonal skills but who are minimized during the hiring process due to covert age discrimination.
Do you think luck plays a part in your job? How do you see the relationship between luck and hard work?
(Ted) “Luck” can be defined in many ways but it isn’t much of a strategy. In franchising, you get a proven road map. Those who implement the franchisor’s proven systems consistently and bring their own creativity and work ethic vastly increase their opportunity to succeed.
(Matt) Like him or not, where would Tom Brady (6-time Super Bowl Champion) be today if Drew Bledsoe slid just two steps earlier to avoid a hit that affected him every bit as much as if he’d been in a car crash? That hit on Bledsoe gave TB12 half a season to prove himself, resulting in Bledsoe and his largest-contract-in-the-NFL shuttling off to another team. Every great success is the result of both hard work and some measure of fortunate circumstance, positioning, or luck. Preparedness without opportunity is as unproductive as having a once-in-a-lifetime opportunity without being prepared for it. To fully achieve success, you must position yourself where the opportunity exists while having readied yourself with the skills necessary to capitalize on it at the very moment it’s available to you!
What is your favorite part about your job/the industry?
(Matt) I love what I do because I help people realize their dreams! The feedback and referrals that I receive from people I’ve placed into franchises nourishes me constantly. I enjoy all of that while leveraging my growing experiences in the industry to which I’ve added daily since 1988, and I get to do that while eating breakfast with my youngest daughter before school and greeting her at day’s end. It’s a wonderful life!
If you could give any advice to someone considering entering the field, what would it be?
(Matt) I got into business at age 20, and I tell everyone what I’ve learned, “Sooner is better than later, allowing you to capitalize on your knowledge and experience for a longer period while expanding your seat at the table.” When you master business operation and growth at a younger age, you don’t need luck to leverage it forever; you need only will. Meanwhile, at some point in an employee’s career, their experience is so invaluable that many employers no longer want to compensate them for it, or they work hard, sacrifice and scheme to reach a point on the ladder where there are similar numbers of people but far fewer rungs available. My placements who’ve enjoyed franchise business success share only two regrets with me: 1) “I wish I did this many years ago”, and 2) “I wish I purchased more territory/licenses when I had the chance.” In the end, they’re each happy to have gotten into ownership of a good franchise at all, and many of them have done this while keeping their day job or career.