Do I Franchise My Business or Remain Status Quo

Many start up entrepreneurs reach a stage when people ask if they can franchise their business to others. In fact a great number who approached me have only been in business for an average of 3 months. They were eager, as there have been a number of queries from customers. Meantime, there are also some who start a business, and nurture the dream of attracting the giant conglomerates-as what happened to many acquisitions of local brands started by young entrepreneurs. From my side, I am fortunate to have assisted five (5) clients who were approached and eventually bought by big companies either on 100% or 70% basis.

Still, there are those start ups that simply want to pursue their passion in cooking, or in baking without thinking of expansion. And of course, everyone is enamored with the restaurant business as it is “sexy” to have one. A lot of restaurants barely make their rent and operating expenses, but owners usually keep these businesses for the bragging rights.

When do we decide if we should franchise our business?

A good friend of ours started the green trend in cafes and now she sees more people copying her pandesal “meatless” burger, copying her fresh fruit juices and even the colors of her store. Should she be flattered or should she be irritated? She asked me what she should do. In fact she didn’t know what to do as openly there are customers who would take snap shots of the products, the store lay out and the color schemes. There was a day she arrived at the store only to find several people having a meeting and taking some measurements of the place! She introduced herself as the owner and inquired why they were doing such activity right inside her store? One of the ladies in the group explained that they want to bring the concept to the United States!

Upon learning of these incidents, I told her: “you better think of franchising!” “But I only wanted one store, ” she says. Sorry, Madam, if all you want is one store, you cannot help but see competition copying you in no time. You see once a business is opened to the public, no matter what location if the food and concept are good, word will spread and soon copycats will be hounding the place. That only means she is doing well, doing good and looking well, too. If not, who would copy a sad-looking business?

Does she have any choice? Oh sure she has! She can just remain where she is and let those who want to taste her popular recipe come. I have seen a number of places like that in the metropolis. On the other hand, she can look at the benefits of franchising? There are times when the word “franchise” may sound greek to entrepreneurs. Or they may feel “they are not ready yet”. Exactly when can somebody say that the business is ready? Injap Sia of Mang Inasal, Josie See of Peanutworld, Richie Cuna of Fiorgelato, Tess Ngan Tian of Lots A Pizza, Bards Lapid of Chicharrific, Gilbert Jim of Bubbatealicious, Rommel Juan of Binalot, Sarah Salcedo of Baliwag Lechon Manok and Liempo, Julie Gandionco of Julie’s Bakeshop, Lita Urbina of Café Laguna, Vic Perea of Mr. Softy, Jose Magsaysay of Potato Corner, Cielo Templo of Cielo’s Doughnuts, Bong Magpayo of Sweet Corn, Fred Co of RBX Rice In A Box, Kamela Seen of Plato Wraps, Emmanuel Balce of Sisig Hooray and countless others never manifested to me that they were ready. A great number where even in their incubation or growing stages. Yet they dared to begin the process of looking forward in expanding their business.

Those people I mentored began with a positive outlook in mind. They were prepared the process may be so detailed, sometimes leading to drastic changes, experimentation and paradigm shift. There was always a joke among them that whenever they saw me and especially if my wife Lyndah was with me they would take ibuprofen pill for headache! It is better to face the problems prior any franchising is done. What may be a disaster is for the franchisor to come unprepared and face franchisees with different situational concerns. Of course there will be problems as part of the growth of the brand. Yet the franchisor has been prepared. Like soldiers, they undergo tedious process and horizontal foundation building.

A successful franchise is the result of all the hard work and efforts of a franchisor. There is no magic pill to speak of. There are entrepreneurs who believe that a sure fire to success is just copy and copy without innovating. Sorry but this is where many brands flop!

Here are a couple of tips to set the tone in franchising your business:

1. Documentation of the procedures: Refers to writing step by step on how to prepare the products or services? Consistency and quality control to be taken cared of specially when there is a demand and number of branches begins to grow.

2. Identification of recurring problems in the operations of the business: No matter how small the problem if it keeps happening, this is a sign something has to be done. Taking it for granted may become a major obstacle in the future.

3. Is there a business model to showcase the concept? How profitable and acceptable is it? Franchising speaks of having a successful model. This means from the external features of the store to the products and services, there is a positive acceptance by the targeted consumers. The financial statement too must be showing profit to determine the payback of the investment.

For more details, interested parties may grab a copy of my latest book “Is Franchising For Your?” available in all National Bookstore branches. Those using tablets may go to Amazon.com or iTunes for e-book format. If you like to follow the footsteps of those people I mentioned, well the book is just waiting for you.

Finally here is something for all to ponder.

“A journey of a thousand miles begins with a single step”. Lao-tzu (604 BC – 531 BC), The Way of Lao-tzu

Buying Wholesale Jewelry Can Be a Good Investment

These days, when we talk about jewelry, one thing that straightaway hits our mind is the soaring prices of precious metals and stones. Having said that, there has been no decline in the craze for jewelry, which means that no matter what, one can’t imagine going sans jewelry.

The concept of wholesale jewelry has been in existence for a lot of time now. However, as the prices of precious metals and stones went sky-high in recent years, now more and more people have started buying jewelry at wholesale rates. Interestingly, it has also become a great investment. But how?

Let us just say that you go out and buy a platinum ring, you would end up spending a considerable amount. However, if you are out to spend the same amount of money on wholesale jewelry, you would not only get more pieces of jewelry but also a lot of variety. In the cost of one platinum piece, you can buy sterling silver rings, necklace, anklets, bracelets and/or earrings too!

Wholesale jewelry also offers you a beautiful blend of semi-precious stones and pearls. Of course, the makers of this type of jewelry are well-versed with the trends and needs. Hence, they couple it all up with beautiful designs varying from traditional to contemporary. The topping here is that you get to collect such beautiful jewelry pieces without spending a fortune.

One feature that is my personal favorite is that spending a lot of money on single piece of jewelry is not a wise idea, especially if you are a social person (which is applicable to almost everyone here). You cannot think of attending every event, occasion, gathering and/or festival in that same jewelry. However, wholesale jewelry allows you to have a wide variety and you can match new jewelry with new dresses for different occasions!

Of course, nothing can go wrong with wholesale jewelry because you can choose from varying colors in both metal and stones/gems. So, you will definitely have something to wear with a black outfit and a yellow one too. You need not worry about wearing only pearl strings because there is a whole color-wheel for your choice. Furthermore, such jewelry will continue to be bright and new-like for as long as you want it to, given that you take care of it.

Just imagine here. You bought a metal jewelry set or earrings with black shade a few years ago. Now you have a new outfit of matching color. So, you can bring out that old set, clean it nicely and you are good to go again! Who is going to remember that you wore the same metal set a couple of years ago?

Worth mentioning here is the fact that you can always couple different pieces together and make a new combination. Such jewelry always give you a scope wherein you can experiment and throw together bits and pieces to make out a whole new creation and match it with your dresses.

Hence, spending money on wholesale jewelry pieces can offer variety for a long time to come. It sure makes it a good investment.

Recruitment Training – 2 Areas Recruitment Business Owners Must Invest In

Recruitment training comes in all shapes and sizes depending on the stage of development of your own recruitment agency. If you are a sole owner working out of your back bedroom or an entrepreneurial recruitment business owner who wants offices across the globe, investing in your own development is vital.

As a business owner it can be a lonely life, especially as your business starts to grow rapidly. No matter how good you are or how many hours you can go without sleep you still need support.

One of the most cost effective ways to get support is by investing in your own development with the help of an executive coach and the services they can deliver. This can range for one on one coaching to higher level peer to peer organized mastermind groups. Want to know how it all works?

1. One to One Coaching

Coaching as a business owner works. It is not just in the field of sport where this type of ‘training’ intervention is effective. The recent summer of sport in the UK demonstrated that coaching in different areas is important to deliver a result. Many athletes openly admitted that they had coaches who worked on their mindset. Helping them prepare mentally for the results they wanted to create

If you are still in any doubt just spend a few hours browsing around a book store or surf on Google and you will see success story after success story. It is common knowledge that the likes of the billionaire Oprah has a coach. Why? Because it works. Over the past 30 years significant study has taken place that explores the neuroscience based approach to successful coaching and how it can help us create new and more supportive habits. This can range from gaining confidence through to the ability to pick up a phone and make calls to potential clients, joyfully. Yes that really is possible.

Generally a coach will work with you over a number of organised sessions. These will focus around what results you want to achieve. That might be, how to be focused, how to manage a team of poorly performing recruiters, through to avoiding procrastination.

2. Peer to Peer Mastermind and Coaching Groups

This is something that is just starting to make an impact in the recruitment training field. It focus’s around the power of the group. Have you ever had that experience of being at an event where someone asks a question that gives you the exact answer you needed? That is an example of the power of a group.

The Mastermind concept has been around for many years and is based on the theory that 2 or 3 minds are often much better than one. Napoleon Hill wrote the classic book Think and Grow Rich many years ago. This revealed the key strategies that successful millionaires used. The mastermind group was one of them. In fact a number of years ago a worldwide phenomenon was born through an idea in a mastermind group. Mark Victor Hansen and Jack Canfield were in such a group where the idea of the Chicken Soup for The Soul books was born. An idea that someone gave that resulted in the creation of a multimillion pound empire.

Imagine being in a group of business owners who could help you develop an idea and give support, encouragement and the occasional shove along the way! To success.