WORDS OF ADVICE from the Franchising Experts

Transcription

1 WORDS OF ADVICE FROM THE FRANCHISING EXPERTS WORDS OF ADVICE from the Franchising Experts Prepared by: VentureX 1

2 Looking for advice on franchising? Look no further! VentureX is part of a legendary franchise development company, United Franchise Group, that has cultivated an expertise in the franchising industry. We have compiled this advice based on our experience in the industry and our brand strength. Read this ebook to learn some tips on choosing a brand, understanding franchising, and preparing to be an owner. VentureX 2

3 WHY ARE WE THE EXPERTS? OUR PARTNERSHIP WITH UNITED FRANCHISE GROUP For more than 30 years, United Franchise Group (UFG) has been cultivating an expertise in franchising. UFG owns 8 brands with over 1,400 locations in 80 countries; opening each store and working with franchisees all over the world has taught us how to train and support our franchisees through every step of the process. From the moment you sign your franchise agreement and through the life of your business, UFG is there to give assistance and advice. The UFG brand portfolio represents diverse industries. VENTURE X Taking advantage of the changing ways that people work, VentureX franchises create coworking spaces for businesses and workers. Entrepreneurs, freelancers, and companies of all sizes utilize these joint work spaces to enjoy flexibility and collaboration. SIGNARAMA Signage is an important way to market any business or organization, and Signarama franchises provide quality signs and other promotional materials to their customers. EXPERIMAC The majority of American adults have a smartphone, ipad, or computer. Experimac franchises repair and upgrade this technology, unlike other companies in the industry that refurbish and resell. SUPERGREEN SOLUTIONS Green technology is a quickly growing industry. Homeowners, commercial owners, and builders all use the technology available from SuperGreen Solutions to make their buildings more sustainable. FULLY PROMOTED A well-rounded marketing plan can take any business from good to great. Fully Promoted offers promotional products and marketing services to business clients, giving them complete marketing strategies. TRANSWORLD BUSINESS ADVISORS Buying or selling a business can be a complex transaction with a lot of repercussions, leaving many business owners stumped. Transworld Business Advisors specializes in business brokerage, handling these transactions to keep all parties satisfied. JON SMITH SUBS Starting in South Florida, Jon Smith Subs took the idea of a basic sandwich shop and upgraded it to include a unique menu and fresh ingredients. PARAMOUNT TAX Businesses and individuals alike need help from experienced tax professionals. Paramount Tax s focus is on more than taxes, offering complete financial services that cover everything from estate planning to payroll services. VentureX 3

4 WORDS OF ADVICE As you consider investing in a franchise, take a few minutes to read through our advice for all new franchisees. Not only are you changing your career, but you are investing in yourself and your community as much as you are investing in VentureX. CHOOSE WISELY It goes without saying that choosing the brand in which you invest is the most important decision you will make. Invest in a brand that values its franchisees as much as it values its profits. How do you tell if a brand takes care of its franchisees? Look at its training and support resources. At VentureX, our franchisees go through thorough training to ensure that they are ready to own and operate their businesses with ease. Before you open your workspace, you will learn everything you need to know about our brand, operations, and how to run your own business. Our week long training course includes 3 days of in-class training at our headquarters and 3 days of on-site training at our flagship VentureX location. The combination of classroom training and location training completely prepares you for running your franchise. Even more importantly, choose a brand and industry in which you can imagine yourself working day to day. Chances are, one of the reasons you are looking into franchising is because you want to enjoy your career more than you currently do. Some of the perks of owning a VentureX franchise include: Work in flexible environment Meet new people constantly Build your professional network Fill a need for remote workers, entrepreneurs, and small businesses in your community VentureX 4

5 TALK TO FRANCHISEES There is no better way to learn about a franchise opportunity than by talking to its franchise owners. These are people who have been in your exact position before, so they are equipped to tell you exactly what you can expect. LEARN FROM THEIR KNOWLEDGE An existing franchise owner has already been through the training, preparation, and startup process that you are about to start. They can give you practical tips and an honest review of the franchise opportunity. Ask questions to benefit even more from their experience, like: What is your previous work/career experience? What skills did you already have that made this go smoothly? What skills did you learn on the job? What is it like working with VentureX? GET ADVICE FROM THEIR PERSPECTIVE Invariably, every franchise owner in any brand or industry wishes that they did one or two things differently. Talking to existing franchise owners can help you avoid some of the snags that they encountered in opening and operating. GET A DAY IN THE LIFE EXPERIENCE If you find a franchise owner who is willing, ask to shadow them for a day to fully get the experience of a franchise owner. Doing this on your own before you go to training in Florida will give you insider perspective before you even invest. TIP FOR TALKING TO FRANCHISEES REMEMBER THAT THESE PEOPLE ARE BUSINESS OWNERS AND THEY ARE VERY BUSY. ALWAYS BE POLITE AND WORK WITH THE FRANCHISEE AT HIS/HER CONVENIENCE. VentureX 5

6 PREPARE YOURSELF Remember that becoming a franchise owner is an investment of more than just money. You need to be ready to put in the time and the work that it takes to build a strong business. Owning our own business requires that you work hard, but it is some of the most rewarding work there is. There is no better feeling than working toward your own goals each and every day that you are at work. The good news is that there is a variety of resources available to help you get ready for business ownership. Virtually every city in the United States has access to a Small Business Administration (SBA) or Small Business Development Center (SBDC). These organizations are dedicated to providing business owners with resources, support, and advice. Taking advantage of these resources in addition to the amazing training and support that VentureX gives all our franchisees will give you a leg up as a franchise owner. In addition, make sure to go through every avenue available to you to learn about owning a business. Read books, watch videos, and listen to podcasts about the work that comes with being a business owner, but don t stop there! Constantly looking for ways to improve your skills and increase your knowledge is how you stay successful in life as well as business. VentureX 6

7 WORDS OF ADVICE FROM THE FRANCHISING EXPERTS FIND THE RIGHT LOCATION For a VentureX franchise, location is everything. For people to want to work in your shared office space it needs to be located in a convenient, visible place. Because location is so important for our franchisees, VentureX has created a real estate department that is dedicated to helping with this process. Together you, your real estate agent, and our real estate department will seek out good location options. Once you have visited the sites you liked and spoken to the landlords, our real estate team helps you negotiate the terms of your lease to ensure that your needs will be met. WHEN YOU LOOK FOR LOCATIONS, HERE ARE A FEW CRITERIA TO HAVE IN MIND: Easy to access from the road or public transportation Good parking Visibility Complementary co-tenants At least 10,000 square feet VentureX 7

8 LEARN ABOUT YOUR ROLE The role of a franchisee is unique in that you are an independent owner with a lot of control over your business, but you still have brand standards to follow. In addition, every franchisor requires different things of their franchisees, so make sure that you will enjoy the role you are in. Franchise owners wear many hats: they are owners, managers, accountants, marketers, bookkeepers, customer service specialists, and so much more. Some questions to ask about your role as franchise owner can include: Will I be a hands-on owner or a business overseer and delegator? Am I responsible for creating marketing materials on my own or does a corporate marketing team do it for me? Or some combination of the two? Are there software programs available to help me with daily tasks like bookkeeping? When it is time to hire and train new employees, are there training modules that I can use? STICK TO THE BRAND STANDARDS Undoubtedly, one of the biggest perks of investing in a franchise is the brand s experience. As a franchisee, you will learn from VentureX s years of experience in coworking, and UFG s decades of experience with franchises. Our proven systems and tested business model make owning a business easy. VentureX s brand expertise is your biggest advantage. We have experience in the coworking space, so we can help you find the right location, build out your office space for maximum efficiency, and attract customers. We have thorough franchisee and operations manuals, so you will know the process for every piece of your business. Understanding these processes and why it is important to follow them is key to building a strong franchise. VentureX 8

9 Venture X is a rapidly growing franchise backed by the experts in franchising, UFG. In their decades of experience, UFG has built up several franchise brands until they became worldwide names. VentureX is next, so the time to join is now! Are you ready to learn more about investing in a VentureX franchise? Visit us at VentureX 9