Franchises

Franchises

Strive for an “A” Business

Lynn G Robbins gave a talk titled, “Making a Living and a Life.” I learned that pride is wanting more than others. We need to focus on not just making a living, but making an honest living. In our business and life, are we building the kingdom, being honest, filling our life with good works? If we are at the “A” level, we should seek for the kingdom of God to do good before seeking riches. Our focus should be the love of God and our fellow man. We will be a kingdom builder. Business is products and services rather than needs. At the “B” level, there is still a love of fellow man, but the primary motive is money. A “C” level company will sell you something but not service it as selling the service and receiving money is the primary motive. The “D” level focuses on filthy lucre and is harmful to customers or clients. Finally, the “F” category harms society. We need to strive to have an “A” business. In all businesses, what is our focus?  Can we ask the Lord’s blessing in our endeavors? When questionable products or services are involved are we directly or indirectly involved. Does the product or service hurt society? This article really makes me think about what kind of work I want to be involved in. Finally, in the end, are we neglecting the most important class of all in how we treating mankind? Mankind is our true business.

Nicole Donnelly – Action Hero

Nicole had an idea to use legwarmers on her baby and discovered it helped prevent baby’s leg rash. This inspired Nicole to start her own business. She created the product, “Baby Legs” which is now available in stores worldwide. Nicole shares that we should embrace fear and work through it. She was into snowboarding and shared a lesson that she learned. The lesson was to “commit to the trick.” In other words, if we are in the middle of the air on a snowboard, we don’t quit half way, we need to follow through. She has learned that business requires both leadership and teamwork. She recommends that we know our numbers and understand the accounting in the business. Now that Nicole is doing well, she is giving back to the community through donations of her product. Getting a business to a point of giving back is what makes it most rewarding.

Franchisees

I had the fortunate opportunity to interview Marv Mackin, a long-time franchisee of four Taco Bell locations in California. Marv purchased his first location in 1967 while attending college. When financing, Marv suggests getting a SBA Loan (small business loan) and then using small banks for additional funding. SBA’s like working with and funding franchisees. If you finance 40% of the project through SBA loan, you can usually get a small business loan for 5% over 20 years. The bank loans are usually higher and for shorter durations. Running a franchise takes a person with high energy and attention to detail. Marv warns that if you don’t watch closely, you won’t be successful. He taught me that a lot of work and money goes into making a business successful. But most importantly, doing it right was more important than the number of restaurants.

 Which Franchise is right for you?

There are several factors to consider when deciding if a franchise is right for you. The article on, “How Franchising Works” tells us to consider the following: What is the work environment like? What are the projections on sales? Can you put together an accurate business plan and qualify for business loans? Additionally, you need to research the market and fees involved in the franchise, get advice from an attorney who specializes in franchises. Have them negotiate points on the final contract, and know the renewal laws and options for the franchise including what is required to transfer the franchise to another owner.

$100 Project – The Perfect Cookie

The Perfect Cookie is ready to wrap up. I have one more possible order. I talked to someone about making another cookie for Easter. I didn’t do anything else in the business this week because I had no sales. I did make a giant cookie for the missionaries, but didn’t sell it.