How can I find experts who have experience in expanding their business through franchise, employee ownership, or another model?
I am exploring whether the foundation for my business will be franchise, employee ownership, or another model. My goal is to expand my health studios. I'd like to connect with some experts who have made this decision and share some advice on making this decision. Any idea where I can best connect with some experts?
Yes, I think I can share at the moment. I am referring Indian market. You have to device a business model which extends traditional belief of customers into modern upgrades and updates. You can target urban poor's, qualified global burn outs, fresh try entrepreneurs, according to the judgemental gauge and data from internet or local consultancy you can find who can do what at their best at this point of time? have telephonic conversation. Then a video call. This will filter your options and then profile exchange and terms of business can be finalised by visits or local market mentors or consultants whom you can outsource for the time being.
You have gotten quite a few responses here and were given many great suggestions. I believe that you can make the best decision if you engage with many experts from this forum, LinkedIn, etc. and get all of your questions addressed before you 'take the plunge'!
I think your first step should be to analyze what you have accomplished thus far with your health studios. Have you been successful and proven the model in multiple regions or are you still a "one-hit wonder"? Was it your strength of personality or passion for the concept that made your business successful, or will this be repeatable by regular people in Anytown, USA?
If you decide that the concept is ripe for expansion, I suggest reading a few great books, i.e. 'Street Smart Franchising' by Joe Mathews, 'Grow Smart, Risk Less' by Shelly Sun, and 'Five Pennies' by Lonnie Helgerson to get the inside track on the franchising option.
Expansion through employee ownership may be the toughest option considering that you may not have enough trained employees who also have the financial ability to expand your Brand at the rate you want. Slow and steady expansion invites lots of competition and copycats.
Another option may be Licensing, but you must be careful not to cross the line into being a franchise without taking the legal steps to actually become a franchise, or you will be at terrible risk.
Please let me know if I can be of more assistance!
we Can discuss the case what ever you need if you explain what exactly your requirement .
i have some relation all over the business.
I would happy to talk to you regarding different Business model, we here to suggest you online business promotion to related agency and company who are looking expand there business. We can discuss in detail once we get in touch.
I would suggest that you grow organically - thats the best way- franchises do not have a long shelf life.Recommend you consult with HR and process consultants who will streamline your processes and practices
Business growth has different models for expansion,
1. you could consider synergistic approach
2. low cost services approach from a demand based approach
3. central based approach where you consider using marketing as the tool
However we can explore few options, before a final decision is made with feasibility reports...
let get talking'
Best is to meet people that have started like you with a Health Studio and created a good company first and following their advice. Knowing what is the pitfalls and traps will help you to make better decisions.
Hope it helps, yet one thing that is always helps is good client service and making sure you have happy employees. Success will follow likewise.
You need to have a target of what you are working on & then start exploring by different methods for e.g. franchise or networking model, this would however depend on your product or services & based on that you have to make decision.
My forte is developing any kind of business by different methods, I can share that once you can gave me the business in detail.
Social media is good choice for you and according to my study Linkin is the collection of professional profile,please search on Linkin,...
There are many variables in making the decision that is before you. Business models rely on an understanding of the costs involved with starting maintaining and expanding of a business and they vary widely. When gathering advice on this, you should see at least three or more sources to allow for different perspectives to enlighten you. One place you can get these perspectives is through SCORE which has chapters around the United States and is comprised of experienced and mostly retired business people who have not only made the decision you are about to make, but can tell you what they regret or embraced about the results of the decision.
A second place to get advice without the expense is to enlist your local business school. If you have a college or university near you, you may be able to enlist the faculty who often has practical experience which can assist you as well. Lastly, business incubators often have advisors who are experienced in business and who can assist in the decision making through business modelling, legal research and other topics you will need to consider
Of course, if you wish to hire a person to do this work and be your consultant on this matter, I would be happy to negotiate a reasonable performance based arrangement.
Sylvia, the place to start is to define how you would like your life to be, including but not limited to just business. Once you've decided how you'd like your life to be, then you would consider whether your current business or business idea fits with that. If it does, then you'd consider how best to maximize its success within the framework of your desired life. Most people seem to come up with a business idea and think it's "the one" without giving much thought to the more important issue of life design. We are all attracting what we experience, whether we're aware of it or not. So, be clear what you want from life and your business, as this will narrow down your choices for business model. Also, once you are clear on these priorities, you might come up with a business concept that better fits your desires.
You are in a marvelous field---Health & Wellness! One of the fastest growing and
of incredible interest to almost everyone, everywhere. I guess my personal
question for Evaluation of your 'Choice Considerations" would be: how financially
solvent are you at this point? What Products or Activities are you going to promote or attempt to develop? Who is your target demographic? How much discretionary income do they have to support your venture? I sense you are exploring right now, so any "advice" would have to have more information provided.
I have supported the Franchise business model in the past; however, have also worked with the SBA and individuals starting their own businesses. Perhaps that might be a thought for you: contact your local SBA office and connect with SCORE, a free, consultancy service provided by former Company owners and executives in conjunction with the SBA. A wonderful sounding-board!
I'd be happy to talk to you, as I've been a franchisee for 6 years, have trained a dozen different franchisors as clients and have gone through franchising to be a franchisor for a business as well.
Here are some initial thoughts to consider on the subject...
Franchising can be a good model, however after talking to a dozen people as clients or alliance partners franchising isn't something they all speak highly of as a model. It has its limitations for a number of reasons.
The profit margins as a franchisor aren't always high for a lot of businesses, that's a very important aspect to consider.
After having been through a franchising process, with a company regarded as one of the most experienced in the country I found there are a lot of aspects of operating a successful business the franchising process does not include, which can become strong weaknesses as the business expands.
My company trains business owners to increase their net profit margins, put systems in place and a management structure to set the business up to operate completely without the business owner, including training on how to recruit an excellent general manager and hold them accountable for minimum performance standards.
I believe having your own managers of independent outlets or location is a far more profitable model than franchising with its ongoing compliance responsibilities.
The profit margins as the owner are better and so is the ease of selling it to create capital.
One last point, if you did want to consider franchising, the best expansion model is to get it up and running with a manager then sell it as a currently profitable business as then there is no come back from a new franchisee owner as you've set the benchmarks of performance.
There's a lot more I'd be happy to talk to you about on this Sylvia as this is scratching the surface of the subject.
You are in the right place to start with, also Linked In. You certainly will need experts. Particularly a good accountant, tax accountant snd lawyer to start with. Employee participation will be the easiest and least disruptive but the lowest form of wealth concersion, MBO often allow the full or partial exit or wealth realisation in a business based on present value of your business and there is franchise which would involve massive change to the way you do business and, if done well, can bevery lucrative. You will need experts who have experience in the various layers of law that make this possible but, in all cases, to extract maximum value, uou need to be business ready. I have found that sometimes combinations of these are necessary to be truly successful. If you need guidance on the strategy and how to think through what you need i can help.
Hello Sylvia , As you mention I think you are at the right direction ,If you like I have good experience in this field . let me know if you like .
Franchising is a great way to grow. It takes a lot of work in the beginning to set things up. However, can be very rewarding. I would research your area of service. You can check out Franchisegator.com for your documents manuals I would contact Frandocs in Florida. Great company and relatively inexpensive. You can spend 50 k to over 100k easily with other companies. I suggest them because they took care on my needs. I worked with Elliott there. Please use my name if you need.
Best of success. Gil
Hi. Nice to hear about your ambitious plans. Your strategy to franchise or entrust to an employee is appreciated. Your business plan should be prepared to include all terms and conditions for such inclusions. Also important are the role models. They should be able to make in roads successfully to attract more franchise because you certainly look forward for more turn over and profits. If there are any protocols since it is in health sector the incumbants should be able to adhere to such disciplines. You should also be abreast of extent to which your ownership will be extended. Not to forget your control of sourcing and supplying of product mix every time a requisition arrives. You must critically examine the antecedants of your partners regarding their performance standards, proactive nature, sustainability and business acumun. Employees to be considered should be those who have been with the company for long periods or on the verge of retirement. Business management training imparted to the partners will help them to rejuvanate themselves. Customers should be treated curtiously and all support, inc luding detailed information about the product, efficacy, side effects, etc should be provided.
I would assume that some of your questions are legal in nature. If this is the case, I know of an affordable way to get access to legal advice. This would include business and personal legal advice.
Many business brokers can help with this and are less expensive than an attorney. Transworld Business Advisors actually specializes in helping businesses franchise.
Taking from your queue, if I were you I would do the following tasks:
- for franchising, I would approach the local franchising association to solicit someone you can approach for advise. If there is a particular franchise you have in mind, approach them as well to request contacting the owner to have this discussion.
- for your employee ownership model, I would research online information about companies with employee ownership and look up any articles about them. I would try contacting the writer of the article to seek their advice and opinion on your particular situation and whether this model is the way to go.
- for any other business model, consider approaching the business school of your local university. Business schools are in the practice of teaching the needed skills and information of running a business. They would have an extensive array of business research and may already have some research done on this subject. Try approaching the UTS Business School if it suits you.
I hope I was able to help.